Great article on Credit Card Balance Transfer Offers

Guest: Board Monitor
Board Monitor/ Administrator
Post subject: Great article on Credit Card Balance Transfer Offers
Posted: Thu Jun 15, 2006 9:51 am

There is a great article on credit card balance transfer offers just published on TheStreet.com:

http://www.thestreet.com/university/personalfinance/10291262.html

I am proud to say that Ira Stoller, veteran member of this board is quoted in the article. I am also proud that http://www.CardRatings.com is referenced in the article.

Thoughts about the article?
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Curtis Arnold
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Guest: hesiden
Credit Expert (100+ Posts)
Posted: Thu Jun 15, 2006 4:02 pm

[quote="Board Monitor"]There is a great article on credit card balance transfer offers just published on TheStreet.com:

http://www.thestreet.com/university/personalfinance/10291262.html

I am proud to say that Ira Stoller, veteran member of this board is quoted in the article. I am also proud that http://www.CardRatings.com is referenced in the article.

Thoughts about the article?[/quote]


Don't like the article that much, the author is clueless. This is what Ira did...

Stoller has 15 cards in his wallet that he uses for balance transfers. He bought his new car with a 3.99% offer and earned $2,200 in the past two years, he says, by using balance transfers to invest in money market accounts or certificates of deposit.

And the author's conclusion

Conclusion? Consider a balance transfer to finance a small purchase -- but only if you have the money to pay back the transfer when the bill comes due, and if there's a really good reason for financing the purchase.

And for Ira's tips...

"Stoller says to withdraw the principal on the car, pay back the balance transfer and keep only the interest. "

Not "car", repay the BT (principal) and keep the interest you earned in a money market or CD. I'm sure Ira said it correctly and author messed it up.

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CardRatings.com is the most comprehensive source for comparing credit card offers.  Please visit CardRatings.com to view the best rated credit cards!

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