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Author: RattlersFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308232  
Subject: Playing the switching game Date: 11/20/2000 7:21 PM
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Hello fools!!!

Last time I was on this board, I came to announce I had paid my balance off.

Now I'm in a situation where I have no choice but to get new card with a higher balance. (I need like $6,000, long story)

Please believe this is the last thing I want to do, but I have a question. What are the pros and cons to getting a cc and when the intro rate is about to be up, switching to another card with the same low rate. And do it over until I pay my balance off?

Because I have good credit (thank God) I get all these offers for intro rates for like 6 months or so. Usually they are like 2.9 and afterward they go to like 16.

I'm sure this question has been asked on this board so please forgive me for not reading previous messages. I did attempt a search but I didn't see any specific examples.

Can anyone out there share their thoughts?

Thanks in advance.

RattlersFool
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Author: kaigun Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49773 of 308232
Subject: Re: Playing the switching game Date: 11/20/2000 7:54 PM
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If you have good credit, you should be getting offers that start low and go to a regular rate of 9.9 or so. Sixteen seems quite high.

There are other offers that I've seen that have 0% on new purchases, but their regular rate on transfers (could it be that they think we will assume the balance transfer is at the low rate, as has been the case for most of these offers in the recent past?).



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Author: Crosenfield Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49776 of 308232
Subject: Re: Playing the switching game Date: 11/20/2000 9:54 PM
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To switch just as the introductory rate is expiring is perfectly fine.
If there is a 2-tiered rate, with balance transfers at the low rate and new purchases at a higher rate, all your payments go to the low rate until paid off, while the higher rate amount continues to accrue interest. So if you have low rate for transfers do NOT charge anything on the card. Not ANYTHING!
You should be able to switch a couple times before the card companies realize how you are playing the game and quit sending offers.
Best wishes, Chris

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Author: gk2000 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49777 of 308232
Subject: Re: Playing the switching game Date: 11/20/2000 10:04 PM
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is a personal loan from your bank out of the question for some reason? you could most likely get a better rate, get the loan quicker,(than waiting for cc approval) and not have to worry about cc co's hiking your rates or having to find a new card to trx to

greg

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Author: RattlersFool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49782 of 308232
Subject: Re: Playing the switching game Date: 11/20/2000 10:41 PM
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GK2000,

Yes, in this situation the personal loan IS out of the question. I've just about weighed out all my options and this is practically my only one. Looks like I'm going to play the switching game.

RattlersFool

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Author: gk2000 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 49783 of 308232
Subject: Re: Playing the switching game Date: 11/20/2000 10:50 PM
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<<Yes, in this situation the personal loan IS out of the question. I've just about weighed out all my options and this is practically my only one.>>

well then get those cc offers ready and start the switchin'

BTW i think it's already been said on this thread but your best bet is to find the cards offering 1 rate for transfers and 1 rate for purchases, that way you get the lower rate until the balance is paid off (just so long as you dont miss any payments, of course)
good luck
greg





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