Quote:
Originally Posted by bimmer456
When I did a balance transfer there was typically a $10 fee so it made it not worth it unless it's a large amount and the interest rate is much better on the other card. Doesn't make sense if you're paying it off every month.
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If you have fees then it doesnt make sense. But there are so many cards out there that offer good rates with no fees. I get those offers all the time.
At the time we used this strategy, my wife (girlfriend at the time) owed over $17k+ in debt. ( Which is huge for a college kid ). I was getting credit card offers for balance transfers for 0% for 6mos...w/ no fees. I had pretty good credit at the time because my parents house was under my name and I was part of thier loan since I was 18. I get credit card offers like that all the time.
So we moved the money around between 2-3 cards. She Paid the max she can afford every month. Eventually paid it completely off in a year or so. As your credit gets better, so do the rates... Ironically, you will get plenty of offers like this when you dont need it. Lol.