Comments on: The Dangers of Promotional 0% Interest Rate Credit Card Balance Transfers

By: Carnival of Debt Reduction – Learn Some Investing Basics

Carnival of Debt Reduction – Learn Some Investing Basics — Wed, 16 Dec 2009 02:00:50 +0000

[...] presents 0 Interest Rate Credit Cards Balance Transfer Dangers | Prime Time Money posted at Prime Time [...]

By: PT

PT — Sat, 16 May 2009 23:39:55 +0000

If you’re unable to pay off the balance by then, AND you can find a nice balance transfer deal without a big fee, then, yes, making a second transfer probably makes sense. And there should not be a penalty (I’ve never heard of this). All the old card company knows is they’re getting paid. If you want to be extra careful about this, ask the new card company to simply deposit the balance transfer amount in your checking account. Then, just pay the old card off with the money. Thanks for asking, and good luck with getting rid of the debts.

By: Jimmy

Jimmy — Sat, 16 May 2009 18:41:22 +0000

I was a bit confused as well when I first read the “don’t pay off too early” bit of advice, but I understand now what you mean. I have one question, however, is there a penalty if I want to take advantage of the %0 on balance transfer and make a second balance transfer before the period expires? I made a balance transfer back in March and the %0 period will be up on June. Would making another transfer balance at %0 be advisable? Is there a penalty?

By: Simple Weekend Roundup | Simplified Financial Lifestyle

Simple Weekend Roundup | Simplified Financial Lifestyle — Sat, 16 May 2009 15:24:39 +0000

[...] money offers a good article about the The dangers of promotional 0% interest rate credit card balance transfers. This article is great follow up to my recent post AVOID FINANCIAL [...]

By: Carnival of Personal Finance #204 | Earn What You Spend

Carnival of Personal Finance #204 | Earn What You Spend — Mon, 11 May 2009 12:03:21 +0000

[...] Prime Time Money reviews the Dangers of Promotional 0% Interest Rate Credit Card Balance Transfers. [...]

By: Roundup and Link Love: New Site I'm Writing For Editionr | The Wisdom Journal

Fri, 08 May 2009 05:48:49 +0000

[...] The Dangers of Promotional 0% Interest Rate Credit Card Balance Transfers @ Prime Time Money [...]

By: PT

PT — Wed, 06 May 2009 15:02:46 +0000

@weakonomist and MK – yeah, I could likely beef that section up to explain that better. thanks for the feedback.

@ben – dude. gold has nothing to do with this post. if you want to talk about gold in the comments of every post, then might i suggest you write me a guest post and I’ll share it with everyone.

@My Journey – yeah, that’s the thing with these transfers. so much that can trip you up.

By: My Journey

My Journey — Wed, 06 May 2009 13:18:55 +0000

I wish my wife had read this post before I did all my balance transfers! She charged something dumb to one of the cards I did the 0% transfer to. I get an interest payment every month for .50 – literally 50 cents until that last $3,8000 is paid off.

By: MK

MK — Wed, 06 May 2009 13:11:40 +0000

I’m with the weakonomist on this one. The part about paying it off too early almost makes it sound like there could be penalties enforced by the card issuer. Not the fact that if you pay it off before the 0% intro rate is up that you wouldn’t be gaining any intrest on that money in a savings acount.

Otherwise great post!

By: ben matulich

ben matulich — Wed, 06 May 2009 11:08:39 +0000

the real danger is being in the dollar or fiat currency in general, gold is the way to go