 How to use Credit Card offers to your advantage
I fully agree that junk mail can be pretty annoying. And until last year, I included Credit Card offers in the junk mail category until I decided to take advantage of those offers.
You see, most of the offers I receive are for credit cards that have $0 annual fee and a very low interest rate on balance transfers (I have seen as low as 1.9%) for a specific period of time (usually 6 months to 1 year).
Since I had balances on 2 credit cards with high interest rates (15-16%), I decided to get one of these cards.
The result ... 2.9% interest on almost $10,000 balance for 6 months!
After month 4, I received another offer ... 1.9% for 1 year ! I got this new card, transferred the funds and canceled the other card.
I will keep doing this until I clear the balance completely. Worse case, I transfer the balance back to my old card until I receive a new offer.
VERY IMPORTANT: I DO NOT use these cards for purchases (I never carry them in my wallet) since the low interest rate only applies to balances transfer.
This does not take too much time and can save someone hundred of dollars in interests.
René
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