Through June 30, 2024 Chase is offering ZERO fees on their "Pay Over Time" (POT) product. I believe it is only eligible on the first "plan". Maybe be targeted.
POT may be available only on certain Chase cards YMMV
https://www.chase.com/personal/cr...ffersocial
Using the promo, I found
a loophole for a 24-month no cost loan.
HERE'S WHAT I DID
I purchased 5x
100g PAMP Fortuna Gold Bars in a single transaction totaling $40K.
As soon as the transaction posted on my card, I activated the POT plan with zero fee.
Gains:
- Interest-free and fee-free loan
- 1 to 1 United Miles (United Quest)
- 2% Costco Executive reward near max ($1,000)
- Gains on selling gold this week to my bullion dealer
- Investing the cash? Keeping the gold for potential gains? Stashing in savings account?
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Terms:
Chase Pay Over Time Fee: The Chase Pay Over Time Fee for plans set up after purchase will be $0 for the first Pay Over Time plan you create between 04/01/2024 and 06/30/2024, for the duration of the plan. For all other plans: The Chase Pay Over Time Fee for plans set up after purchase is 1.72% of the amount of each eligible purchase transaction or amount selected to create a Pay Over Time plan. The Pay Over Time Fee will be determined at the time each Pay Over Time plan is created and will remain the same until the Pay Over Time plan balance is paid in full. The Pay Over Time Fee is based on the amount of each purchase transaction selected to create the plan, the number of billing periods you choose to pay the balance in full, and other factors.
Terms:
Chase Pay Over Time Fee: The Chase Pay Over Time Fee for plans set up after purchase will be $0 for the first Pay Over Time plan you create between 04/01/2024 and 06/30/2024, for the duration of the plan. For all other plans: The Chase Pay Over Time Fee for plans set up after purchase is 1.72% of the amount of each eligible purchase transaction or amount selected to create a Pay Over Time plan. The Pay Over Time Fee will be determined at the time each Pay Over Time plan is created and will remain the same until the Pay Over Time plan balance is paid in full. The Pay Over Time Fee is based on the amount of each purchase transaction selected to create the plan, the number of billing periods you choose to pay the balance in full, and other factors.
This is definitely a great big brain move if you were already planning to buy and hold physical gold anyway, but for me the risk and friction of liquidating that much physical gold outweighs the benefit here. And you need a chase credit card with a 40K line of credit?
This is definitely a great big brain move if you were already planning to buy and hold physical gold anyway, but for me the risk and friction of liquidating that much physical gold outweighs the benefit here. And you need a chase credit card with a 40K line of credit?
You can use any Chase card that allow POT.
You don't need to hold the gold. That was my example, to buy and dump it back on the market.
The liquidating is covered by the 2% cash back on Executive.
Better off opening a couple new bank accounts (US Bank is offering $600) with zero risk.
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You can use any Chase card that allow POT.
You don't need to hold the gold. That was my example, to buy and dump it back on the market.
The liquidating is covered by the 2% cash back on Executive.
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