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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.

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’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

The advantages of 0% Credit Cards