If you keep shifting a credit card debt from one card to another on 0% interest 9 month deals, is it right that in the end your earnings will inflate far higher than the debt and thus it will be easier to pay?
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WHITE BEAR
ANSWERS: 2
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Not sure just what you are asking about earnings inflating? If you mean that you will pay your vehicle off faster then yes because it will all be going to the principal but be carefull because banks are hip to people doing that and that move will lower your credit score in the long run.
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This won't work for most people because many cards have a 3% balance transfer fee, even if they're charging 0% intro APR. If you have your money in many bank savings accounts, you'll be lucky to get more than a fraction of a percentage of interest. If you have your money in a high-yield savings account (these are mostly online), you could make around 5% APR. You'll still need to make at least minimum payments on time every time. Sometimes there is a delay between when the check is sent out and when it is received and applied to the previous balance, so make sure that you keep making payments until the check is applied. If not, you may face late fees and penalty APR.
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