Using a 0% APR Credit Card to pay for rehab to gain points?

[Elizabeth L.]

I have a large renovation coming up in a month and thought it would be a good idea to pay for the rehab work on a 0% apr credit card in the hope of gaining thousands of points for future use. Just wanted to know if anyone out there has done the same thing? What credit did you use etc. I've seen a few with 0%APR for 12 - 15 months which gives me plenty of time to cash out refi in order to pay it all back. Thanks

[Tamara Deering]

@Elizabeth L.

It can be done as long as you are diligent about paying off the cards, preferably as soon as you get your draw or your refinance.  It is really easy to get underwater with the cards because the minimum payments are so low.  Also, be aware that the balance on those cards will affect your credit score and the amount of money you qualify when you refi.