Debt-Free..Again!

[maddythebeagle]

If you miss one payment on one of your cards, they can up the rate on ALL of your cards (called universal default). You can be careful and some have been able to do it, but you are taking on risk if you dont have the money liquid. Some card companies have even "held" payments so that people are late (less likely now that a lot offer online bill pay and email confrimations of payments posted, but like everything else, read up and make your own decisions.

The average person will not be able to balance this out or else the cc's wouldnt be offering. Just know where you sit. Several of my coworkers havent been able to make this work (mainly because they buy "stuff") are dumb and put purchases on the cards, or dont transfer before the intro. period.

 

[Mr._johngalt]

If you miss one payment on one of your cards, they can up the rate on ALL of your cards (called universal default). You can be careful and some have been able to do it, but you are taking on risk if you dont have the money liquid. Some card companies have even "held" payments so that people are late (less likely now that a lot offer online bill pay and email confrimations of payments posted, but like everything else, read up and make your own decisions. 

The average person will not be able to balance this out or else the cc's wouldnt be offering. Just know where you sit. Several of my coworkers havent been able to make this work (mainly because they buy "stuff") are dumb and put purchases on the cards, or dont transfer before the intro. period.

Anyone with average math skills can make this work. Of course, if you
have no self control...................

JG

 

[Nords]

Would you advise this as an investment opportunity?

No.

But get a card with those features, try it for a while, and see how you like it. I suspect you'll conclude that JohnGalt is an exceptional case.

 

[maddythebeagle]

I was thinking that putting the money in a high yielding savings account and take the interest and invest that. JG's yields could almost be enough for a year's Roth contribution.

http://www.cardratings.com/lowinterestintroductorycreditcardoffers.html

There is a guy on this board, Polonious, that used multiple cards (as many as 5 from one issuer, chase) and paid his mortgage off and had 160k on cc cards. He indicated that chase reviewed his file and wasnt pleased and closed some of the cards. It appears a lot of these cards are finding ways around these guys. I think he said that he just took out a HELOC to pay some of it (although I dont know how easy that would be with all of that debt, but maybe not as hard as I think).

 

[BUM]

Like the thread title says Debt-Free..Again! Thats the key. Lets add, and all together now, and this time I mean it.