So I just applied for a new card, the
Citi Driver's Edge. I've already had the college version, but I'm getting the normal one just to see how much of a higher credit line I can get. Basically with this card you earn 3% back for gas, groceries, and drugstores. More so, you earn $1.00 for each 100 miles driven, which could essentially translate to free oil changes (5000 miles = $50.00). Of course, you do have to send in forms to take advantage of this, and the money earned isn't straight cash back (you have to use it for car stuff), though you can convert into points to use on the
Thank You network.
But I digress. I'm planning to use the 0% APR balance transfer to pay off the student loan that I currently have, and carry me over with the money I'm putting into the Employee Stock Plan, while saving on the interest (which is around 6.80%). Citi allows you to balance transfer to a bank account, and it's easy to boot, which makes for a great way to pay off loans easily, or just to put some extra cash in your pocket. Of course, there are some caveats to keep in mind.
- Pay on time! If you miss even one payment, your interest rate will shoot through the roof.
- Don't think of this as free money. You do have to pay it back sometime.
- Check the fine print. My Driver's Edge card does have a fee on the offer (though with a max). Other cards may or may not.
So use your credit wisely, and you can really benefit. But be careful, because especially in this day and age, it may be really hard to get back on your feet if you mess up.
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