Author Topic: Zero Percent Credit Card Transfer?  (Read 1304 times)

essjay43

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Zero Percent Credit Card Transfer?
« on: April 21, 2018, 08:27:15 PM »
Due to a series of unfortunate events, I ran up 10k in credit card debt. This is the first time I haven't been able to pay my monthly balance in full. I'm not too familiar with 0% APR credit cards, but it seems too good to be true. Are there cards w/ a 0% transfer fee and 0% APR?

My debt is mostly Chase, so I think Chase Slate isn't an option. Does anyone have experience with BankAmericard or Discover It?

katsiki

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Re: Zero Percent Credit Card Transfer?
« Reply #1 on: April 21, 2018, 08:44:32 PM »
This may be helpful: https://www.magnifymoney.com/blog/balance-transfer/no-fee-balance-transfer-credit-card1322859387/

They update it every month.

I am familiar with Alliant and Amex only.

essjay43

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Re: Zero Percent Credit Card Transfer?
« Reply #2 on: April 21, 2018, 08:48:44 PM »
Great. Thanks for your help. Are there any drawbacks to this? Or is this just another approach by credit card companies to add customers?

katsiki

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Re: Zero Percent Credit Card Transfer?
« Reply #3 on: April 21, 2018, 08:57:59 PM »
No downside in my opinion.  I have done it successfully. 

I would stress that it takes discipline to not run up debt again.  I say this as a person who used a home equity loan to "pay off" CC debt, and then proceeded to create more cc debt!  You may want to consider cutting up the old card or limit its use.

Good luck!

Catbert

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Re: Zero Percent Credit Card Transfer?
« Reply #4 on: April 22, 2018, 12:02:42 PM »
No real drawback.  I would suggest not putting current charges on the new 0% card since I'm not sure how the cc company credits payments (i.e., will you be paying interest on the new charges).   What they count on is that you won't pay it all off within the 0% period and then they'll have you at "market interest" which is likely to be on the high side.

Dicey

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Re: Zero Percent Credit Card Transfer?
« Reply #5 on: April 22, 2018, 09:55:52 PM »
No real drawback.  I would suggest not putting current charges on the new 0% card since I'm not sure how the cc company credits payments (i.e., will you be paying interest on the new charges).   What they count on is that you won't pay it all off within the 0% period and then they'll have you at "market interest" which is likely to be on the high side.
What Catbert says is true. Do not mix new purchases with balance transfers. In addition to what was mentioned above, typically your payment goes to the purchase amount before the amount that was balance transferred, which can totally blow.