Transfer Balances Again and Again

[broespeed]

I have been getting good at cutting out the interest on my credit cards. I bought a car with one of my credit cards and to avoid having to pay interest I just did a balance transfer to another card where they gave me 0% interest on all balance transfers for a year. Well the year just ended and I switched it to another card with a 0% interest rate on balance transfers. I keep chiping away at the payments but I think I can do this another 1 or 2 times before I have to think about paying interest.

[fxpub]

If you can keep up on his and stay responsible with it, I don't see anything wrong with this method.
I've done similar for smaller purchases than a car and it's always worked out in the end.

[phoang85]

Hmm, I never tried tried that before I might though as I am thinking of purchasing a new car. Is it safe though? Can they find out? What would happen if they did find out.

[entropic]

Doesn't this ultimately ruin your credit score? Or does it just make it better?
I guess if you're always paying them off and are never late it would be okay.
It seems like a good method to use for a 0% purchase.

[latoya]

I'm mostly surprised that you have a credit limit high enough to purchase a car. The highest limit I've ever had was $1700.

[Linda]

A word of caution, make sure you read the fine print for 0% or other low APR credit cards for balance transfers. If you use the card for anything else, they will charge you the regular rate, and will apply any payments you make to the low-interest balance first. I think these cards should only be used by people who are very disciplined to pay down their debt and not make new purchases. I suppose you could keep transferring balances every time, but the more open credit cards you have does not mean better. This is a sign to lenders who see your credit report that you're playing this game...if they see a lot of open accounts.

[cardmania]

Yeah, I think Linda was right. Credit card companies has their own way of establishing their business. They have this 0% so and so but in the end you still would pay certain amounts of interest. So I believe it is wise to always and I mean always read the fine print.

[sam]

I havent tried out these things before but, be careful, do read your terms and conditions while your are sigining your credit card application. If we think we are smart, we are wrong because banks are too smarter than us so, be cautious.