Transferring credit card balances

[gizbug]

Owe some money on my one credit card, that will take me a year or two to pay off. I am wondering if it is beneficial to transfer the balance to another card, so I don't have to pay the minimum fees. Has anyone done this, and what has their experience been? Do you get penalized with your current card holder?

Just read this story, and wondering if doing this is too late. http://www.usatoday.com/money/perfi/credit/2006-08-09-card-offer-usat_x.htm

 

[d3n]

I am not sure. I did it once without a problem because my bank was bought out and all my rates changed overnight. I flipped the card and the bank real quick.

 

[Subbaculcha]

I've been hopping from 0% to 0% (on balance transfers AND purchases) offers for years with no penalties, and still recieve an offer at least once a week.

 

[edro]

Yeah dude... transfer it to a "0% for the first year" card. Most charge a small fee to do so (~2-4%), but you save that much in the first month of no interest.

 

[everman]

Check out the finance section at fatwallet.com, sometimes they just call it 0% BT.