Low Rate Balance Transfer Strategies
Please post strategies and experiences on the Low Rate Balance Transfer Offers that plug up my mailbox
I have used them many times, been burned once, and here's my view
Some lenders apply payments to low promotional rates 1st.....I never use these unless the card is not used for anything else.
I don't bite unless the lender waives the BT fee which is usually 3-4% (capped at $75-90) unless the term is "until paid", but the offers I get lately are only 6-9 months.
I always set up automatic payment from my checking account since one late payment will trigger the default rate.
The offers I am getting lately are not nearly as good as 9-12 months ago. I am convinced the lenders rely on people that let the promotional rate lapse and then they make thier money.
I know this is a very irresponsible topic for many here, but it's pretty tough for me to resist free money.......... I am now preparing to be stoned.
...with no reasonable expectation for ER, I'm just here auditing the AP class.