Anyone ever kite 0% APR credit card loans paying off old with new?

[BrentCrude]

I was watching that Dave Ramsey guy that has a financial advice show on FOX business channel and a woman called in saying she got $1500 at 0% APR for a year,then doubled up that same offer with a new card the next year paying off the old and she's going to do it again this year. 4% transaction fee.Needless to say,Dave wasn't happy with her financial smoke and mirror slight of hand practices.Anyone here taking out zero% APR on credit cards?

[jgray]

What the hell is wrong with that? You are paying a fee to refinance a loan at a low rate. If you are low on cash, it makes good fiscal sense to play the credit card game.

[Waterstpub87]

It seems like a smart move, specifically if you have a penalty APR on the card that you are transferring from. The real bad move is taking out a personal loan at 25% to pay off your credit cards. Alot of people do that, I worked making those loans for awhile.

[SBR_John]

So it's really 4% and there may be an annual fee that can't be avoided.

It works for me. I wouldn't advise any strategy that allows a guy in debt to possibly go deeper in debt. By obtaining the new 0% card and paying off the old debt, it frees that card up. If you do that strategy cut the old card up or else you are going to wind up deeper in debt and when those 0% offers stop you will be up shitz creek.

[Domer]

this is the huge flaw in ramsey's mantra, because 0% interest rate offers are some of the smartest decisions you can make (provided you follow the guidelines). best buy regularly offers 0% for 3 years on TV purchases. that is insanely good value.

i usually pay a 3% fee for balance transfers, which actually works out to slightly less than that when you factor in the fact that you are paying off part of your balance month by month.

if you get a 0% on purchases offer...snap that up, provided there is no annual fee.

one last thing, using credit cards and paying them off is the fastest way to get your credit rating to skyrocket. if you follow ramsey's advice, you're handicapped, which could cost you THOUSANDS when you go to apply for a mortgage.