So here's how they (try to) get ya...

Avatar for phoenixmama
iVillage Member
Registered: 03-20-2003
So here's how they (try to) get ya...
Mon, 05-12-2003 - 9:39pm
Some of you will recall my excitement at transferring a large balance and zeroing out an account (woohoo!) henceforth referred to as the "D" card. Well, to make a long story short I had to call the "D" card to dispute an automated charge from my "friendly" video store (grr) which turned out fine (just an authorization, not a charge), and they asked if I wanted to hear what balance xfer offer I'd be eligible for. I figured I have a few minutes, sure, why not. So they offered me 3.9% for 4 months and I said no thanks, and then they offered me 1.9% for 6 months, after which I could extend that 1.9% indefinitely by making $50 new purchases a month. Ain't THAT how they get ya, LOL!

Well, sounds interesting but I'll have to think about it, thanks anyway have a good night... and I did think about it. I have $3500 on my "C" card at 5% and 12.5%, I can xfer to "D" at 1.9% for 6 months, and then in November, probably juggle whatever's left back onto the "C" card. Bwahahahaha!

So, "D" card only let me xfer $3300. Fine, that leaves $200 at 12.5% that I can pay off within the next month. Then I'd even do better with my money for those 6 months, to put any snowflaking into the ING savings at 2-point-some% and just pay the minimum at 1.9%. Will just need to remember to act on that again come November LOL! But at times like this, a high balance doesn't seem quite so overwhelming.

~Jen, feeling oh so tricky tonight ;-)

iVillage Member
Registered: 03-31-2003
Tue, 05-13-2003 - 9:04am
It's a lot of fun playing with them like that, isn't it?? ;-))

Lee Ann

iVillage Member
Registered: 04-28-2003
Tue, 05-13-2003 - 8:17pm
It's only fun as long as:

1) You make all of your monthly minium payments on time (otherwise they overturn the initial low APR and jack it up to their standard APR).

2) That you don't use the card with the new-lower APR to make purchases. If you do they will charge you a certain amount because they apply all payments to the beginning principle. That means you have to have all the principle balance paid off before they will apply your payments to the new purchases.

3) That you pay off or transfer the entire outstanding balance to another credit card by the 3 month, 6 month etc. period. Otherwise they will take whatever balance you have and apply the standard and usually much higher APR to your account.