Comments (scroll down to add your own):

1. How do you deal with the cards that have a balance transfer option and a bonus? Usually to get the bonus you have to make a purchase, but if you have already done a balance transfer, that puchase sits behind the balance transfer amount accruing interest.

   Comment by Steve — Jan 2nd 2007 @ 1:01 pm

2. Steve, that’s a good question. The particulars of the offer will vary from card to card, but you’re right in that card issuers normally apply payments to the portion of the balance with the lowest interest rate. You could always buy a stick of gum, or something like that, in which case the interest charges would be (effectivelYy) non-existent.

   Comment by nickel — Jan 2nd 2007 @ 1:05 pm

3. Some of the balance transfer options are also good as long as you do the transfer within a certain number of days of opening the account (say 90). What I’ve done in the past with cards like that is activate the card, go buy some gas, go home and immediately pay the bill online and then when the charge is off the card in a few days, request the balance transfer.

   As nickel said above, the offers vary from card to card so carefully read the appropriate information, but this is a way I have used successfully to avoid even minor amounts of interest.

   Norm

   Comment by Norm — Jan 2nd 2007 @ 1:55 pm

4. I employ Norm’s strategy and make a purchase (small or large, it doesn’t matter) and then quickly pay it off. You probably want to setup Online BillPay anyway so making a small purchase and paying it off is a great to way ensure things are setup nicely anyway. Most of those cards have offers that are good for at least six months.

   Comment by jim — Jan 2nd 2007 @ 2:35 pm

5. is there credit cards that will do a balance transfer from retail cards like best buy, home depot, etc? do you recommend any?

   Comment by deb — Jan 7th 2007 @ 10:39 pm

6. I’m not sure about a direct transfer from store credit, but a number of card issuers will give you balance transfer checks. You can then use the checks to pay off the balance on the store charge card (or anything else). And if you don’t have any outstanding debt, can even deposit these checks in a high-interest bank account and make some money for the duration of the 0% period.

   Comment by nickel — Jan 7th 2007 @ 11:48 pm

7. Can you deposit Balance transfer checks from Discover to your checking account?

   Comment by patrix — Jan 8th 2007 @ 10:45 am

8. Great list of cards! As long as you use balance transfer and 0% APR credit cards wisely, you can save a lot of money.

   Comment by Credit Cards PI — Feb 16th 2007 @ 11:25 am

9. I rec’d a 14 month 0% offer from AAA that supposedly includes Cash Advances…can that be right? It seems too easy to take the cash, drop it into Emigrant or ING or somesuch. Anyone have experience with this?

   Comment by Graham Weedon — Mar 14th 2007 @ 4:14 pm

10. Well wanted to let you know that I applied for a new chase credit card and also signed up for a Balance transfer. I asked them to transfer the Balance of 4500$( no balance transfer fee ) to my Amex Blue card which has no dues on it. When I called the Amex to send me the 4500$ cheque as it was Credit Balance , they said that it is against their policy and they might close the account. They said you made a payment into an account which had no dues. I wanted to know is their a way I can get that 4500$ without making a purchase and still keep my Amex Account. Please advise.

    Comment by Ankur — Mar 27th 2007 @ 12:01 pm

11. I have a 0% Lifetime on Discover Card. This is the second time I’ve done this. I’ll buy a car and transfer to a credit card. The first time there were no purchase requirements and I made a “car payment (~100.00/month)” until I paid it off. This time, I have to make a purchase every month to keep the 0% interest rate in effect. I’ve been accomplishing this by going to the gas station every month and buying a quick click of gas ($0.03). I’m doing this because they charge a finance charge on purchases or a minimum of $0.50 a month). I’ve been trying to find a place where I can automatically charge a penny on the first of every month. Any ideas?

    Comment by emanuel — Apr 11th 2007 @ 1:25 pm

12. Does anyone know if I can apply for two different Discover cards? I have a $25000 debt I’d like to transfer to 0% cards and was approved for a Discover card but for only $10,000. Also, will applying for more cards to reach this balance affect the aggreement and allow them to increase the interest rate. There is something in the T&C about them having the ability to end the offer if your credit is affected. Applying for additional cards might affect my credit?

    Comment by Tim — May 1st 2007 @ 4:04 pm

13. I have $46,000 in Home Equity Line of Credit debt. How can I get this credit card arbitrage ball rolling? Do any of these cards send you checks that I could use to pay down my HELOC? It’s the only debt I have that could be paid off at this time.

    Comment by Q — May 2nd 2007 @ 5:48 pm

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