Comments on: The 0% Interest Balance Transfer Game http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/ Putting my Financial House in Order Wed, 07 Jan 2009 21:34:23 +0000 http://wordpress.org/?v=2.2.1 By: AO http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-10521 AO Fri, 09 Mar 2007 22:12:58 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-10521 Only worth it if the interest you earn is more than tha balance transfer fee (usu. 3%) Only worth it if the interest you earn is more than tha balance transfer fee (usu. 3%)

]]> By: Adrian http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-3847 Adrian Thu, 04 Jan 2007 12:34:02 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-3847 What do you mean when you say, "but be warned that taking advantage of these deals will lower your credit score at least temporarily." I am paying off a personal loan at the moment with high interest and am considering using the balance transfer method to try and escape some of the interest i.e. by paying off the loan with credit cards and then playing the transfer game until the loan is reduced. How does having multiple credit cards reduce your 'credit score' or 'credit rating' as we say in Australia? Is it just that lending institutions will see you have a lot of credit card debt and therefore not be willing to lend you any more money? In that case, I wouldn't be too fussed because I wouldn't want any more money anyway before I can get this loan paid off. Appreciate your help. -Adrian. What do you mean when you say, “but be warned that taking advantage of these deals will lower your credit score at least temporarily.”

I am paying off a personal loan at the moment with high interest and am considering using the balance transfer method to try and escape some of the interest i.e. by paying off the loan with credit cards and then playing the transfer game until the loan is reduced.

How does having multiple credit cards reduce your ‘credit score’ or ‘credit rating’ as we say in Australia? Is it just that lending institutions will see you have a lot of credit card debt and therefore not be willing to lend you any more money? In that case, I wouldn’t be too fussed because I wouldn’t want any more money anyway before I can get this loan paid off. Appreciate your help.
-Adrian.

]]> By: AllFinancialMatters » Blog Archive » How to… Personal Finance Edition http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-1116 AllFinancialMatters » Blog Archive » How to… Personal Finance Edition Fri, 15 Sep 2006 20:45:24 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-1116 [...] Play the 0% Interest Balance Transfer Game [...] […] Play the 0% Interest Balance Transfer Game […]

]]> By: Pragmatic Finance - Putting my Financial House in Order http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-428 Pragmatic Finance - Putting my Financial House in Order Wed, 23 Aug 2006 04:49:13 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-428 [...] My Favorite Posts Investing with a Roth IRA 0% Balance Transfers 5% off Gas, Groceries, and Pharmacies [...] […] My Favorite Posts Investing with a Roth IRA 0% Balance Transfers 5% off Gas, Groceries, and Pharmacies […]

]]> By: KGB http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-265 KGB Sat, 12 Aug 2006 05:05:53 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-265 I did the BT game for a long time. It WILL AFFECT YOUR CREDIT SCORE AS YOU WILL HAVE significant activity on your account. But it will improve after hte game is done. I did the BT game for a long time. It WILL AFFECT YOUR CREDIT SCORE AS YOU WILL HAVE significant activity on your account. But it will improve after hte game is done.

]]> By: Jason http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-38 Jason Tue, 20 Jun 2006 15:26:56 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-38 Yea, for someone that is not discplined it might not be worth it. One idea I just thought of is to create a separate online savings account for just balance transfer money. You could then keep your normal spending income in another. I haven't done this yet but I might decide to do it in the future if I start to get temptations to go out and use the money. Yea, for someone that is not discplined it might not be worth it. One idea I just thought of is to create a separate online savings account for just balance transfer money. You could then keep your normal spending income in another. I haven’t done this yet but I might decide to do it in the future if I start to get temptations to go out and use the money.

]]> By: Kay Bell http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-37 Kay Bell Tue, 20 Jun 2006 15:12:07 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-37 Enjoyed your strategy, but as you note, you have to pay attention or you could end up in trouble. I worry about those not as disciplined as you -- may "worry" is not the right word, as they should be adults and be responsible for managing their money -- and what happens if you lose your job and suddenly have all this CC debt and the 0% becomes 18%. Still, intersting concept and I mentioned in my blog (link to specific post above). Enjoyed your strategy, but as you note, you have to pay attention or you could end up in trouble. I worry about those not as disciplined as you — may “worry” is not the right word, as they should be adults and be responsible for managing their money — and what happens if you lose your job and suddenly have all this CC debt and the 0% becomes 18%. Still, intersting concept and I mentioned in my blog (link to specific post above).

]]> By: » Carnival of Personal Finance #53 » Consumerism Commentary: A Blog About Personal Finance http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-33 » Carnival of Personal Finance #53 » Consumerism Commentary: A Blog About Personal Finance Mon, 19 Jun 2006 04:23:14 +0000 http://www.pragmaticfinance.com/the-0-interest-balance-transfer-game/#comment-33 [...] Pragmatic FinanceThe 0% Interest Balance Transfer Game (834 words) Jason presents some tips and tricks for making the most aout of 0% interest credit card offers.Favorite: Rising Interest Rates for Student Loans [...] […] Pragmatic FinanceThe 0% Interest Balance Transfer Game (834 words) Jason presents some tips and tricks for making the most aout of 0% interest credit card offers.Favorite: Rising Interest Rates for Student Loans […]

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