Folkes, be wary of creditcard scams that go something like this:
You get a pitch that for all balances you transfer to BiG BOZO CC, as a Reward for your good credit practices you will get a preferential rate--maybe a third of what you are paying at DOOFUS CC for six months. Of course this is providing you don't miss a or are late on a payment for six months. No problem, right ?
So you make the transfer.
Then your rate is jacked up to like 27%.
Why?
Because 5 months earlier, you had been late --prior to the offer --at some other credit card.
HuH?
So why did they make you the offer if that disqualifies you for the low rate and you now get an even higher rate thanyou had before the transfer?
Well, that's why thay made you the offer. Because you DON'T qualify for low rate!
They culled credit payment histories for people who had been late once in the past to make the offer, seduced them into a transfer, and then hit you with the sucker punch rate.
Can you transfer back?
Only if you make a cash withdrawal at a 5% cost at your prior CC with a minumum $35 charge, and only for the maximum cash withdrawal allowed. How will you do that, if you in the meantime had already made charges?
Banks like this "fee interest".
Best solution: pay off all CCs.
Use only Cash or your Debit card and live within your means.
Your Checking Account Debit card is also your VISA and most stores accept Debit payments anyway.
Do you really need that HDTV?
MegalosSkylaki
PS. You might tell the Gov't this method.