Quote:
Originally Posted by deadgoon
Details.. we want details! :-)
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Look for credit cards that offer 0% on balance transfers for at least 6 months. Make sure there is no either transfer fee or the transfer is capped. Majority of cards have a 3% balance transfer fee with no maximum which makes it not worth it. I was able to find 3 cards that had 0%. You can use different search tools, like
this one. I chose several credit cards and got approved (I have excellent credit history). The credit lines weren't that great. For example, I got approved for a $12K line with Bank of America. I had an old card with them with a $44K line, so I called them and asked them to move $43K credit line from the old card to the new card, which was easily done over the phone and the change was immediate. So now I had $55K line of credit on the new card and $1K left on the old card. During the same call I requested to transfer the entire $55K into my savings account. With American Express I didn't even have to call them to reallocate my credit lines from one card to another. They let you do it online, and you can do it as often as you like. I also requested a credit line increase for my old American Express card and got approved for a $20K increase, then reallocated that line to the new card with 0% on balance transfers, then did a transfer to my Bank of America card, and from there to my savings account. You just have to remember to pay the minimum payment every month and pay the remaining balance in full before the 0% period ends.