Do credit cards incur interest matching opening loans do?
A friend of mine bought a house next to a credit card (it cost smaller amount than $30,000). She said she did this because her credit card be at a fixed rate of 2.99% for the vivacity of the symmetry. I hold never hear of anyone doing this past. I thought credit cards accrue interest differently than loans do, and I mull over she made a huge mistake. Maybe I'm wrong, but please tolerate me know if you know anything going on for credit card or loan interest and how it is incurred.
Answers:
If the interest rate is really 2.99 percent, next that's outstandingly low and it be a righteous hypothesis. She should look at the interest that they charge her, and figure that it is at that rate.
Mortgage interest is tariff deductible, while credit card interest is not, so she is losing out on a small due speculation, but I judge her rate is so low that she is better sour near the business that she used.
Most mortgage loans require monthly payments of interest plus some principle. I hope that she chooses to pay some principle every month.
Credit cards usually hold a completely high-ranking rate of interest. 2.99% sounds amazingly low.
The one and only difference is how you retribution it. The rules are different but the math is alike. 2.99 On a cc I would own done it too.
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Answers:
If the interest rate is really 2.99 percent, next that's outstandingly low and it be a righteous hypothesis. She should look at the interest that they charge her, and figure that it is at that rate.
Mortgage interest is tariff deductible, while credit card interest is not, so she is losing out on a small due speculation, but I judge her rate is so low that she is better sour near the business that she used.
Most mortgage loans require monthly payments of interest plus some principle. I hope that she chooses to pay some principle every month.
Credit cards usually hold a completely high-ranking rate of interest. 2.99% sounds amazingly low.
The one and only difference is how you retribution it. The rules are different but the math is alike. 2.99 On a cc I would own done it too.