Comments on: 0 percent credit cards…I give up.

By: Erin

Erin — Mon, 12 Jan 2009 16:46:49 +0000

I agree with the overall response, its not worth your time and effort. Same question as LDH, where are you getting 5% interest??? On a similar note, do you know of a good online source to compare rates? It seems just as I open an account and move funds, they drop the rates.

By: Brett

Brett — Sat, 10 Jan 2009 15:25:06 +0000

Britta- Be careful if wanting to close all of your cards. This can aversely effect your credit as well. I work for a credit card company and people call all the time, saying they want to close their account to “improve their credit score.” It’s not a conversation we can really get into with them to dispel the myth, but you may want to check with someone first…

By: david

david — Sat, 10 Jan 2009 02:33:47 +0000

Congrats!!!!!!!!!!!!!!!!!

By: Nick

Nick — Fri, 09 Jan 2009 21:15:56 +0000

Those 0% offers sure are tempting. You just have to make sure you’re able to keep on top of them all, make the right payments to whichever one, and on time! If you can handle that, they’re not a bad deal at all, until the 0% offer runs out.

By: LDH

LDH — Fri, 09 Jan 2009 20:00:18 +0000

I agree with Peter (and yourself), not worth the hourly wage.

And where are you getting 5% interest?!?!? Even my ING account is down to maybe 3.

By: Britta

Britta — Fri, 09 Jan 2009 19:34:23 +0000

Kara,
We have had the same problem with credit cards, tempted by offers and then eventually they sit with $0 balance when we move on to the next one. What do you suggest with all these cards with $0 balance - does it at all hurt our credit score to request that they be closed? I’m hoping that I can close a bunch so I don’t have to monitor them for fraud each month…

By: Kara McGuire

Kara McGuire — Fri, 09 Jan 2009 18:45:17 +0000

Peter: You’re right. It’s one of the most irrational things I do regarding money!

By: Peter

Peter — Fri, 09 Jan 2009 18:15:05 +0000

I always considered the approach you took to credit cards (new cards - tranferring balances)to not be worth the effort. Based on the time you spent doing this and monitoring this, what was your hourly wage? Some things, even though they save money, are not worth your time. (This from a person who will still bend over and pick up a penny on the sidewalk!)
For those who cannot pay off a balance transferring to a new low rate or no rate card makes sense.

By: Amy

Amy — Thu, 08 Jan 2009 20:22:19 +0000

Kara,

I have to say, it’s refreshing to read your blog and here the honesty. Reading about the types of things we’ve all run into regarding credit and how people handle or solve their problems is helpful. I think it’s smart to have paid off the balance!