How do people still play the 0% balance transfer game? I used to do this a couple of years ago before they started charging a fee for BTs. I got about 10 cards for about $100K and put it in ING (made about $1200). Is there still a worthwhile way to do this even with the BT fees? Is there a way to request that a CC only be opened if the company gives me a high limit (min of 20K)? I hate to apply for a card and get a 3-5k limit for this purpose.
This sounds silly but the only thing that bothers me about jacking up CCs to 100k is that if I died in a car or plane accident, a relative would have to unwind the mess and would think I was some kind of deadbeat or CC junkie - eventhough I would have the money in cash. It's also embarrasing when refinancing and someone sees that you have massive CC debt. Anyone else have these reservations?
I used to be worried about what this does to my credit score but apparently it didn't do much since my score is in the high 700s. Lastly, do you guys cancel the CCs after the 0% period or just leave them open?
Raven1 said:How do people still play the 0% balance transfer game? I used to do this a couple of years ago before they started charging a fee for BTs. I got about 10 cards for about $100K and put it in ING (made about $1200). Is there still a worthwhile way to do this even with the BT fees? Is there a way to request that a CC only be opened if the company gives me a high limit (min of 20K)? I hate to apply for a card and get a 3-5k limit for this purpose.
This sounds silly but the only thing that bothers me about jacking up CCs to 100k is that if I died in a car or plane accident, a relative would have to unwind the mess and would think I was some kind of deadbeat or CC junkie - eventhough I would have the money in cash. It's also embarrasing when refinancing and someone sees that you have massive CC debt. Anyone else have these reservations?
I used to be worried about what this does to my credit score but apparently it didn't do much since my score is in the high 700s. Lastly, do you guys cancel the CCs after the 0% period or just leave them open?if you die in a plane crash, i hope they worry about other stuff
Raven1 said:How do people still play the 0% balance transfer game? I used to do this a couple of years ago before they started charging a fee for BTs.
Some cards don't charge fees for BT when you open the account; some do.
I got about 10 cards for about $100K and put it in ING (made about $1200). Is there still a worthwhile way to do this even with the BT fees? Is there a way to request that a CC only be opened if the company gives me a high limit (min of 20K)? I hate to apply for a card and get a 3-5k limit for this purpose.
You can apply on the phone and have them note the account when the credit analyst looks at it. But I bet they'd still open the account anyway.
This sounds silly but the only thing that bothers me about jacking up CCs to 100k is that if I died in a car or plane accident, a relative would have to unwind the mess and would think I was some kind of deadbeat or CC junkie - eventhough I would have the money in cash. It's also embarrasing when refinancing and someone sees that you have massive CC debt. Anyone else have these reservations?
Embrace your 0% game-playing skills; brag about it. Then you won't have to be embarrassed. And when it comes time to refinance, don't have that sort of outlandish CC debt--pay it down. You'll probably save more in the long run with a better refi rate.
I used to be worried about what this does to my credit score but apparently it didn't do much since my score is in the high 700s. Lastly, do you guys cancel the CCs after the 0% period or just leave them open?
Leave them open. More available credit means less overall % utilization when you BT on your other cards.
HKnight said:Raven1 said:How do people still play the 0% balance transfer game? I used to do this a couple of years ago before they started charging a fee for BTs.
Some cards don't charge fees for BT when you open the account; some do.And if you transfer enough, then the fee is covered. I just transferred $15,000 for one year at 0% and paid a $50 fee. I'll still net $400 at Emigrant-Direct.
If you find the right cards, they will pay you for the BT. Personally I say call up the company and flirt with the CSR, if they are lonely, they will give you something in return.
I am currently trying to BT 225k, but am waiting until I get paid from the company. I guess I need more practice flirting. Of course if I die, my family will think I am a deadbeat, but I will be dead.
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