DCU - BT $10K, Get 35,000 Scorecard Points (Equates to Free Domestic RT Airfare) Archived From: Finance |
Best rate is around 9% with no BT fee. Balance must stay with them for 120 days. ScoreCard points will post by 10/31/2008 if account remains in good standing.
See the promo for details.
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Figuring you will probably get hit with 3-4 statement cycles of 9% APR, that would equal around $250-$300... not such a great deal.
so you have to pay 9% interest on 10Gs for four months just to get some airline tickets? Did I read that right? If so, Pass
This is a very hot deal, especially if you have a >20K line (or, even better, $35K line) with DCU so that it doesn't hurt your reported utilization.
First, it will be 8.25% as of April 20, not 9%. And since the rate is prime + 3, it could drop further as well. (Unlikely prime will be increased in the next 3 months).
Second, the money could be invested in a rewards checking account earning as much as 6%, or elsewhere earning maybe 3-4%. So the real net amount of interest paid on this is 4 months at net 2.5-5%, or $85-$170 (before tax considerations, which will vary of course). And that's assuming that a person doesn't have any debt to refi at greater than 8.25%, in which case it could cost nothing or even save money.
Third, the ScorePoints program can fill holes in other FF programs, including Citi's thankyoupoints fixed awards. If you can book with 30 days notice and a Sat night stay, you can get any domestic coach ticket for any amount, any airline, for free (save for airport security taxes) with the 35K points in this offer (assuming availability).
YMMV of course. Since I'm fortunate enough to have a $50K line with them already--and hence need not worry about a $10K balance compromising my credit profile--I'll likely be taking advantage of this one.
DaveHanson said:This is a very hot deal, especially if you have a >20K line (or, even better, $35K line) with DCU so that it doesn't hurt your reported utilization.
First, it will be 8.25% as of April 20, not 9%. And since the rate is prime + 3, it could drop further as well. (Unlikely prime will be increased in the next 3 months).
Second, the money could be invested in a rewards checking account earning as much as 6%, or elsewhere earning maybe 3-4%. So the real net amount of interest paid on this is 4 months at net 2.5-5%, or $85-$170 (before tax considerations, which will vary of course). And that's assuming that a person doesn't have any debt to refi at greater than 8.25%, in which case it could cost nothing or even save money.
Third, the ScorePoints program can fill holes in other FF programs, including Citi's thankyoupoints fixed awards. If you can book with 30 days notice and a Sat night stay, you can get any domestic coach ticket for any amount, any airline, for free (save for airport security taxes) with the 35K points in this offer (assuming availability).
YMMV of course. Since I'm fortunate enough to have a $50K line with them already--and hence need not worry about a $10K balance compromising my credit profile--I'll likely be taking advantage of this one.
It really comes out to over $150 for a RT ticket + plus tax/fees on the ticket (I assume). I wouldn't consider it worth the trouble...
I would pass too.
https://www.dcu.org/whatsnew/visaairline408.html
Similar deal $25000 heloc advance at 5.5% for 70000 scorecard points
I was planning to redeem the points as 2 $300 credits towards closing costs.. but the rep said the point would not post until october, so it doesn't look like I can do this and combine it with their current $500 off closing costs offer that is offered right now.
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