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0 Percent Interest Credit Card

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Joanne Said:

Anyone know the best zero percent interest credit card?

We Answered:

try or to find any 0% balance transfer offers. I recently got a Upromise Citi MasterCard which has a 0% rate for 1 year and no transfer fee

Gabriel Said:

Can I transfer my brother's debt on my 0 percent card?

We Answered:

The short answer is YES, MAYBE....
Yes it can be done but if he has a chase card and you have a chase card, then the answer is NO.....
And it is not just chase....I think that all of the credit cards have a stipulation that the transfer cannot come from another one of THEIR products (they already have ya at better terms so why should the bother allowing you to transfer and screw them out of the higher interest rate that they had tied you into)
Check on that as my only real evidence of this is the three transfers that i have done so I do admit that my knowledge on the subject is limited.

I am concerned however that you were talking about transfers for a couple of years....
The longest that I have seen the 0% rate is for ONE year.....
if you are late or if you miss a payment, that interest rate defaults immediately to 22% or something equally vile.
I get it that this is your brother but could you have him sign something for you in case he gets amnesia after the transfer.
(you can tell him your credit card company requires might not need it but it would be better to have it than to not have it)...This kind of foresight will make sure that the two of you stay close.....

also, this will be pointless to 'bail him out' unless he (your brother) cuts up the offending card (or gives it to you) so that you arent doing this kind of favor for the rest of your life.
Read on here how many people take out HELOC (home equity loans) to clean up their credit only to find a way to charge up the same cards all over again!

Further, make sure that you have at least one months expenses (preferably from him) for YOUR card set aside each month so that even if he is late paying YOU, you can still make that payment on time.

Lastly, I am not sure how much debt he has thus there is no way to speculate how this will effect your credit BUT
If your limit on this card is (lets say) 10k and you transfer 8k. Your credit rating will go down slightly (or maybe quite a bit depending on your other debts)

Not a major deal unless YOU have a major purchase (house car) in the near future.
This transfer might lessen the amount that you could qualify for.

But again to answer your question YES you can do this!
(I hope your brother knows how lucky he is to have you.....when I first graduated from college, I needed a cosigner for my mom agreed to do it and the guy at the dealership tried to warn her NOT to do this... he told her that he would NOT even cosign for HIS own mother)
I guess I knew how serious cosigning was but HE really drove it home for me. I was not the case that he was trying to get me to pay a higher interest rate...if I did not have her I was NOT getting the car at all.
I say that because what you are doing is BIGGER than that.
IF I had defaulted on that car loan my mother could have ducked and dodged the bill (maybe filed bankruptcy or whatever.....YOU WONT BE ABLE TO DO THIS because once you transfer it this debt becomes YOURS exclusively)

Jamie Said:

Does it hurt your credit to keep switching credit cards once the 0% interest is up?

We Answered:

Yes actually it does. Everytime you apply to a new card to get another one that is offering the 0% interest it puts a ding on your credit report. Credit scores consist of more than just that your bills are paid on time , it also tracks how often you apply for more credit and that is not a good thing to have on there. And all your creditors know you are doing it. When we applied for a car loan , our mortgage company called us to make sure we were not applying to refinance our home.

Patsy Said:

I need a new zero percent interest credit card. I have great credit, just at the end of the 0% period.?

We Answered:

Try and it lists the different card offers by your specifications.

Gene Said:

0 percent on purchases (credit card question)?

We Answered:

pretty good question and the answer is tricky

at one level, the offer means exactly what it says ... until it expires, you pay no interest, exactly zero percent, on the PART of your total balance that was caused by purchases.


1. Immediately after the freebie period ends, the then entire purchases balance begins accruing interest at the normal rate.

What usually happens is that a new user runs up a few hundred or thousand in zero rate balance and then when the offer ends can't pay off in full. So you suddenly have a balance that is accruing interest at something like 30% per year [2 and 1/2 percent or 1/40th per month]. {Or whatever the then effective rate is.}

2. The way the bank applies payments is to the lowest rate balances first. It says so in the contract.

This means that all payments go to paying off the zero interest part of your balance and NONE toward paying off any other part. So, if you ever get anything that is considered a cash advance [and there are a long list of these now], that cash advance is assessed interest at 30% per year {or whatever the cash advance rate is -- usually higher than the purchases rate} until AFTER the entire purchases balance is paid off.

Now, since people almost never stop buying more stuff on their card, the purchases balance NEVER pays off. Thus, you end up paying 30% interest on your cash advances FOREVER.

Maybe pending Federal legislation will change this 2nd mechanism. Don't bet on it though. The banks need profitable business to dig themselves out of the hole they're in and they're willing to lobby Congress furiously to accomplish that.

So, the only way to effectively get ahead on these zero rate deals is to A) use the card ONLY for purchases as defined in the agreement, AND B) deposit the difference between the amount you buy and the amount you pay into a saving account so that when last bill comes before the deal ends you can PAY OFF the entire balance owed.

does this help?

Misty Said:

Will applying for a second zero percent credit card now affect the rate on the first one?

We Answered:

In order to be 100% positive, you need to read all the fine print, contact Discover for clarification, and then hire a lawyer to look it all over. I'm sure you're not going to want to do all that for 100% here's my best idea...

Discover cannot change your promotional rate unless you miss a payment (by 1 day or more). So, applying for a 2nd card can't hurt you - but the application process itself will reduce your FICO score by 15 points.

Keep in mind that interest on the home equity loan is tax deductable. So if you're paying 8.75% before tax, your actual after-tax equivalent rate would be 6.3% if your marginal tax rate is 28%. So what I'm saying is ONLY transfer the balance to a 0% credit card if you can pay the full amount off within the year - otherwise leave the remainder on your home loan.

Darlene Said:

0% Interest Credit Card?

We Answered:

With 0%, you get it for 3,6,9,or 12 months and then it goes to a certain rate depending on your credit. You can take however long you would like to pay off the bal, but you will accrue interest after the promo ends on the card. Payments are calculated 2% of the total balances. So if you made a $5000 purchase, your payments would be right around $100 a month. Hope this helps! Your Ad Here

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