Nothing to it: The secrets of zero percent credit card offers


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  • azresident Mesa, AZ
    March 30, 2014 10:03 a.m.

    Question--by continuing to open these accounts, doesn't your credit score take a hit for each new account?

  • Utah Court Of Appeals Cottonwood Heights, Utah
    March 26, 2014 7:55 p.m.

    I have been living off zero interest, zero percent balance transfers for the last five years. I did what one person in this thread did and ran the card up and invested the money I withdrew. That was a god deal as I laughed my way to the bank. I don't see how the banks make money by offering zero interest.

    It is my understanding that when you come off a zero percent promotion that they jack your interest rate to the highest interest rate possible and that they rely on people to carry over a balance. The only time I got dinged on a zero interest card is when I made a balance transfer to one card. The card company "Capitol One" charged interest on balance transfers made to the zero interest card and the zero interest offer was only applicable to purchases made using the "Capitol One" card. As long as they keep offering them I will keep taking them, it sure saves my pocket book a lot.

  • DarkStar Bluffdale, UT
    March 26, 2014 12:16 p.m.

    I had a friend that took a huge loan on 0% credit card and invested the money in a one year CD. After a year he took the money plus the interest he earned, paid back the credit card in full and kept the interest.

  • DarkStar Bluffdale, UT
    March 26, 2014 12:15 p.m.

    I almost paid off my whole house with 0% credit cards before the 2008 bust. I took out 3 cards with a $30,000 limit each and transferred remainder of my whole house balance to them. These were with $0 transfer fees. I then made minimum balance on two cards and made huge payment on the third. I was basically paying the full amount to the principle. As the 0% offer was about to expire, I would transfer the old balance to a new card and keep paying 0%. By paying on the principle every month my loan dropped quickly. I eventually got it all down to one card and less that $20,000 before they stopped offering the cards. That's when I transferred the last balance to a home equity loan with low interest. Less than a year later I had that paid off. It took me about 5 years in all of doing this to pay off my home and now I am debt free.

  • george of the jungle goshen, UT
    March 26, 2014 7:19 a.m.

    When shopping on line, you want to have a good credit if you dispute a perches or at a mechanic shop, buy auto insurance even some jobs will do a credit check. The revolvers are the people always have a balance owed to the card. The consumers are who pay the card off who has 0 balance. cards make $35 billion a year on late fees and they make a lot on interest. why did they need to be balled out.

  • Johnny Triumph American Fork, UT
    March 25, 2014 9:07 a.m.

    If you pay off your balance every month then look for cards with large signup bonuses. Use your good credit to travel/stay for free. If you don't pay off cards monthly then don't even apply for them.