Low Rate Balance Transfer Strategies

[jazz4cash]

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.

 

[glock35ipsc]

That's exactly how we got rid of our CC debt. We used different cards with a 0% rate, and they were all a minimum of 12 months, some out to 18 months. Also did the automatic payment thing. We use an Excel spreadsheet to budget our monthly expenses, and refer to it at least a couple times a month. We put a note by those cards to remind us of what the date was that the 0% rate expired on, then set out to look for another 0% card about 2 months before the rate was to go up. Worked out very well for us.

 

[maddythebeagle]

I am convinced the lenders rely on people that let the promotional rate lapse and then they make thier money.

not to be too smarty but that is kinda obvious..... You might want to do a search...we have talked about a lot of this in the past....often not a lot of good discussion here though...fatwallet is a good place to read...

 

[renferme]

I have to laugh when I get those mailings, since I have nothing to transfer.
.
One in particular comes to mind; an ad in Golf Magazine.
Transfer your balances and get a brand new set of Callaway X-18 irons free,
but here's the catch - you must keep a minimum balance of $3500 for, if I remember correctly, 6 months. Fall below the minimum and they charge you $600 !
$3500 dollars, oh my god ! ! !
.