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Should I be consolidating credit card debt to new 0% transfer/rate cards annually?
I always see these credit card deals that offer 0% on balanace transfers and 0% intro APRs. Should I be cycling these cards on an annual or biannual basis? Can anyone explain the hidden catches to this or explain anythng I might be missing?
Asked by
fdmays
4 months ago
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First off, remember that you will be paying a fee for the transfer. So it is not entirely free to do this shifting. If your current debt is at a low interest rate (<5%) it may not be worth it. However, if it is higher then you coudl save some money. After the 0% rate expires, the rate will go back up and will probably be high; that said, it is a good idea to do it especially if you are using the money you would be using on interest to pay down the debt. Just remember to shop around a month or so before the 0% interest expires to park your debt at the best place you can find.
ladald 4 months ago