Low or no interest credit cards?

Is anyone else doing this? I get many offers in the mail offering 1.99%,1.9% and most recently 0% introductory interest rates on credit cards with terms ranging from 6 months to 10 months. I have already borrowed and payed back 2 loans for 20000 and 50000 respectively and have profited on the interest difference between the intro rate and the gic rate.I never use the cards, dont even carry them in my wallet and intend to snip them up when the introductory rate expires. I arrange pre-authorized payments so never miss a payment which can incur high interest charges. The latest offer is from MBNA canada for 0% and when they told me about the 1% transfer fee I told them to cancel the card as I was not aware of any tranfer fee. 1% of 25000 was 250 bucks. They waved the transfer fee and I now have 25000 of free money for 9 months.

Low or no interest credit cards?quick loan

I am glad you posted this question....I did it last year and really felt as if I saved a fortune in interest fees. I was tickled...I didnt get it paid off so I got another one and transfered the balance on it about a month ago. This one should be paid off before the interest rate leaves the teaser one. Even at the 200 transfer fee (mine was not quite that high) it was still a huge bargin considering what I was paying in interest.

Great idea and I only wish I would have though of it sooner...funny thing that happened was that when I paid off the first card (by transfer) the first card increased my limit by 2k.

The only drawback that I could see what that my second card%26#039;s limit was lower so I bet my credit took a ding since my debt to available balance was quite high

but so goes life

LOVE THE IDEA

Low or no interest credit cards?

loan

Dude, get them paid off, sell your car or something. Do not go with MBNA, they are bad. With credit cars there is no such thing as free money. 8% after intro. rate is the best rate I%26#039;ve seen lately.|||Lenders use to make these offers without transaction fees quite often, although most people do not have credit limits such as you describe. Now, most USA lenders have a 3% transaction fee. I used to do the same thing you are describing, but no longer. They are just hoping someone will not pay back, or will be a day late and the lender can jack the rate up. Statistically, most people do not repay the full amount during the intro period and end up in debt up to their eyeballs. This kind of excess debt can seriously increase your other interest rates (and lower your FICO score), and can increase your insurance rates, effect your ability to get a job, etc. It%26#039;s not worth it to make two percent over the course of a year. The risks are high, and the %26quot;costs%26quot; are unseen ... such as the increased homeowner%26#039;s insurance on a lower FICO.|||FYI 30% of your credit score is history (how long you have the open credit) What ever you do, DO NOT close those accounts and use them for maybe $10 and pay it off once every three months. The longer your history the higher your score. Closing a credit card with a $10000 line can hurt your scorce as much as 100 points.