Business loan dilemma?


In the near future I will be taking a small business loan. I had planned on going to my local bank or to lending club but then I figured maybe I can get away with opening a new credit card with a 0% APR to save on interest. I noticed that the Citi Diamond Preferred is offering 0% APR for 21 months. Do you think I would be able to open the card with a 15k credit line? Is there any reason to take a business loan over this offer?

I have excellent credit
No debt
Amex Blue Cash 30K cl
Citi Dividend Platinum Select 11k cl
Always pay every month's balance in full

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asked Apr 24 '11 at 10:05
344 points
Get up to $750K in working capital to finance your business: Clarify Capital Business Loans

1 Answer


I'd imagine the only people who could tell you if you can get 15k credit with Citi are Citi.

If you have the money, 21 months interest free is a no brainer, but as to which way to go, look at it this way...

Credit card with 21 month interest free.

Business loan with known interest and term.

What's the consequences to you personally if for whatever reason in 21 months your business hasn't succeeded? And to you personally if you have the business loan? How do the interest rates compare if you do find yourself with an outstanding balance at end of 21 months?

Which makes you more comfortable?

answered Apr 24 '11 at 10:23
2,552 points

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