balance transfers

[dowxp]

CC#1 0% period is ending next month. Can I BT it over to CC#2 for a few days and immediately pull another CC#1 BT 0% offer to retrieve the CC#2 balance -- thus preserving the 0% on CC#1?

I know you can do it- but is it ok?

 

[kranky]

What do you mean by "is it OK?"

CAN it be done? Sure. Is it legal? Yes.

Will CC#1 decide to close your account for playing games with them? They might. Credit card companies are running scared right now, and anything that looks like the customer is having money trouble makes them nervous. Some of them are closing account or reducing credit lines on customers who never were late, never missed a payment.

If you do get a BT offer and use it, even if they close your account you can still pay off the balance in accordance with the BT terms.

 

[FoBoT]

sounds like you are learning financial trickery from the US govt. or something

how about just make a reasonable budget and live within your means and don't play games with credit cards

 

[Isocene]

A better idea is to find another card with 0 percent and move it over there and switch off every year if you want to keep carrying the balance. You're only getting his with the fee each time but that isn't much.

If you have good credit there is no reason you should really ever have any kind of APR other than 0% unless you're walking around with some crazy balance.

 

[Vic]

Read the fine print for balance transfer fees.

 

[PHiuR]

that's perfectly fine, the only thing is that if you do that, you will get hit with two times the balance transfer fee instead of just 1 (switching to another company's 0%).

 

[Viper GTS]

BT fees are what would normally kill you, but if you have two cards from two different banks that both have no fee BT's...

Have at it.

Viper GTS

 

[Mermaidman]

Originally posted by: Viper GTS
BT fees are what would normally kill you, but if you have two cards from two different banks that both have no fee BT's...Have at it.

Unless the OP continues to buy stuff with credit cards.