Let me start off by saying that I am no saint when it comes to credit card debt. I do have credit card debt of just over $12,000!Over the years, I have been good at minimizing my interest. I have not paid a "regular" (8% or above)APR for over 5 years. My method of minimizing interest is transferring balances from card to card. Introductory rates are great. The key with intro. rates is to know when the rate expires. Three weeks before the intro. rate expires I begin searching for a different/new card to transfer my balance. Never pay transaction fees to transfer a balance, this defeats the purpose of reducing interest. When searching for a different card to tranfer your balance call existing cards that don't have a balance, see if they'll offer you a promotional rate, many times they will. I carry many cards (w/o a balance) that I never use (to charge), simply to keep my options open for transferring balances. If I find that certain cards refuse to accommodate my transfer needs repeatedly, then I close the account (be sure to get a confirmation letter when closing an account and hold onto it). Look for offers in the mail read the fine print (usually on the back of the letter in table format) and check the Internet. Transfer and keep transferring the balance before the intro./promo. rate expires.Never charge unless you have to. Be careful not to charge on one of the cards that has the balance transfer intro./promo. rate a higher rate may apply to your purchases.After years of doing this, I have finally received offers from two existing cards to transfer a balance (no fee) at 4.9% & 5.9% until the balance has been paid in full. If I were to purchase using these cards I would have a higher rate on my purchases and my purchase balance would be the last balance to be paid.
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