Comments on: Best 0% Balance Transfer Credit Cards Updated May 2012

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Thu, 24 May 2012 05:57:42 +0000

[...] best part about these balance transfer is that the money that is loaned to you comes interests free, which means you should borrow as much [...]

By: Betsy

Betsy — Mon, 14 May 2012 06:30:45 +0000

Misty,

2 years ago, I was in exactly the same situation as you, and successfully played the balance transfer game to get through. My credit rating actually increased during this time, due to extremely disciplined payment patterns and no additional charging. The only way this will backfire on you is if you are unable to maintain your excellent payment history. If you miss or are late on a payment, the rate will reset to an unbelievably painful penalty rate. Good luck on the job search.

By: Misty

Misty — Fri, 20 Apr 2012 22:47:31 +0000

I am one of those very disciplined people, but my problem is that I have been unemployed and racked up credit debt. I’ve paid very diligently, so much so that all my creditors have continued to increase my credit limit. But as you can understand I’m hardly making a dent paying down the debt bc of the fees. If I can keep repeating the balance transfer process that would really help me– Eg. I’d like to transfer my 9K balance from Mastercard to Chase. Then at the end of the introductory, if i still have a balance and if I don’t want to be stuck paying Chase’s higher interest rate, I will transfer that balance again to another card with 0% or even back to Mastercard (at 9%apr). I’ve read your post and skimmed the comments. I want to confirm that I can do this. Also, what are some other ways this may backfire on me– ie affect my credit rating, getting blacklisted by credit card companies, etc…?

By: pletcherygz

pletcherygz — Thu, 29 Mar 2012 19:49:57 +0000

If you smile when one is around,you really mean it.

By: Lyle

Lyle — Mon, 20 Feb 2012 02:10:24 +0000

Is there a link to the Pentagon Federal Credit Union card with the 0% on balance transfers with no balance transfer fee? When I looked, all I seen was 1.99% on the promotional period.

By: Karan

Karan — Mon, 30 Jan 2012 21:22:31 +0000

For those of you interested, Penfed(pentagon federal credit union) plat cash rewards card is offering 0% on balance transfers and also no balance transfer fee for 24 months! that is unheard of these days! This card is also the best around offering 5% cashback on gas purchases.

By: Dottie Seeland

Dottie Seeland — Thu, 05 Jan 2012 16:56:18 +0000

We signed up for one of the cards you list. In addition to the 0% balance transfer for 12 months, there was added incentive to purchase certain types of products using that card in order to gain more points for rewards. We got fooled! Instead of using the card only for paying off debt, we added our gas, grocery, etc. purchases in order to get the extra rewards. Exactly what the company had in mind!! We played right into it, and could not pay it off within the year. Now we do not use it for anything at all, and are trying to get it paid off with a 24+% apr. Get another card with 0% balance transfer? Not on your life. We’re not that disciplined, which is what these companies depend on.

By: Happy Card Holder

Happy Card Holder — Fri, 30 Dec 2011 21:52:55 +0000

I want to share my frustration with BANK OF AMERICA.
Lets start by going back to April 2011, when they added an annual service charge to both cards that my friend had with them. A self-respecting bank would have grandfathered her account with no service charge, but not the BANK OF AMERICA!
So, the year 2011 was coming to an end, I have helped my friend by paying off her balance on one of the cards, and wanted to re-allocate her spare (now) line of $6K to her other account. Guess what? – The rep, had gathered all of her personal information, then PULLED HER CREDIT WITHOUT LETTING HER KNOW THAT HE’LL DO THAT! And then, get ready for this: closed one of her accounts and reduced the credit line on the other one!
These two incidents make me think that BANK OF AMERICA has a DOUBLE STANDARD, where they treat customers like me (who have $00,000 balancesl MUCH BETTER than those who linger around with $000.00 in their accounts!
Shame on the BofA for mistreating its customers!
P.S. I’m still a happy, satisfied client of BofA, but I feel like I have to spread the fair warning to be VERY CAREFUL with this Bank as it got many tricks under its sleeves for unsuspecting customers!

By: william cole

william cole — Sun, 20 Nov 2011 06:58:10 +0000

Can you tell me if CITI 0% balance credit cards are available to Canadians?

By: James Hoehner

James Hoehner — Sat, 15 Oct 2011 09:45:32 +0000

I had never heard about actually opening up zero balance cards in order to make $$. Sounds like your friend was playing with fire on that one. For me at least…unless you are just completely disciplined, you’ll run into issues in the long term.

Thanks for the story though.