Can you play the credit card companies if you have 2 cards and those special transfer balance deals?
March9
Each card sent me those deals and I thought It would be nice to get a really good rate on them since I rarely use them.
Each card sent me those deals and I thought It would be nice to get a really good rate on them since I rarely use them.
Yes, you can use them to pay off each other. Note that you will be charged a 3% fee (usual amount) for performing the transfer.
The one problem you’ll have is that when one debt is transferred before the other one, the credit card company may simply transfer the 0% debt back to the other card (instead of the one still being charged interest). That’s because one card will momentarily contain its current balance as well as the balance transfer, and the credit card companies reserve the right to determine which charges to transfer over. They’re not likely going to volunteer to give up the higher interest charges.
It would work best if you had a 3rd card, and you transferred the balance of both cards to the 3rd card.
play one off the other and not pay interest? you don’t play with them ,they play with you. play if you want ….you lose.
Yes you can but don’t try going round robin with them by having the first one pay off the second one again and again. It is a form of kiting and they can either just not offer it again or, after detecting what you are doing, make the full amount due or change the interest rate on you.