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42% of credit cards offer 0% interest on balance transfers
#1
A study of 89 credit cards revealed that 38 offered 0% interest on balance transfers for the first year.  The is a great opportunity to paydown the debt in my opinion.
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#2
"But beware of the fine print. Many cards charge a fee for each transfer."

The question is, does the fee offset the percentage of interest for the balance transfer? Hopefully not something huge, but that sounds really nice... I did not know these things were an option for people with credit card debt, to be honest. Very interesting and I think if more people knew about that they would use it, if approved for it.
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#3
It is indeed a great opportunity that can help a borrower pay credit card debts faster. However, not all credit cards that offer 0% balance transfer are equal. There are factors that a borrower should consider when choosing which credit card to transfer their balance with. That includes membership or entry fee, 0% repayment period, or annual fees. If you choose the wrong credit card, you might end  up paying more to use the service.

This article by Motley Fool could help a borrower decide which 0% balance transfer credit card to use:

https://www.fool.com/credit-cards/best-b...dit-cards/
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#4
What I want to know is how many times you can do a balance transfer before they catch on Wink Theoretically, with enough banks and credit card companies, you could just keep doing this forever, right?
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#5
(01-04-2018, 11:44 PM)Michael Puttman Wrote: A study of 89 credit cards revealed that 38 offered 0% interest on balance transfers for the first year.  The is a great opportunity to paydown the debt in my opinion.

This is a very good offer from these 38 credit cards for its users to carryout several transfer transactions over the course of one without having to worry about paying interests. I believe a great number of people are going to take such opportunity with both hands, because 12 months of no payment of interest is a good bargain. 

But care must be taken because all I actually see here is ploy to bait you into using the card. Before you realize one year would elapse like it's yesterday. And come to think of it, I believe such credit card companies would find a way to get users pay for all those interest they didn't pay before.
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#6
I have done these balance transfers before. It seems like a good idea in the short run, but if you are using cards improperly, it is going to end up biting you in the rear anyway. I think rather than relying on things like balance transfers individuals should just pay down the debt they owe in a timely manner.
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#7
(01-05-2018, 07:56 AM)Martinsx Wrote:
(01-04-2018, 11:44 PM)Michael Puttman Wrote: A study of 89 credit cards revealed that 38 offered 0% interest on balance transfers for the first year.  The is a great opportunity to paydown the debt in my opinion.



But care must be taken because all I actually see here is ploy to bait you into using the card. Before you realize one year would elapse like it's yesterday. And come to think of it, I believe such credit card companies would find a way to get users pay for all those interest they didn't pay before.


Exactly my thoughts. 0% interest would make people believe they live in fool's paradise and some of them will spend like there's no tomorrow. 

I see it this way:

You know there will be no interest for the first year = you buy more stuff. 
You buy more stuff = after 1 year you will have to pay interest on more goods and services 

The keyword here is "more".

Not to mention what Setari pointed out: Some credit card companies will charge a fee for every transaction. Then what's the point in the 0% interest rate?
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