No. of Recommendations: 1
Murf: I've been doing it for over 2 years and the only problem is that I can't get any new ones because my line of credit is so far over my income (I'm retired, but they don't ask your net worth). I'v got about 15 cards now and don't know which ones to cancel because I still get offers from them. I immediately put the card on automatic draw for the minimum so there's no way I can forget or miss a payment. They send you a bill with the finance charge and payment they'll draw before they do it. I have some at .99%, and 1.9% of the life of the loan so it's more than 6 months. It used to be a year at 0% with NO transaction fee. If they don't keep them coming I'll have to sell some stock, which has done a lot better then their 0%.

Watch out for American Express, though. Their "fine print" is a bummer. Their come-on was for "0% introductory rate" but they claim that's only for purchases, not balance transfers or cash (depends on how you intrepret the fine print which charges a higher rate for "life of the loan" advances). I wrote the check and saw the interest on the first bill, called and complained. Customer service "couldn't do anything" but I could write to an address and complain. Did so and a nice woman called and said they'd reverse the charge and no interest "Just because I seemed confused by their offer, as long as I paid it off at 6 months instead of extending it for the life of the loan".

That 3% "fee" is getting obnoxious cause some aren't capping it at $75 so for a 6 months loan the "fee" is simple interest of 6%. Even when capped a $75 fee on a $7,500 loan is 1% and for 4 months that's 3% simple interest. Fee going up to 4% also on some. Remember when the cap was $25? ed
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