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Wednesday, May 14, 2008 --- 72 days ago http://www.omninerd.com/blogs/0_APR_Introductory_Offer_Credit_Cards_and_Repaying
| I have a few thousand dollars left of student loans, and I was hit with an idea recently to avoid paying further interest. (The interest rate is very low, but 0% is lower.) It goes like this:
Open a credit card account with a 0% APR introductory offer for balance transfers.
Pay off my student loan with an existing credit card.
Transfer the balance from my existing credit card to the new card.
Enjoy paying off the loan interest free.
There are some potential downsides, of course:
Opening a new credit card can be dangerous if you aren't frugal.
Applying for a credit card results in a credit check, which can negatively affect your credit score.
There may be something in the fine print of the new card that causes the introductory rate to expire.
And yet, there are mitigations:
I'm very frugal.
I'm not concerned effect of a single, isolated inquiry on my credit score.
I plan on reading the fine print, asking a lot of questions, and being completely transparent with my student loan provider and both credit card companies. (I also plan to document the process and my contact with all parties.)
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