Personal Finance

What Are You Doing With Your MBNA 0% Money ??

  • Last Updated:
  • Sep 17th, 2014 2:24 pm
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Penalty Box
Apr 16, 2012
3565 posts
683 upvotes
Greely
pace wrote:
Sep 16th, 2014 11:06 am
sorry, i dont' see how jwierzbowski is wrong about this. i'm in this situation... being forced to sell some of my investments after a year by using this 0% promo.

Some people can save $10,000 - $20,000 per year right?

So instead of buying stocks/etfs in increments each month, why not apply for the loan in the beginning of the year, spend all of it in stocks, and then throughout the year slowly pay it back.

By the time your 0% (1%) loan is due, you should have enough to pay it all back.
Deal Addict
Jul 11, 2008
1686 posts
84 upvotes
Ottawa
badcoffee wrote:
Sep 16th, 2014 3:18 pm
Well if it holds true for you, then it must hold true for everyone? I guess in your world everyone has zero margin available their margin account besides their mbna money and are forced to sell to repay.
jerk. i don't know how the margin works, and how you can keep your investments while getting cash to pay off the loan without saving up for it (which I'm partially doing). i have tons of margin room, but none of it at 0%.
techcrium wrote:
Sep 16th, 2014 3:51 pm
Some people can save $10,000 - $20,000 per year right?

So instead of buying stocks/etfs in increments each month, why not apply for the loan in the beginning of the year, spend all of it in stocks, and then throughout the year slowly pay it back.

By the time your 0% (1%) loan is due, you should have enough to pay it all back.
i took out the loan, bought the etfs. i've paid the 1% fee off already, which is fine. I can afford to pay the min balance of 1% of outstanding each month, that's fine. the problem is repaying the entire loan back at the end of 12 months. seems like i'll try to save up to pay it off, unless someone can explain the margin thing to me. thanks
Member
Jun 17, 2009
490 posts
31 upvotes
Vancouver
First 0%, I used it for down payment.
Second 0.99%, I used it for option trading. Collected premiums $515 in writing spreads so far. Planning on doing two more spread by end of the month.
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Banned
Sep 10, 2014
694 posts
144 upvotes
KMKM wrote:
Sep 15th, 2014 4:17 pm
What the heck are you talking about? It's no trouble at all, it's all automatically set, you spend a few minutes online taking care of it. And it does NOTHING to your credit rating, if anything it might help it out.
Maxing out a credit card at 10k does nothing to your credit? You may want to rethink that one.

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