0% Transfer - easy but tricky
I see lot of discussion on 0% balance transfers. I get this offer all the time. I use them when I find a good deal which means 0% for 16 months with no balance transfer fee. I hate paying fee if I am just going earn interest from the money taken out. It doesn't make sense to pay a fee and then earn interest to just break even unless the interest return is more like 5% above the fee.
It is easy in many cases like CITI but Target makes it tough. They won't send your to savings account. CITI is simple and they even give your cheques especially for balance transfer offers and not cash advance cheques you can deposit to get the money put in savings. But these days no cards come with zero balance transfer. Also you should very careful in paying them back, if you miss one min. payment, your offer might be cancelled and your rates will be jacked up not just in that card. It can affect other cards too.
In the past 5years, I opened 2 Chase card and 1 CITI card with 0% balance and used them for putting down payment on my real estate. It works but should be real careful and payoff at the end of the offer. You need the planning. Without proper planning there is possibility to fail.
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