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0 interest credit cards

sweet_mayhem

Registered Member
has anyone of you been offered a 0 interest credit card? did you accept it? how did it go?
 

katharina

Registered Member
has anyone of you been offered a 0 interest credit card? did you accept it? how did it go?
I didn't know they existed. I pay off the balance each month, though, so I don't have to deal with interest. I'm not sure how a credit card company would make any money without interest.... ???
 

taiarain

Registered Member
We've taken the intro 0% twice.

Katharina: CC companies rake money in hand over fist on transaction fees that we all subsidize. Each transaction can cost the merchant as much as 3% of the total in credit card processing. CC companies make money off of us whether we pay a penny in interest or not.
 

sweet_mayhem

Registered Member
Are you talking about a 0% interest rate forever or an introductory one?
oh,i'm so sorry mr.snipes (love your name. :) ) just an introductory one...i read from somewhere that it seems like a good deal but you have to be careful not to make late payments or any other mistakes--or else you'll have to pay huge interest rates or penalty fees....
 

Mr_Snipes

Registered Member
Yes, it can be a good deal, but if you have a late payment or missed payment and the rates will explode, the fees will hurt, and the good deal will vanish.
 

Melos

Registered Member
I have used 2 0% introductory rate cards to help pay off my large debt more quickly. I transfered from higher interest credit cards to the 0% one and was able to almost double the payments on it for a while.

I think its a great idea.
 

sweet_mayhem

Registered Member
I have used 2 0% introductory rate cards to help pay off my large debt more quickly. I transfered from higher interest credit cards to the 0% one and was able to almost double the payments on it for a while.

I think its a great idea.
wow, you must have saved a lot of money from making those credit card transfers.
 

Melos

Registered Member
It definately did. I'd probably still be wallowing in debt if I hadn't done the transferring.
 
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