# 0% APR effect on credit history?



## amitdi (May 31, 2012)

Recently I got an offer to avail 0% APR for 1 year which is not uncommon and we all keep getting it. But it made me think if I should avail the money and invest it. Now, my question is not about investing. So lets assume I can get a decent return on the money invested. 

The question is will my credit history be affected even if I have 0% APR balance on my credit card? I plan to apply for a mortgage in a year or two so this is important for me.


----------



## HaroldCrump (Jun 10, 2009)

Carrying a balance on your credit card should not negatively impact your credit rating as long as you are making the minimum required payments regularly.
But don't max out the card - that will lower your score.


----------



## MrMatt (Dec 21, 2011)

amitdi said:


> Recently I got an offer to avail 0% APR for 1 year which is not uncommon and we all keep getting it. But it made me think if I should avail the money and invest it. Now, my question is not about investing. So lets assume I can get a decent return on the money invested.
> 
> The question is will my credit history be affected even if I have 0% APR balance on my credit card? I plan to apply for a mortgage in a year or two so this is important for me.


Be careful for the catches on those 0% offers, the conditions may be such that you have to pay some interest. I saw one that required minimum monthly purchases, which calculated interest normally, and any payments were applied to the oldest portion of the balance.


----------



## Ponderling (Mar 1, 2013)

Yes, carefully read the fine print. 0% APR is just the worm used to firmly set the hook. Then the lender can reel in funds per the fine print from you unless you really fight to get off of his line.


----------



## amitdi (May 31, 2012)

Ponderling said:


> Yes, carefully read the fine print. 0% APR is just the worm used to firmly set the hook. Then the lender can reel in funds per the fine print from you unless you really fight to get off of his line.


Thank you for the answer and warnings. I guess I will pass this one for now


----------



## marina628 (Dec 14, 2010)

you can use it if you can afford to pay the payments for next 12 months.MBNA has a 2 year balance transfer now but only way not to get caught is use a cheque for about 80% of the balance and forget using it again.But what if you invest and lose 20% can you cover the payout?


----------



## canabiz (Apr 4, 2009)

marina628 said:


> you can use it if you can afford to pay the payments for next 12 months.*MBNA has a 2 year balance transfer now *but only way not to get caught is use a cheque for about 80% of the balance and forget using it again.But what if you invest and lose 20% can you cover the payout?


marina, do you have the promo code for that or a thread discussing this *deal*? From what I understand, after TD bought this MBNA unit, the period for 0% balance transfer has been reduced from 15 months down to 12 months and in some cases, 10 months.

To the OP: I have done several rounds of MBNA 0% BT and that has not adversely affected my credit score. Remember to put the card away and do not use it after doing your BT or you will be dinged the interest.


----------



## marina628 (Dec 14, 2010)

canabiz said:


> marina, do you have the promo code for that or a thread discussing this *deal*? From what I understand, after TD bought this MBNA unit, the period for 0% balance transfer has been reduced from 15 months down to 12 months and in some cases, 10 months.
> 
> To the OP: I have done several rounds of MBNA 0% BT and that has not adversely affected my credit score. Remember to put the card away and do not use it after doing your BT or you will be dinged the interest.


It was on the website last week.


----------



## canabiz (Apr 4, 2009)

marina628 said:


> It was on the website last week.


I don't think it is there anymore or you might have been mistaken with MBNA U.K. unit, marina.

I typed MBNA.com into the browser and it brought me to MBNA.co.uk and indeed there is an offer for U.K. residents for 24 months of 0% balance transfer

http://www.mbna.co.uk/credit-cards/mbna-credit-card/?MC=UCBMBN001PJ

I then typed MBNA.ca into the browser and I did not see any similar offer. 

http://mbna.ca/index.html

I then tried the MBNA website that people often go to apply for this offer online and nothing there either

https://www.applyonlinenow.com/CACCapp/directM/

If this offer is still valid for Canadian residents, I would appreciate knowing the priority code to apply. Thanks.


----------



## marina628 (Dec 14, 2010)

canabiz said:


> I don't think it is there anymore or you might have been mistaken with MBNA U.K. unit, marina.
> 
> I typed MBNA.com into the browser and it brought me to MBNA.co.uk and indeed there is an offer for U.K. residents for 24 months of 0% balance transfer
> 
> ...


It was on the website a week ago maybe a bit more , I found it for my niece as her fridge and stove went the same week she had a car accident .


----------



## marina628 (Dec 14, 2010)

Everytime I pay my card off within 3 months I get mailed a new offer for 0% for 9-12 months .Guess it is close to 3 years now since I got my card ,I only take it because it is zero and have never used it at a store .


----------



## Spudd (Oct 11, 2011)

canabiz said:


> I then typed MBNA.ca into the browser and I did not see any similar offer.
> 
> http://mbna.ca/index.html
> If this offer is still valid for Canadian residents, I would appreciate knowing the priority code to apply. Thanks.


I went to the MBNA.ca website and there's an ad at the bottom that says "Platinum Plus: Introductory 0% annual interest rate for 12 months". Here's the link it leads to:
https://www.applyonlinenow.com/CACCapp/Ctl/entry?sc=CPDB&lc=en_CA


----------

