Is it possible to use balance transfers to avoid interest with major credit cards?

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Possible to use balance transfers to avoid interest with major credit cards?

I recently paid off a balance transfer and then this thought occurred to me. Let's say you have $3000 of debt outstanding on a credit card. The goal is not to pay interest while you work to save the $3000 to pay the debt off. Is it possible to continue to transfer that debt around to different credit cards in order to avoid being charged any fees whatsoever? I'm sure some people out there have some creative ideas on this.

Answer:

In theory, yes. In practice: Most cards charge a 3% or so fee on balance transfer. If you slip and let...

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Kirk Ouimet at Personal Finance and Money Mark as irrelevant Undo

Other solutions

Answer:

None of these is considered a problem. You should do all these things with credit. Be smart.

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Anonymous at ChaCha Mark as irrelevant Undo

Is this credit card a good choice for me...?

I have bad credit... or none, i cant get approved for anything else and dont understand all the red tape! HELP! does anyone have this card? THE ORCHARD BANK CREDIT CARD 200 min security deposit 35 dollar annual fee Variable Rate Information Your APRs...

Answer:

Already. No. Things to look for when getting a card include: no annual fee, low FIXED APR. When I turned...

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How do I make a balance transfer from a store card to a credit card?

Sorry, a new timer to balance transfers and credit cards. Have taken out a credit card with 0% interest on balance transfers and purchases for 12 months. I have £600 on a store card that I want to transfer to the credit card to avoid all the interest...

Answer:

Eliminating high interest credit cards by transferring to a card with a lower rate can help you save...

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mariah69... at Yahoo! Answers Mark as irrelevant Undo

Question about credit cards, interests and balance transfers..PLEASE HELP ME!?

I have an outstanding balance of around $6000 in credit cards with a high APR. If I do I balance transfer for a specific credit card with 0% APR for one year, I will obviouly save money. However, can I keep doing this every year to avoid paying interest...

Answer:

Yes... you can continue to transfer to 0% APR credit cards for as long as you choose. But many people...

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chulhui1... at Yahoo! Answers Mark as irrelevant Undo

Can I transfer a balance between credit cards to avoid a finance charge?

I have two credit cards, one with a $30k limit, which has a balance of $5k at 19%. The other card has a $7500 limit, zero balance, and 13.9% on balance transfers. My card with the high limit will let me transfer in a balance at zero% for 24 months. Is...

Answer:

Assuming the two cards are not issued by the same family of banks, yes it is possible. However, read...

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Juggling money inbetween two credit cards to avoid interest.?

I'm not too sharp with this whole credit card business. But if I owe say £500 on a credit card A, if I pay that off with credit card B within the time allowed so as not to bay any interest. Can I then the next month use credit card A to repay the...

Answer:

It really depends on the conditions and restrictions of your credit cards. Many credit cards charge...

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andrew90... at Yahoo! Answers Mark as irrelevant Undo

Credit cards - balance transfers?

I have 6 credit card all, 3 of which I owe about 9k on each. Are there any companies which will allow me to transfer such a high blanace so I can stop paying such high interest. I applied for a Tesco card and they told me my borrowing potential was at...

Answer:

THe problem you have is that as Tesco have said, you are at your borrowing limit. This means that ALL...

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Answer:

We are sorry but your question is cut off after credit in the answer B. Signs that your are headed to...

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Anonymous at ChaCha Mark as irrelevant Undo

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