Credit Card Offers, They Keep Trying!

So, my husband and I have been on our Debt Free Journey since August 2010, that's about 19 months.  Meaning that was the last time we used a credit card or loan or anything related to debt. When we started all of our credit cards were close to maxed.  Capital One was one of the first credit cards that we paid off, it had a low limit/balance.

As you may know, as you pay debt off, you start to look more desirable to banks, and they start sending you offers again. About 6 months ago, the offers started pouring in...

Here is an example of one:

In case the print is too small:  They are trying to convince my husband that he needs a little cash....

They say "Get 0% APR for 12 months with these checks!"  The checks are attached...

"There are times when you need a little extra cash. With your Capital One account ending in xxxx, you can get the cash you need at a low 0% APR for 12 months."

The offer goes on to mention that although the offer is for 0% APR, they will charge us a 3% transaction charge...TRANSLATION: Instead of charging you interest throughout the next year, we will just charge you up front (how convenient).

They also tell us that these checks are for necessary expenses.  I love how they draw a picture of how simple it is to get this FREE money! In case I can't read...LOL

Thank God, we started getting smart with our money! This use to be so tempting to me! I mean...0% for 12 months! Even 3% is cheap money--the old me might have borrowed it Just In Case (because you never know when an offer like this may come your way again). BUT because we changed the way we look at money, we have saved over the past 19 months an emergency fund.

So for the amount of money that is available for us to borrow with these checks at 3%, I have more then that amount sitting in my savings account ready for me to borrow at a true 0% interest rate, oh and I can take my time paying myself back...genius.

What's in your wallet?????

CASH

MsMoneyGuru