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by BuckyF on October 28th, 2003

BuckyF

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Is it possible to rotate balances from one credit card to another so I don't pay interest?

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  • by BuckyF on October 28th, 2003

    BuckyF

    This used to be possible, but almost all balance transfer offers now charge a fee (around 3% of the transfer amount,) so this is really no longer feasible because the fees are prohibitive.

    However, it is possible -- and I would highly recommend -- to transfer your balance using a low-interest balance transfer offer and then, when that offer expires, look for another low-interest transfer offer and transfer the balance again. If you are careful about when you do the transfers, you can keep your effective annual percentage rate (APR) very low.

    When doing this, try to make the transfers between cards you already have - collecting a bunch of credit cards can look bad on a credit report, and it tends to encourage you to *use* them... If you don't recieve offers for low-interest balance transfers in the mail, call your credit card company and ask them for a deal -- if your credit is decent, they'll probably give you one.

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