Interest Free Credit Cards

Thank you for your response! My comments are based on my experience over the past 15 years with interest free promotional credit card offers. My research was started long before the bank asked me to research credit card options, terms/conditions and most of all how to sell credit cards. Over these 15 years, I have saved about $20,000 in interest, maybe more during my course of credit. It is very important that you have good credit (a must), and that you limit your spending for only those items that are necessary! I first started a research file on all the credit card companies that offer introductory 0% interest. My first offers were only for 3 months, but over time the companies offered them for 6 months/1-2 years interest free. You should always keep an accurate file up-date, never make a payment late, document all activity, check off all transactions on your credit card statements. I found that internet statement access weekly was helpful in keeping up with my credit limits. You should pay off your credit cards early, start looking for offers to replace the payoff amount 1 month before the offer expires. Credit card companies use the soft check on your credit, and they only offer the 0% rate on low risk (Low Debt-To-Income Ratio) applicants. Most of my credit cards were used for auto purchases. You have to be careful to keep a high to average credit score, check your credit often (about every 6 months). If you keep a card paid up at least a year, pay on time and pay off early, your rating should go up. If your Debt-To-Income Ratio is high, you may experience a lower credit score. There is not a quick way to work the system, it takes patience, and you should watch your spending, make a plan and stick to it. If spending is not controlled, you may end up with dept that snowballs. My thinking is.... if you have credit cards that charge interest, why not consolidate them into a 0% rate. This would lower your payments, give you a start on taking advantage of the system and better yet... give you a chance to start a savings account (do the math, average 9% interest savings per month). It is important that you DO NOT over extend your credit for amounts you may not be able to pay off.... my system is only for those that use discipline when dealing with money matters.