During the 0% balance transfer credit cards craze of the last several years, many of my friends were calling me crazy for not taking advantage of free money. The idea was simple. Apply for a few credit cards offering 0% balance transfers, make the transfers to a high yield savings account and pocket the difference in interest.
The tactic worked well, earning them a couple hundred dollars before taxes per card. However, I never bothered. It seemed weird. It just wasn’t me and subsequently, I never talked about it here.
Last week, a reader wrote me an email that really changed my mind about these 0 balance cards.
David, you have to write about these 0% balance transfer credit cards. I used one and it helped pay off my debt a year ahead of schedule
Whoa. That got my interest.
The 0% Balance Transfer Story
Apparently, my reader Shelby (fake name as she requested to stay anonymous), used these cards to transfer all her credit card debt onto 2 cards with 0% interest. Then instead of spending more money, she tried her hardest to pay them off. It was a great strategy (minimum work, significant benefit) and based on her calculation, the lack of interests helped reach her credit card debt free goal 394 days ahead of time.
She said more people should take advantage of these offers to get out of debt and I totally agree. All you need to do is apply for 0% balance transfer credit cards and watch your debt shrink much more rapidly. To get started, here are two choices you must consider.
Citi Platinum Select MasterCard
- 0% APR on balance transfers for 12 months
- Rate on Purchases are also 0%
- No Annual Fee
- $0 Liability on Unauthorized Purchases
Click Here to Apply for the Citi Platinum Select MasterCard
- 0% APR Balance Transfer until Last Day of 2009
- 5% Cash Back Bonus in Categories like Travel, Home Improvement, Department Stores and Gas
- 5% to 20% Cash Back If You Buy Through Their Exclusive Online Store
- Up to 1% Unlimited Cash Back on All Other Purchases
Click Here to Apply for the Discover More Card
Note: The only way to take advantage is to make sure you still try to pay off your debt as quickly as possible. Do just that with these 0% balance transfer credit cards and you will be debt free like Shelby in no time.
- Citi Platinum Select MasterCard - Official Application
- Discover More Card - Official Application
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Related Articles at Personal Finance Blog by Money Ning:
- Paying Credit Card Interest Is Like Throwing Cash Into the Fire
- Read the Fine Print is Especially Important with Anything Related to Credit Cards
- Drowning in Debt? Don’t Make This Credit Card Mistake
- Manage Your Checking Account and Stay On Top of Your Finances
- Debt Problems With Credit Cards Can Get Worse If We Are Not Careful
Read more of Multiple Ways to Skin Zero Balance Transfer Credit Cards…
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