0% Balance Transfer - Story to Make You Cringe!

[Wolf359]

Originally Posted By: billt460
Originally Posted By: gathermewool
Seems like he has one point: live WELL within your means, if you're going to play the game; otherwise, you may end up losing way more than you intended to gain.


Exactly. Also, you can bet there are a lot of well intentioned people who buy into the whole "cash back" scheme, with full intentions of paying it off immediately. Only to get financially side tracked, then fail to do so because of other expenses that pop up after they make the purchase.

The bottom line is we're right back to cash. If you don't have the cash put aside when you make the purchase, don't play the "cash back" game. Most of those that do will lose, and just pile on more debt in the process.... Which is exactly what the credit card companies are hoping for in the first place.


About 1/3 of the people don't carry a balance on their credit card. The other 2/3's do. The cash back game is fine for the 1/3 who can pay off their balance every month.

 

[MCompact]

I would hate to be denied the opportunity to take advantage of 0% financing and or cash back credit cards in order to prevent financially illiterate yahoos(who can't plan past their next next meal) get themselves hamstrung by debt.

It's kind of like banning deserts because some morbidly obese nitwits can't say no to a fifth slice of pie...

 

[Sayjac]

Originally Posted By: gathermewool
….1. I have 12 months at 0% interest to pay off this amount; no transfer fee....

All I need to know, no brainer. And zero reason to feel anything other than you did great with this move.

 

[Wolf359]

Originally Posted By: Sayjac
Originally Posted By: gathermewool
….1. I have 12 months at 0% interest to pay off this amount; no transfer fee....

All I need to know, no brainer. And zero reason to feel anything other than you did great with this move.


Yep, lots of generic advice to a generic audience that isn't generic. It sounds like what the OP did was sound and should be fine. Of course what OP did might not be fine for someone who isn't in the same financial position.

 

[PandaBear]

Originally Posted By: SVTCobra
I bought a house last year with no credit score - literally when they pulled it up I didn't have enough credit history to determine a score.


Good for you, however in most population centers most buyers will not likely be able to pull it off.

I personally won't take those 0% offer because I would likely forget, and then trigger an event that they start charging high interest and fees. They are betting on people not discipline and make money that way.

 

[Wolf359]

Originally Posted By: PandaBear
Originally Posted By: SVTCobra
I bought a house last year with no credit score - literally when they pulled it up I didn't have enough credit history to determine a score.


Good for you, however in most population centers most buyers will not likely be able to pull it off.

I personally won't take those 0% offer because I would likely forget, and then trigger an event that they start charging high interest and fees. They are betting on people not discipline and make money that way.


Yeah, but it's easy not to forget these days. Either go to the credit card site and set up automatic payments or go to your checking account website and set up automatic monthly payments. No more forgetting.

My credit card lets me set it up so that the full statement balance is paid off every month. Also in the off chance you ever forget, if you call up customer service, usually they'll waive any charges as long it's only once in a 12 month period.

You have to know how to work the system to get the most out of it.

 

[Sayjac]

Originally Posted By: Wolf359
Originally Posted By: Sayjac
Originally Posted By: gathermewool
….1. I have 12 months at 0% interest to pay off this amount; no transfer fee....

All I need to know, no brainer. And zero reason to feel anything other than you did great with this move.

Yep, lots of generic advice to a generic audience that isn't generic. It sounds like what the OP did was sound and should be fine. Of course what OP did might not be fine for someone who isn't in the same financial position.

Read the OP's entire thread including the history, caveats and YMMV for others (including the trolls). What the OP is doing with his plan, based on what I read shows responsible use of credit.

As for my "generic advice" as clearly and directly quoted re: to the OP, 'not you', don't like it, don't read it. Or use the ignore feature. Seeing as it breaks no forum rules, the reply stands to the OP.

As member Rand posted in the second post this thread "now waiting for the overly righteous trolls to post in here" in my observation he nailed it. Not to be too generic.

 

[Wolf359]

Originally Posted By: Sayjac
Originally Posted By: Wolf359
Originally Posted By: Sayjac
Originally Posted By: gathermewool
….1. I have 12 months at 0% interest to pay off this amount; no transfer fee....

All I need to know, no brainer. And zero reason to feel anything other than you did great with this move.

Yep, lots of generic advice to a generic audience that isn't generic. It sounds like what the OP did was sound and should be fine. Of course what OP did might not be fine for someone who isn't in the same financial position.

Read the OP's entire thread including the history, caveats and YMMV for others (including the trolls). What the OP is doing with his plan, based on what I read shows responsible use of credit.

As for my "generic advice" as clearly and directly quoted re: to the OP, 'not you', don't like it, don't read it. Or use the ignore feature. As it breaks no forum rules, the reply stands to the OP.

As member Rand posted in the second post this thread "now waiting for the overly righteous trolls to post in here" in my observation he nailed it. Not to be too generic.


I think you missed the part where I said Yep. I was agreeing with you.

 

[Sayjac]

Originally Posted By: Wolf359
….I think you missed the part where I said Yep. I was agreeing with you.

Then I offer my apologies.

 

[alarmguy]

Citibank - 2% on all purchases

Chase - 5% on gas + something else (changes quarterly)

Discover - 5% on all restaurants + something else(changes quarterly, next quarter (the holidays) is Sams Club and Amazon)

AMEX = 3% all groceries


If you cant pay your entire credit card balance every month, then you can not afford a credit card.
If you have to borrow money from a credit card, no matter the reason, excuse or interest rate, you are in trouble and should rip it up..