Comments on: Switch to zero percent balance transfer credit cards http://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/ Proverbs 13:11 - "...he who gathers money little by little makes it grow." Wed, 08 Feb 2012 18:29:01 +0000 hourly 1 By: Donhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-25672 Don Fri, 19 Nov 2010 14:42:18 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-25672 I'm disappointed and amazed that someone pretending to know the ins and outs of credit cards has fallen for and is recommending 0% transfers. You make no mention of the major problem with working with a 0% transfer credit card: transfer fees. You missed the most important disclosure on the Discover card that you endorse. To quote Discover, you will be assessed "5% of the amount of each transfer made under this offer; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater." Sorry to give you the bad news that you are already 5% in the hole for the transfer! What you should be recommending to your readers is to always check the transfer fees. If you had done so, you would have realized that you are paying the highest fee being charged by these cards. Incidentally, the fees range from 3%-5%. You and your readers should always be reminded to read the fine print. I’m disappointed and amazed that someone pretending to know the ins and outs of credit cards has fallen for and is recommending 0% transfers. You make no mention of the major problem with working with a 0% transfer credit card: transfer fees. You missed the most important disclosure on the Discover card that you endorse. To quote Discover, you will be assessed “5% of the amount of each transfer made under this offer; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater.” Sorry to give you the bad news that you are already 5% in the hole for the transfer! What you should be recommending to your readers is to always check the transfer fees. If you had done so, you would have realized that you are paying the highest fee being charged by these cards. Incidentally, the fees range from 3%-5%. You and your readers should always be reminded to read the fine print.

]]> By: Rosettahttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-23116 Rosetta Tue, 12 Oct 2010 20:37:49 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-23116 I cancelled a card last year and they still kept sending me statements with nil balance on and then this year they asked if I wanted to take them up on their 0% balance transfer - so does not look like they are tightening up! I cancelled a card last year and they still kept sending me statements with nil balance on and then this year they asked if I wanted to take them up on their 0% balance transfer – so does not look like they are tightening up!

]]> By: Damon Krikwenhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-19411 Damon Krikwen Wed, 07 Jul 2010 00:04:34 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-19411 Each article I have read is very well written and to the point. I would also like to state, not only are the articles well written, but the design of your site is excellent. It was easy to navigate from post to post and find what I was looking for with ease. Keep up the excellent work you are doing, and I will return many times in the near future. Each article I have read is very well written and to the point. I would also like to state, not only are the articles well written, but the design of your site is excellent. It was easy to navigate from post to post and find what I was looking for with ease. Keep up the excellent work you are doing, and I will return many times in the near future.

]]> By: Rufus Whitneyhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-18126 Rufus Whitney Fri, 07 May 2010 03:29:52 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-18126 Just admit it! Just pleasing! Your posting manner is charming and also the way you dealt the topic with grace is valued. I'm intrigued, I assume you might be an expert on this topic. I am subscribing to your upcoming updates from now on. Just admit it! Just pleasing! Your posting manner is charming and also the way you dealt the topic with grace is valued. I’m intrigued, I assume you might be an expert on this topic. I am subscribing to your upcoming updates from now on.

]]> By: Anthonyhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9168 Anthony Sat, 28 Mar 2009 05:17:28 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9168 Nice advice - I agree with it. I did this with Discover last June. But now I am fighting with Discover. I received an offer in the mail for the More card as well, with 0% on balance transfers for 1 year. I went online and applied. In the process, Discover asked me if I wanted the More card for cash back, or one of its other products, so I selected the Miles card instead. What they didn't tell me was that the balance transfer offer was different - only 6 months. When I received my credit cards, I reviewed the information and realized this. I called Discover, and they explained this. They issued me the More Card and my balance transfer offer was reset to 12 months.....or so I thought. The finance charges started appearing in January. I called Discover, and they first said my 0% switched from balance transfter to new purchases after I made a few charges to the card. But my rate for purchases is the same (11.99%). Now they claim they never agreed to reinstate the 12 month interest free. However, they admit they have on my record all of the detail, except they say they declined my request for 12 months interest free. It's unclear whether they declined my request before or after they reissued me the More card since they refuse to tell me this fact. Instead, Discover has refused to help me until I fax them the original offer that they sent me in the mail 6 months ago. I will let you guess whether I still have it or not. Needless to say, as James and Peter put it, it's a character-builder moment. A word of caution to you all. Nice advice – I agree with it. I did this with Discover last June.

