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You don’t get these offers, you say? Don’t worry, we got you covered! How to Get Them The way to ensure that you get plenty of offers is to have a variety of credit cards. Apply at banks suck as Royal Bank, Bank of Montreal or at various department stores such as Best Buy and Future Shop. You will soon find yourself getting credit card offers in the mail. The most regular offer senders seem to be CIBC Visa, RBC Visa, and PC Financial Mastercard. Capital One and CitiBank also offer credit, but they tend to offer higher rates than those offered by others or have deal-killing high transfer fees. If your credit is good, holding many cards should not be a problem for you. If anything, this is good as credit companies will run to you, as they want your business! Things to Watch Out For Once you are offered a low/no rate balance transfer, be careful. There are a couple things to watch out for. Low and No Rate Balance Transfer Offers Are Essentially Rate Traps You are lured in with teaser rates or even a 0% rate for a set period. Credit companies are hoping that once they have you in, you’ll forget to pay the minimum monthly or not be able to move the balance to somewhere lowerm wgere you’ll end up stuck paying the ‘normal’ rate, which will be very high (usually 18% and up). You won’t fall for this trap, though now that you know how it works. What you will do instead is turn the tables on them, use their own dirty trick against them. As long as you play by the rules they set out, you can use these offers to your advantage. The rules are usually simple:
That Darn Fine Print At the Bottom Check the small print on the brochures or ask a customer service rep for any others. Be careful though, they can be sneaky sometimes! What to Do with Your Balance Transfer So what do you do with your low/no rate balance transfer? You can do either or all of 2 things:
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Posted under Credit Card Arbitrage, Investments
This post was written by Bullseye on November 27, 2008
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