The offer for that card is not that rare. Most banks will send numerous offers before hand and that is there last chance offer. Citi and Capital One do it all the time. The down fall is how it affects your credit being a revolving account. If you don't plan to accumulate any additional debt (installment or mortgage loans) in the next year it can be used to make a good return. Figure your payment to be right around $400/mo on $20K. Take the cash advance check they send you and put $15K into a CD and use the other $5K for the payments for the next year. Easy $750 @ 5% in a CD.
I would recommend maybe an ING account that will give you close to 5% but is liquid. Then you can put as much as you want in it and pay the payments. I have been doing this for years with different cards and have never had a problem. Typical rates are a bit lower than CD's but being easily accessible is much more attractive in my opinion.
Also might be helpful to setup automatic payments online with the bank who issued the card. This will help eliminate missed payments and keep the rate at 0%.
I would recommend maybe an ING account that will give you close to 5% but is liquid. Then you can put as much as you want in it and pay the payments. I have been doing this for years with different cards and have never had a problem. Typical rates are a bit lower than CD's but being easily accessible is much more attractive in my opinion.
Also might be helpful to setup automatic payments online with the bank who issued the card. This will help eliminate missed payments and keep the rate at 0%.
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