Comments on: How to Transfer a Credit Card Balance http://cashmoneylife.com/0-percent-balance-transfer/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan P Smith http://cashmoneylife.com/0-percent-balance-transfer/#comment-18518 Ryan P Smith Thu, 11 Jun 2009 21:57:35 +0000 http://cashmoneylife.com/?p=1644#comment-18518 It can definitely be tool to help rid yourself of debt. It also has implications on your credit score as new inquiries count against you but utilizing a lower percentage of available credit helps. Something to keep in mind before going on an application frenzy if you aren't confident you will qualify. It can definitely be tool to help rid yourself of debt. It also has implications on your credit score as new inquiries count against you but utilizing a lower percentage of available credit helps. Something to keep in mind before going on an application frenzy if you aren’t confident you will qualify.

]]> By: Doctor S http://cashmoneylife.com/0-percent-balance-transfer/#comment-18491 Doctor S Wed, 10 Jun 2009 01:36:41 +0000 http://cashmoneylife.com/?p=1644#comment-18491 I have used these in both good and bad ways. During college, I did a balance transfer to clear on of my cards onto a 0% APR deal, but in turn it just lead my dumb ass to spending more on the freshly cleaned card. Yes, I was the dumb college student. Fast forward to 5 years later, I recently cleared all my credit card debt by consolidating 3 cards into 1 balance transfer and paid of the debt much quicker. I am utilizing only 2 cards now and doing a little better with my credit card discipline. I have used these in both good and bad ways. During college, I did a balance transfer to clear on of my cards onto a 0% APR deal, but in turn it just lead my dumb ass to spending more on the freshly cleaned card. Yes, I was the dumb college student. Fast forward to 5 years later, I recently cleared all my credit card debt by consolidating 3 cards into 1 balance transfer and paid of the debt much quicker. I am utilizing only 2 cards now and doing a little better with my credit card discipline.

]]> By: Ryan http://cashmoneylife.com/0-percent-balance-transfer/#comment-18484 Ryan Tue, 09 Jun 2009 12:37:47 +0000 http://cashmoneylife.com/?p=1644#comment-18484 Jennifer, Many people call that credit card arbitrage. I know quite a few people who do it, but I didn't mention it for a couple reasons: it takes a lot of organization to pull it off, more cards come with balance transfer fees, interest rates are lower, and balance transfer terms are often shorter. But it's a great way to make some free money if you can pull it off! Jennifer, Many people call that credit card arbitrage. I know quite a few people who do it, but I didn’t mention it for a couple reasons: it takes a lot of organization to pull it off, more cards come with balance transfer fees, interest rates are lower, and balance transfer terms are often shorter.

But it’s a great way to make some free money if you can pull it off!

]]> By: jennifer http://cashmoneylife.com/0-percent-balance-transfer/#comment-18483 jennifer Tue, 09 Jun 2009 12:30:29 +0000 http://cashmoneylife.com/?p=1644#comment-18483 we have been doing this for over 4 years. it started off as a plan to pay off credit card debt by paying off the highest interest first, then we had all balances at 0%, then after 2 years our debt was paid off and we started earning interest on the money! the interest rates are not great anymore, but, hey, it's free $. this only works if you are organized and not tempted to blow the $ that's earning interest for you. i have to admit it's a little addictive :) we have been doing this for over 4 years. it started off as a plan to pay off credit card debt by paying off the highest interest first, then we had all balances at 0%, then after 2 years our debt was paid off and we started earning interest on the money! the interest rates are not great anymore, but, hey, it’s free $. this only works if you are organized and not tempted to blow the $ that’s earning interest for you. i have to admit it’s a little addictive :)

]]> By: Kristy @ Master Your Card http://cashmoneylife.com/0-percent-balance-transfer/#comment-18482 Kristy @ Master Your Card Tue, 09 Jun 2009 04:31:56 +0000 http://cashmoneylife.com/?p=1644#comment-18482 I love balance transfers and find them an effective tool when used appropriately. But, my experience has been those who are in the 20% APR range usually do not qualify for 0%. Now, there are some exceptions - like those whose interest rates skyrocketed for one late payment, etc. However, to get the 0% you have to meet the credit card company's credit requirements, and those who still offer this are pretty stringent about their lending policies these days. I think it's important to find out what happens if you don't qualify for the 0% and understand their guidelines before deciding to apply. Great post, though Ryan! I love balance transfers and find them an effective tool when used appropriately. But, my experience has been those who are in the 20% APR range usually do not qualify for 0%. Now, there are some exceptions – like those whose interest rates skyrocketed for one late payment, etc. However, to get the 0% you have to meet the credit card company’s credit requirements, and those who still offer this are pretty stringent about their lending policies these days. I think it’s important to find out what happens if you don’t qualify for the 0% and understand their guidelines before deciding to apply.

Great post, though Ryan!

]]> By: Ryan http://cashmoneylife.com/0-percent-balance-transfer/#comment-18472 Ryan Mon, 08 Jun 2009 17:53:46 +0000 http://cashmoneylife.com/?p=1644#comment-18472 Agreed. That's why I mentioned you should only get a 0% balance transfer if you are already handling your credit cards properly. It shouldn't be an excuse to spend more, but an excuse to get ahead of your payments and hopefully retire your debt more quickly. I'm confident my friend will manage this well. He stopped using his credit cards over a year ago and has been aggressively paying them off. This should help him knock a couple months off his payments. His plan after that is to invest what he was paying the credit card companies. Hopefully he can get started while stocks are still relatively cheap! Agreed. That’s why I mentioned you should only get a 0% balance transfer if you are already handling your credit cards properly. It shouldn’t be an excuse to spend more, but an excuse to get ahead of your payments and hopefully retire your debt more quickly.

I’m confident my friend will manage this well. He stopped using his credit cards over a year ago and has been aggressively paying them off. This should help him knock a couple months off his payments. His plan after that is to invest what he was paying the credit card companies. Hopefully he can get started while stocks are still relatively cheap!

]]> By: Curious Cat Investing Blog http://cashmoneylife.com/0-percent-balance-transfer/#comment-18471 Curious Cat Investing Blog Mon, 08 Jun 2009 17:46:57 +0000 http://cashmoneylife.com/?p=1644#comment-18471 These deals can be beneficial in the right situation but too often people use them as excuses to continue spending beyond their means. That is not a good thing. These deals can be beneficial in the right situation but too often people use them as excuses to continue spending beyond their means. That is not a good thing.

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