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[#permalink]
Thanks Aau and Zakk.

Yup, I know the part about balance transfers. I plan on opening a card only to hold the transfer, and never use it (since I have other cards that I normally use). The American Express 15-month 0% APR is just a normal card that has no APR for 15 months...
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Bear in mind that Amex is famous for pulling Financial Reviews. If you are a full time student without a regular income and they FR you, it could mean the loss of your credit line.
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ahh, didn't know that, that's very good to know! I will look into that!
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It might be difficult to get approved (at least for more than $1,000) for the second cc that allows balance transfers if you have a heavy duty balance on another cc.

Otherwise, it seems like a crafty plan. As stated earlier, just don't miss those payments! I would make them the first day the statement is available.

Originally posted by kidderek on 29 Aug 2007, 05:35.
Last edited by kidderek on 03 Sep 2007, 02:57, edited 1 time in total.
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I work for a pretty big CC issuer as an analyst and can say that I do know how the cards work. What you plan to do is VERY Common BUT- make sure you NEVER miss a payment on your 0% BT and DO NOT use it for any purchase once you transfer balances over to that card. IF you miss payment on that card-your APR rises up not only on that card but also on all your other cards (known as universal default). I know companies are moving away from UD but most companies still follow this.

PM me if you have any questions ;)
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Thank you dosa! I'll keep that in mind! I don't plan on using the the CC that I do the BT on.
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Re: 0% APR and Balance Transfers? [#permalink]
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Taking advantage of a 0% balance transfer offer can certainly be a good idea, depending on your situation. First of all, I wouldn't attempt this without good credit in the first place. Carrying such a big balance on a credit card will drop your credit score a few points. If you are already low, it will hurt you for other loans you might need. Second of all you need to be very good with keep track of your payments. If you are late with even one payment the credit card company will start charging you interest and it ruins your entire ROI. Finally, check the balance transfer fee, it can be quite large depending on the card.
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Re: 0% APR and Balance Transfers? [#permalink]

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