Paying off a credit card with another at 0% interest?

heidihoOctober 19, 2002

Has anyone paid off one credit card using another that offers 0% interest for 6 months on balance transfers? I'd like to do this but not sure if it's the right thing to do. If I understand the terms right ; before the 6 month deadline is up I need to find another card company that'll let me do the same thing and then transfer it again, right?

I have a balance of $5200 on one card and I send them $130 a month at 7 1/4% interest so $65 of that $130 is going to interest. If I could save this $65 interest I would have it paid off. Is there anything to watch for when I'm doing this and the ? Is should I do it and has anyone out there done it successfully? Thanks for your time and have a nice weekend.

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gadgets

I no longer carry a balance on ANY credit card but years ago when I'd made up my mind to be totally debt free, I switched my balances to a card offering a much lower interest rate. I didn't read the fine print enough to realize that they charged an enormous 'transfer fee'. It ended up costing me just as much in fees as I'd 'saved' in interest charges. So make sure you read their offer very closely for any hidden charges. Good luck.

    Bookmark   October 20, 2002 at 9:09AM
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minnie_tx

I've done it many times. I recently did it when getting a new S&H Green Stamps card. I now have over 11,000 Green Stamps. The trick is to get the card eventually paid off and then pay it off each month. Just make sure you do it.

It's ok to do it.

    Bookmark   October 29, 2002 at 1:35PM
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joyfulguy

Hi Heidiho,

Someone said on one of these credit card threads that there are some cards that allow you to make new purchases and charge 0% on that, but that some will charge interest right away, sometimes at a rather high rate, on new purchases - it's only 0% on the amount transferred. And they credit payments to the transferred amount, leaving the whole of the new purchased amount to attract interest.

Better make sure you read all the fine print.

It's best, of course, if you can avoid making any new purchases on the card(s) until your balances are paid off. Then pay off the balance every month.

Hope you work things out to your advantage.

joyful guy/Ed

    Bookmark   February 25, 2003 at 1:05AM
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lulie___wayne

I rarely use a credit card, but I know people who have paid off bills doing this. It is a smart way to do it! Good for you!
Lu

    Bookmark   March 11, 2003 at 12:24AM
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