Originally Posted by
lowkeyflyer
I have 4 Inks, 3 of which are completely maxed (to take advantage of the 0%).
The first 3 Inks had a mix of GC but also organic. They only gave me 4-5k limits.
The most recent Ink I was given a $14k limit and I plan to max the whole thing and let it sit for a year. Is this risky?
You have 3 credit cards maxed out with a credit limit of $5K per card or $15K of debt.
I presume that with the 0% deal you got, you are required to make some small payment each month to keep the account current.
The way banks structure deals such as the one you describe is that they charge you the interest on the balance due, minus the small payment you make each month. At the termination of the contract, you make a balloon payment of the outstanding prinicpal and the outstanding interest is forgiven.
The danger is missing a payment. That makes the debt due immediately as well as the accumulating interest. Be careful of that!!
Very easy as long as you don't miss a payment each month, no matter how small, and secondly, that you make the balloon payment in full at the end of the contract.
As long as you have assets to insure payment at the termination of the deal, I doubt that Chase gives a hoot how you spend the money. Since you have maxed out your credit line, they aren't giving you any more money, until you pay down some of it. It may even improve your credit score as long as you make your payments.
But I honestly doubt Chase would shut you down.
Just to let you know, the way most banks work these deals is that they carry the debt at the current interest rate they are charging. For Chase business, that is about 25%
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