If you pay off your balance every month then look for cards with large signup
bonuses. Use your good credit to travel/stay for free. If you don't pay
off cards monthly then don't even apply for them.
When shopping on line, you want to have a good credit if you dispute a perches
or at a mechanic shop, buy auto insurance even some jobs will do a credit check.
The revolvers are the people always have a balance owed to the card. The
consumers are who pay the card off who has 0 balance. cards make $35 billion a
year on late fees and they make a lot on interest. why did they need to be
I almost paid off my whole house with 0% credit cards before the 2008 bust. I
took out 3 cards with a $30,000 limit each and transferred remainder of my whole
house balance to them. These were with $0 transfer fees. I then made minimum
balance on two cards and made huge payment on the third. I was basically paying
the full amount to the principle. As the 0% offer was about to expire, I would
transfer the old balance to a new card and keep paying 0%. By paying on the
principle every month my loan dropped quickly. I eventually got it all down to
one card and less that $20,000 before they stopped offering the cards.
That's when I transferred the last balance to a home equity loan with low
interest. Less than a year later I had that paid off. It took me about 5 years
in all of doing this to pay off my home and now I am debt free.
I had a friend that took a huge loan on 0% credit card and invested the money in
a one year CD. After a year he took the money plus the interest he earned, paid
back the credit card in full and kept the interest.
I have been living off zero interest, zero percent balance transfers for the
last five years. I did what one person in this thread did and ran the card up
and invested the money I withdrew. That was a god deal as I laughed my way to
the bank. I don't see how the banks make money by offering zero
interest.It is my understanding that when you come off a zero
percent promotion that they jack your interest rate to the highest interest rate
possible and that they rely on people to carry over a balance. The only time I
got dinged on a zero interest card is when I made a balance transfer to one
card. The card company "Capitol One" charged interest on balance
transfers made to the zero interest card and the zero interest offer was only
applicable to purchases made using the "Capitol One" card. As long as
they keep offering them I will keep taking them, it sure saves my pocket book a
Question--by continuing to open these accounts, doesn't your credit score
take a hit for each new account?