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0% Credit Card Transfer Story

January 29th, 2009 at 12:49 pm

A person who recently attended a Financial Learning Experience e-mailed me the following question:

I had the privilege of hearing you speak both during the message and the class that followed. My wife and I are committed to eliminating our debt. With that in mind, I have a question. I have three credit cards one for 6,000.00, one for 1956.00 and one for 5775.00 I am paying high interest rates 27.98, 24.00 and 20.4% respectively.

I tried to reduce my rates, but they were unwilling and the reality is that I don't get [0%] offers in the mail anymore.


I responded with the following question: Have you applied for one of the cards on my "Next Steps" site [HERE]?

His response FIRED ME UP!

Here is his response.
I just applied for the discover card and I put two of the cards to be transferred totaling 11,500.00 and I was accepted! After talking to Bank of America earlier today I felt as if I were a heathen slug that had delinquent deadbeat written on my forehead and the reality was that I had always paid them!

Thank you. You will get my phone call with a loud yahoo! You have an awesome ministry keep up the good work.


So let's look at the math. $6,000 was moved from 27.98% and $5,500 was moved from 20.4%. That one move saved $205/month in INTEREST!!! That is over $2,400 per year in INTEREST that was eliminated.

If you are paying interest on a credit card, why?

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2 Responses to “0% Credit Card Transfer Story”

  1. creditcardfree Says:

    Great information Joe...I hope many people see this link and check out those cards. They would sure be helpful to many!

  2. lizajane Says:

    Thanks for this link. I may need it in the near future. I noticed any of my 0% offers are for really short terms (absolute max of 6 months) and the transer rate has changed from 3% to 4%.

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