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Hi,

First timer here. How smart is it to continuously transfer balances. I have several offers. One offer is 4.9% for 8 months on one of my cards (Citibank).

Here's the plan: I take out $2000 in cash on one card (Nextcard), then transfer the total balance to the Citibank card for the special rate. The cash I use to put towards the principal on my car loan (10.25%).
Now I do not need to make a payment for 6 months and save on the finance charges. In the meantime I use the money that I would normally use for car payments towards the CC. In 6 months I have saved on my car interest charges as well as CC finance charges. Then after 6 months, I would like to do it all over again using a different offer, until I have paid off the cards and the car.

Am I a Fool or a fool ?
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