Credit Tips: 0% Introductory Rate Credit Cards

Posted On: December 1, 2005

Author: jess
Posted: Thu Jul 01, 2004 9:52 pm
Post subject: 0% Introductory Rate Credit Cards
7/5/2002 3:55 pm CDT

I have a slight problem where my son has charged up my credit card to $14,000. Even though he sign his own name on purchases and marked the return bill to change the address to his own (so I had no idea) the credit card company accepts no fault on their part. He is willing to pay off this debt but has already made 3 late payments which does not help my credit.
I am searching desparately to find a solution. First asked card to lowere %rate –they did from 18 to 9.9%
My next idea is to search out zero % and change every 6 months to save money.
Does anyone have experience as to what to look out for or any other suggestions?

Author: Possible Answer
Posted: Thu Jul 01, 2004 9:53 pm
Post subject: 0% Introductory Rate Credit Cards

7/6/2002 9:38 am CDT

First I would insure your son for $25,000 payable to you upon his death. Then I would run him over with my car. After Funeral expenses there should be enough left to pay off the card.

Author: Ira Stoller
Posted: Thu Jul 01, 2004 9:53 pm
Post subject: 0% Introductory Rate Credit Cards
7/7/2002 4:46 pm CDT

Yes, I’ve done that. I paid off a $40,000.00 credit card debt with the help of very low rates. My credit was good, even though I owed a lot, and I was able to constantly apply for low introductory rate cards, transfer balances from higher rated cards, pay down the balances, and upon expiration of the intro rate transfer the remaining balance to another low rated card. I had over some 27 cards in a four year period. It’s not qui9te so easy today since many banks charge a balance transfer fee of 2 or 3%, although it usually caps out at $40.00 or $50.00. Since it’s doubtful that you’ll get one card with a $14,000 limit, don’t be afraid to apply for two or three cards at a time. Let us know if you have any further questions.

Author: nobody
Posted: Thu Jul 01, 2004 9:57 pm
Post subject: 0% Introductory Rate Credit Cards

7/8/2002 3:29 pm CDT

And, if you don’t mind having your son arrested, your bill will only be $50.00, not $14,000. He stole from you. Doesn’t that bother you?

Author: Lina
Posted: Thu Jul 01, 2004 9:58 pm
Post subject: 0% Introductory Rate Credit Cards

7/10/2002 4:51 pm CDT

Nobody’s not quite right. If you press charges against your son - he will be arrested or something like it (not sure about that part), but one thing I know - bank will not count his purchases as unauthorized transactions (meaning $50 that you would have paid if your card was stolen), because he is your family member and for them it makes the whole lot of difference. There has been too many cases just like this, so banks probably adopted this policy of “family member fraud” to shield themselves. Just imagine: you give your son your card and you orchestrate the whole thing. Bank has no way of knowing if your card was used without permission (if stranger uses your card they assume that no permission was given, of course).
I know that it’s unfair and the whole thing basically is not your fault, but you are stuck with all the unpleasant consequences.