And we wonder why we have a debt problem
I found this comment on a credit card / finance blog the other day:
I’ve been playing the 0% BT for 15 years now–it’s paid all my education, down payment on my house, down payment on a beach house, my cars, the list goes on and on. I have opened just about every card that offered the 0% with no fee, and now, with $38K needed to flip by February, I’ve realized they all have a fee, most of which are 3%, even for current customers. I currently have all 38K on a Chase, and planned to switch it to a Discover which is offering me 0%, but with a 3% fee. However, Discover also has a card that has a $75 fee cap for new customers, but who would ever get approved with 38K credit limit? SOOOO… the trick is to open a new Discover with the better offer, then move your available credit from the old card onto the new card, which will bring my available credit to 40K. To move all that money for just $75 is quite a deal. When the 12 months is up, I’ll do the same, only back onto my Chase. I will have $40K available on my old Chase, then just open whichever one they’ll be offering with 0% BT at the lowest fee and move the available credit from the old Chase. Chase Disney also offers a $75 fee cap, so I’ll just hope it stays that way until next year.
Wow. And we wonder why we have a debt problem in this country.
Further Reading on Current Events
- Voting and photographing the election in Indiana
- 2004 Greece Olympics photographs posted
- Scaffolding rescue from my building, downtown Indianapolis