Comments (scroll down to add your own):

1. You may miss out on a juicy 0% balance transfer offer, but if you are careful you should not have any balances to transfer anyway, and there are ways to find those offers when you want one instead of waiting for them to send you one.

   Comment by Blaine Moore — Nov 30th 2005 @ 7:35 am

2. I agree about not having balances to transfer, but many people use these as a tool to get an interest free loan, and then let it accrue interest in a high yield savings account such as at ING, HSBC, or Emigrant Direct.

   Comment by nickel — Nov 30th 2005 @ 8:09 am

3. I did this a few months ago and my mail has dropped significantly (which is what I wanted to happen).

   Comment by FMF — Nov 30th 2005 @ 10:03 am

4. This is a good tip… i’ll probably blog about it in a few days after everyone forgets you found it before me.

   Comment by jim — Nov 30th 2005 @ 2:31 pm

5. I’m starting to do balance transfers. How often should I apply for new credit cards? How long does the credit inquiry stay?

   Comment by Loi Tran — Nov 30th 2005 @ 8:31 pm

6. Nickel, how do you get an interest free loan out of it? Or do you just spend a wad on something that you want and have the cash for on a card, transfer the balance, and then get the interest and pay off the card quickly? Other than impulse buying I can’t think of a way to make that work.

   Comment by Blaine Moore — Dec 1st 2005 @ 8:26 am

7. Blaine: I’ve never done this myself but, as I understand it, you can often get a balance transfer check from the new card issuer. This is intended to be used to pay off a different card, thereby transferring the balance from the old card to the new. There are, however, tricks they can be used to actually get cash out of the check. For example, say you have a credit card from lender A, and that you have a zero balance on that account. You then get a 0% balance transfer offer from lender B, complete with a balance transfer check. Write the BT check out to lender A, thereby creating a huge credit on that account. Then simply request a refund of your credit balance from lender A. Voila, you now have a pocketful of cash that was effectively borrowed from lender B at 0%, and you are free to stick it into a high yield savings account to generate interest. Personally, this has never been worth the trouble for me, but a lot of people seem to do it.

   Comment by nickel — Dec 1st 2005 @ 9:22 am

8. If you go that route, don’t use the check to create a credit balance on a card issued by MBNA. (And be careful because MBNA operates other banks’ credit cards and it might not be immediately apparent that they do.) MBNA will put your account on “money laundering alert” and they won’t accept the transfer.

   Comment by Flexo — Dec 2nd 2005 @ 2:14 am

9. Well, I don’t think that it is worth doing while I am still trying to find a house to buy. I don’t really need to have any credit card debt while I’m getting financing.

   Comment by Blaine Moore — Dec 2nd 2005 @ 7:09 am

10. So why exactly do I need to provide my social security number when I fill out the form?

    Comment by Jo — Dec 3rd 2005 @ 2:42 am

11. Jo: You don’t have to enter your SSN…

    “Note that, while they ask for your social security number, you don’t have to provide it to have your request processed.”

    Comment by nickel — Dec 5th 2005 @ 8:30 pm

12. This is a great move. You get so much less junk mail

    Comment by Matt Hartrich - Buffalo, NY — Dec 7th 2005 @ 10:48 pm

13. I also use this opt-out process over a year ago and since then, I don’t recall ever receiving a credit card application. Now I just need to get the mortgage people to stop sending me their low interest / saving offers.

    As for getting those 0% BT offers, if you visit just a few PF blogs, you will read when the good once come around.

    Neo

    Comment by Neo — Dec 8th 2005 @ 11:37 pm

14. I opted out years ago and it cut the mail significantly. In addition to this opportunity, folks should consider opting out of junk mail through the DMA’s mail preference service.

    Comment by Jeremy — Dec 24th 2005 @ 2:20 am

15. I must be doing something wrong. Somehow, I’m still getting lots of offers — though the volume has been cut dramatically.

    Comment by FMF — Dec 24th 2005 @ 4:01 pm

16. Thee last 0 interest credit card I responded to charged a 3% transfer fee. (Auto Club”AAA” card).
    Capitol One also charges a transfer fee.
    Bottom line, I have not found a true 0% credit card.
    Gino

    Comment by Gino Ray — Dec 30th 2005 @ 11:42 am

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