[vishenda]

Originally Posted by neatdesign

Technically, moving a balance from lender to lender to avoid paying any interest is a form of credit card fraud called "kiting" and is considered a federal crime. However, I never really understood how this could be a crime when the lenders themselves actually promote it and essentially encourage consumers to participate in it.

I just opened a new account with Discover and transferred the entire balance of one account to it, and about half of another account's balance. It's 0% until next June, but I can extend the 0% by making three purchases each billing period starting in July.

Although the purchases will NOT be at the 0% rate (that's limited to the balance transfers), there is no minimum amount that the three purchases need to be. My plan is to purchase three EXTREMELY cheap items -- like three sticks of gum for 25¢ each -- once per billing cycle. I'll go through the self-checkout line at the grocery store so it will be easier to do the transactions. At most this will add about $2/month to my balance (the three purchases plus the minimum finance charge), which means it will end up costing me far, far less than if I had the BT balance at a higher APR.

~ Jenney

your story speaks the same story of my cousin
Thanks