Comments on: Are 0% Balance Transfer Credit Cards for Life Possible?

By: Louis

Louis — Mon, 11 Apr 2011 19:38:20 +0000

Wouldn’t any payment amount in excess of the minimum payment get credited to the higher (purchase) interest rate? So, if I made two charges for a total of $40 in a month, couldn’t I simply pay the 2% minimum plus $40 and remain interest free?

By: 0% Apr

0% Apr — Fri, 20 Aug 2010 21:03:22 +0000

I’ve never seen 0% APR for life. It’s a promotional offer they use to get new customers. But as you said, it could work as a long-term way to increase usage. Another thing I can’t figure out is why anyone would need such a card. Unless you use other cards with rewards and high APR and then transfer the balances to the 0 APR card. I guess there are always ways to game the cards.

By: Lanette

Lanette — Fri, 06 Aug 2010 21:16:39 +0000

I got an offer through Discover a few years back with 0% interest on Balance Transfers for the life of the loan….as long as I make 2 purchases by the end of the billing cycle. If you are smart about it, you make 2 purchases of .69cent candy bars at Target and there is your 2 purchases. Ive been doing it for a few years and my interest for the entire year to date each year hasnt even hit $5. If you play your cards right, it ends up being a REALLY good offer.

By: 0% balance transfer

0% balance transfer — Tue, 15 Jun 2010 06:54:46 +0000

apply for 0% balance transfer offers only if you use your card responsibly, i.e. you make payments on time. For many, 0% interest credit card serves as an excuse not to make payments on time. By doing this, you will only keep accumulating your debt, which would eventually be very difficult to repay. However, if you do so, the interest rates will increase even before the introductory offer ends. Hence, if you can’t make full payments, at least make sure you make monthly minimum payment. Such cards and offers must be used to eliminate your existing debt quickly, and save some money every month.

By: Randy Gallimore

Randy Gallimore — Wed, 28 Apr 2010 01:20:23 +0000

Well i actually have a credit card that gave me 0% on balance transfer’s for the life of the card back in 2007 and i took it and actually had it.

By: Credit Balance Transfer

Credit Balance Transfer — Fri, 26 Feb 2010 13:03:08 +0000

You have to be so careful reading the small print…

Recently I’ve noticed lenders actually hiking their standard APR rate for balances transferred and not paid off in full during the introductory period. So whereas you’d normally transfer $1000 at 0% APR for 6 months and then go onto standard rate of say 16% APR – now you may well find your original balance transfer being charged at around 18% APR following the intro period until fully paid off.

By: Card

Card — Sun, 21 Feb 2010 07:27:15 +0000

Chase sounds really tricky with making people do a minimum of two transactions a month while they probably have a huge balance on the card.

By: Thirtysomething Finance

Thirtysomething Finance — Mon, 23 Nov 2009 21:29:26 +0000

Nice work. Are these 0% for life cards, or are they limited to a certain length of time? Do you have to do anything to keep the 0% alive (a la 2 purchases per month)? If so, how do you manage it? Love the 0% card.

By: debtmaven

debtmaven — Mon, 23 Nov 2009 21:26:18 +0000

I signed up for 2 0% transfer cards in the past year. In January/Febuary I was approved for a 5K Discover card, with a $100 transfer cap (3% up to that amount). Later in the year, in May/June, I was approved for a US Bank card for 10K. They didn’t tell me, but there was a $100 cap on that as well. Yes, I have excellent credit, and yes, I’m in debt. I started with 45K and I’m now down to 37K.

I expect it will get harder to find a 0% card when the offer expires (they are both a year at 0%). They’re probably banking on me sticking with them, and to be honest, I might need to (due to an SBA loan maturing summer next year and no where else to put the money).

I certainly hope that the economic situation improves by May next year so that I can try getting some more 0% transfer rate cards. And FYI, I am NOT racking up new debt, I’ve committed to paying off what I owe, it will just take a few years.

Thanks for the article – I always see the 5% cashback on Discover for their quarterly categories, but I alway decline in using it. I don’t want to get charged more than 5% in interest since it will be some time before I pay off the 0% portion first.

By: Joseph

Joseph — Tue, 17 Nov 2009 22:32:42 +0000

I know a number of people who survive by transfering balances from card to card. I some of them have claimed that they have ended up saving more than they would have paid on interests.
It’s a game that you you have to be very precise to win but most of the time, the big companies win.
I recomend transfer if you are planning to pay the card off without charging it and so save on interest and hope by the time 0% expire you eill have paid it off.

good luck
Joe