0% APR Balance Transfers Credit Cards
Author: credit advisor
Posted: Sat Sep 17, 2005 10:04 am
Post subject: 0% APR Balance Transfers On Credit Cards
Don’t get me wrong, I do believe 0% APR Balance Transfers are a great feature, and if used right, can save a lot of money, but be careful!
A friend of mine just told me that she made a late payment and now what she planned on being a 0% credit card is a 30% credit card. Wow 30%! I suggested that she dump this card. At this point, I’m recommending a Chase Cash Plus Rewards Visa or a Chase Platinum card as they both offer 0% Balance Transfers for up to 12 months and may be forgiving of her past late payment.
If she had excellent credit, I would be recommending the Citi Platinum select as this card doesn’t charge an initial fee to transfer balances.
So to anyone wanting to take advantage of a 0% APR Balance Transfer, I say "Be Careful!"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Sep 17, 2005 11:14 am
Post subject: 0% APR Balance Transfers Credit Cards
Not so much "be careful" as "follow the rules."
PAY ON TIME should be the mantra of any credit card user.
PAY ON TIME and you'll avoid late fees, increased APRs, negative hits to your credit score, surprises, etc.
I've used many a 0% offer and came out pristine because I always pay on time. If you feel that you may run into trouble following the rules of a 0% offer, don't do it. You'll lose far more than you'll gain.
Author: Polonius
Posted: Sat Sep 17, 2005 11:24 am
Post subject: 0% APR Balance Transfers Credit Cards
Of course, sometimes problems arise that aren't anticipated. It can be as simple as a payment going astray in the mail to something more serious like a job loss or injury. So it's important to have a fallback plan if your interest rate gets jacked up.
If this happened to me, I'd call and ask that the late payment be forgiven. If that didn't work, I'd do as Ira says--look for a replacement 0% card. But I would immediately do a balance transfer from some other card or line of credit, best one immediately available (considering the fee if any). No reason to pay nearly 30% even for the few weeks that might be needed to get a new 0% offer...
Posted: Sat Sep 17, 2005 10:04 am
Post subject: 0% APR Balance Transfers On Credit Cards
Don’t get me wrong, I do believe 0% APR Balance Transfers are a great feature, and if used right, can save a lot of money, but be careful!
A friend of mine just told me that she made a late payment and now what she planned on being a 0% credit card is a 30% credit card. Wow 30%! I suggested that she dump this card. At this point, I’m recommending a Chase Cash Plus Rewards Visa or a Chase Platinum card as they both offer 0% Balance Transfers for up to 12 months and may be forgiving of her past late payment.
If she had excellent credit, I would be recommending the Citi Platinum select as this card doesn’t charge an initial fee to transfer balances.
So to anyone wanting to take advantage of a 0% APR Balance Transfer, I say "Be Careful!"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Sep 17, 2005 11:14 am
Post subject: 0% APR Balance Transfers Credit Cards
Not so much "be careful" as "follow the rules."
PAY ON TIME should be the mantra of any credit card user.
PAY ON TIME and you'll avoid late fees, increased APRs, negative hits to your credit score, surprises, etc.
I've used many a 0% offer and came out pristine because I always pay on time. If you feel that you may run into trouble following the rules of a 0% offer, don't do it. You'll lose far more than you'll gain.
Author: Polonius
Posted: Sat Sep 17, 2005 11:24 am
Post subject: 0% APR Balance Transfers Credit Cards
Of course, sometimes problems arise that aren't anticipated. It can be as simple as a payment going astray in the mail to something more serious like a job loss or injury. So it's important to have a fallback plan if your interest rate gets jacked up.
If this happened to me, I'd call and ask that the late payment be forgiven. If that didn't work, I'd do as Ira says--look for a replacement 0% card. But I would immediately do a balance transfer from some other card or line of credit, best one immediately available (considering the fee if any). No reason to pay nearly 30% even for the few weeks that might be needed to get a new 0% offer...
posted by CardRatings.com at 11:05 AM
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