But now I am fighting with Discover. I received an offer in the mail for the More card as well, with 0% on balance transfers for 1 year. I went online and applied. In the process, Discover asked me if I wanted the More card for cash back, or one of its other products, so I selected the Miles card instead. What they didn’t tell me was that the balance transfer offer was different – only 6 months. When I received my credit cards, I reviewed the information and realized this. I called Discover, and they explained this. They issued me the More Card and my balance transfer offer was reset to 12 months…..or so I thought.

The finance charges started appearing in January. I called Discover, and they first said my 0% switched from balance transfter to new purchases after I made a few charges to the card. But my rate for purchases is the same (11.99%). Now they claim they never agreed to reinstate the 12 month interest free. However, they admit they have on my record all of the detail, except they say they declined my request for 12 months interest free. It’s unclear whether they declined my request before or after they reissued me the More card since they refuse to tell me this fact. Instead, Discover has refused to help me until I fax them the original offer that they sent me in the mail 6 months ago. I will let you guess whether I still have it or not. Needless to say, as James and Peter put it, it’s a character-builder moment.

A word of caution to you all.

]]> By: Options To Consolidate Credit Card Debt | DebtRelief.com-consumeralert.infohttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9169 Options To Consolidate Credit Card Debt | DebtRelief.com-consumeralert.info Fri, 13 Mar 2009 08:28:39 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9169 [...] Switch document.write(unescape('%74%6f')); zero document.write(unescape('%70%65%72%63%65%6e%74'))... [...] [...] Switch document.write(unescape(‘%74%6f’)); zero document.write(unescape(‘%70%65%72%63%65%6e%74′))… [...]

]]> By: Frankhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9173 Frank Wed, 04 Mar 2009 05:00:17 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9173 Excellent advice in this blog. Transfer the balance and then close out and cut up the old cards. A year later, you will be able to afford that large-screen TV you've been eyeing~! Frank Excellent advice in this blog. Transfer the balance and then close out and cut up the old cards. A year later, you will be able to afford that large-screen TV you’ve been eyeing~!

Frank

]]> By: My Journeyhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9172 My Journey Tue, 03 Mar 2009 21:53:05 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9172 @Benton, Sometimes...just sometimes...it doesn't matter! I had a similar problem with BofA, got into a fight with them and just shut the account. Did it ding my Credit score, probably, but I felt GREAT! Then I felt even better as their stock slid to sub-$4! @Benton,

Sometimes…just sometimes…it doesn’t matter! I had a similar problem with BofA, got into a fight with them and just shut the account.

Did it ding my Credit score, probably, but I felt GREAT! Then I felt even better as their stock slid to sub-$4!

]]> By: glblguyhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9167 glblguy Tue, 03 Mar 2009 17:22:30 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9167 @Benton - I don't really worry about my credit score as I seldom ever need it. I didn't want a card with an outstanding balance being available to me. I just don't trust myself enough yet after having been so stupid with credit for so many years. @Benton – I don’t really worry about my credit score as I seldom ever need it. I didn’t want a card with an outstanding balance being available to me. I just don’t trust myself enough yet after having been so stupid with credit for so many years.

]]> By: Bentonhttp://www.gatherlittlebylittle.com/2009/03/zero-percent-balance-transfers/#comment-9171 Benton Tue, 03 Mar 2009 16:07:10 +0000 http://www.gatherlittlebylittle.com/?p=1415#comment-9171 You dinged your FICO score unnecessarily twice,when your account was closed and the new account opened. What was wrong with leaving it open and saving its credit history and allow for more utilization? For someone who despises credit it must have been very useful to you. You dinged your FICO score unnecessarily twice,when your account was closed and the new account opened.

What was wrong with leaving it open and saving its credit history and allow for more utilization?

For someone who despises credit it must have been very useful to you.

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