Have you played the credit card game? I will

**jaystone** · 09-10-2009, 04:27 PM

I've been doing this for about 4 and a half years, slowly working a 22k balance down to just under 10k. Most of the transfers have been zero fee, but those are getting harder to come by nowadays. When I can't find a no fee transfer, I shop around for the lowest capped fee, and I always try to go for at least a 12 month term.

**Thriftina** · 09-10-2009, 05:26 PM

Originally posted by jaystone View Post

I've been doing this for about 4 and a half years, slowly working a 22k balance down to just under 10k. Most of the transfers have been zero fee, but those are getting harder to come by nowadays. When I can't find a no fee transfer, I shop around for the lowest capped fee, and I always try to go for at least a 12 month term.

Who are you going through for your offers? I couldn' find any tha offered no transfer fee and capped of the 0% at 6 months.

**wincrasher** · 09-11-2009, 03:19 AM

Yes, you need to calculate - what kind of interest rate you're paying for the year.

So if you pay 0% for 6 months, but pay a 3% fee, and then pay 18% for the remaining 6 months of the year, you are essentially paying 12% a year. If that is less than you are paying now, then terrific for you!

I got burned badly by a transfer I did at Bank of America. I did it online and it did not go thru at the 0% rate and I didn't realize it until it was too late.
I'd suggest that you do it over the phone, or in the mail. Be sure to keep a copy of the offer codes and all the pertinent details.

Good Luck

**boosami** · 09-11-2009, 05:32 AM

Originally posted by Thriftina View Post

I realize that I won't complete the payoffs of the balances before the offer expires, so I think I will just reapply for onr more balance transfer to pay it off completely.

Be careful with this mindset. There's no guarantee there will be zero interest or free transfers in the future. With the recession hitting the CC companies hard and change in credit card laws coming early next year, they may be even harder to find (if not entirely non-existent). Reapplying for cards ever 6 months or so will take a toll on your credit score too, and lenders may stop approving you because you've had too many inquiries (they stay on your report 2 years). What happens when you suddenly can't get a transfer at all?

This type of mindset is a flashback to the people who kept taking out home equity loans because they were sure their home would keep shooting up in value. It turns out that wasn't a sure thing, just like promotional credit card offers are turning out to be.

What you are talking about can and has been done... I'm just saying be careful, and try to have have a plan B so you are prepared if the worst happens.

**jaystone** · 09-13-2009, 07:00 AM

Originally posted by Thriftina View Post

Who are you going through for your offers? I couldn' find any tha offered no transfer fee and capped of the 0% at 6 months.

My current deal is through Wells Fargo. I believe I received the offer through the mail. Proi to that I was going through National City on their Lifespring Health card. Not sure if that one is still available. Both had fees I believe, but were also 12 month terms.

**asmom** · 09-13-2009, 07:40 AM

Yes absolutely. I am helping my husband with this right now as he is paying off $42,000 in CC debt. He is now down to $19,000 after two years. It is best to do this with existing credit cards although we did apply for a couple of cards along the way when we found a deal. I have not seen any that offer no balance transfer fee with 0% interest so you will have to bite the bullett and pay the fee which is normally 3% but lately I've been getting some for 4 and 5%. Thank goodness, my husband will be finished paying his off in 1 year. I wouldn't bother with a 6 month deal unless you are certain you can either pay it off in that time or make significant progress or if your interest rates were outrageously high i.e. 19% or higher.

By the way there's no need to close the accounts after you have paid them off. Just lock the cards up.

**Thriftina** · 09-13-2009, 05:34 PM

Hey everyone, thanks for your opinions. I know that I should've done the math, but honestly, anything's better than what I had before! I had variable APRs no less than 20% on two of my cards I did a balance transfer on and the the cards I have now will go to 11.99 to 18.99% after the promotional period. I just needed to get a head start on paying off this debt because the finance charges were kicking my booty!

**creditcardchaser** · 09-22-2009, 09:47 PM

By the way there's no need to close the accounts after you have paid them off. Just lock the cards up.

Definitely agree with you in that you should not close down the accounts because it will lower your overall available credit limit and negatively affect your credit score but you do not want to just lock them up. You should still use the cards at least once every couple months (and then pay them off right away of course) otherwise some card issuers will cancel your credit cards with no warning due to lack of usage.

Have you played the credit card game? I will