Originally Posted By: SHOZ
Originally Posted By: alarmguy
Originally Posted By: CT8
I often wondered if you could keep on transfering balances to new cards to avoid making payments?
Impossible to do, you have to make monthly payments every month no matter what company you choose.
In addition you have to pay a 3% fee every time you transfer.
Over time your credit score would turn to garbage and you would find those low interest rates no longer offered to you, never mind that fact that you would be paying 3% every time you switch.
Not all 0% balance transfer offers have the 3% cost. As long as you keep the cards current as far as payments and be careful of your total credit limits vs total credit limit usage percentage ratio, the added credit card accounts can actually help your credit rating.
It's very rare to find one that doesn't have a balance transfer fee. Now that I think of it, even when the balance transfer fee was free, the interest rate wasn't 0, it was something like 2-3% so at least they still made some money. Also interest starts accruing the day that you actually use it if it's not a 0% rate.
Grampi should just go ahead and do it. The only drawback is whether you're disciplined enough to either pay it off by the time it ends or be able to switch the remaining balance to a new card at the end of the promo. I did it back in the 90's, had an 8% car loan and then just put the balance on the credit card. Paid it off in 2 years but had to switch to a 2nd card at one point as back then the promo was only 12-14 months, the rate back then might been the 2-3%.
