Switching from one 0% to another 0% credit card

I presently have 2 credit cards that I balanced transfers that each have 0% interest rate on. One of the cards is about to expire and the interest rate will be 10.24%. Will I be able to make another balance transfer with a card that offers 0% to try to pay down my debt? Or will the credit card companies know that I keep transferring balances to avoid paying interest?

Yes, you can transfer the balance. Credit card companies are well aware that people transfer balances to avoid interest rates, which is why they continuously make 0% offers.

You can transfer the balance but if you BT between the same two accounts back and forth to try to avoid interest (pay 1 card in full on time using a BT, and then repeating the process the other way next month) this is actually considered fraud.

You also want to consider that playing the "retention game" hurts you in the long run. So, let's say Card A has 0% for a year. That year expires so you apply for and get Card B that also has 0% for a year, and do that transfer. The following year, you get Card C... and so on.

A few years down the line you apply for a mortgage or car loan and find yourself declined or getting a crappy rate because you ruined your credit report with all those applications/inquiries and accounts. (remember, when you close an account it stays on your report for seven years) And I can guarantee you, all those banks you transfered balances from will NOT be friendly with you if you try to call them and ask them to take those accounts off your credit report.

I usually got 1 or 2 calls a day from such wise-guys. By law we have to file a credit bureau dispute when requested, but if no error was found we are under no obligation to change it. You'll get a not so nice letter saying we investigated your claim and found that the credit report is correct.

yes why not, u can transfer the balance. credit card companies know that why people mostly ask for 0% interest credit cards. so don't worry about it

But you do have to read the fine print. Most cc companies will charge you a transfer fee, like 3% or a minimum amount. Just be sure to read the fine print.

[Jeanie]

Yes, They Are Right, Some Companies Will Charge A Transfer Fee So Please Be Careful And Read Everything!

Good Luck..

~jeanie

A true business credit card is a line of credit that is taken in the name of the business, under the business' credit. Activity, whether good or bad, is reflected on your business' credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts - you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business' credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.


Good luck,

Ilya Bodner

Small Business

Owner Initial Underwriting Group

I have to believe those 0% cards are going to be like dinosaurs at some point.