Thursday, December 18, 2008

Rolling $$ across credit cads 2

Remember my post previously on rolling $$ over credit cards. The problem with that was that we are usually not able to draw cash from one credit card and use it to pay for the other credit card.

However, it is actually possible to so called 'change' your debt from one company to another. And in the process reduce your monthly 2% interest to a one time admin fee ( from 1.5-6.5%) for 6-24months. I.e. you pay less for interest by shifting your debt around, then letting one particular credit card company charge you interest.

Here are the rates.
* Gotten from The Sunday Times on 14 Dec 2008


Anonymous said...

I am not in the habit to do that, but today I applied for StanChart's offer. It aint really balance transfer. U can take $$ out of your credit card account interest free, for 12/24 months. Put that money to pay other credit cards or just transfer into your bank account. No interest fee but admin fee is 3% for 12 months or 5% for 24m. I think the max is 90% of your available limit i think. Offer ends dec 31st.


ntuchartist said...

i see, its something like a cash advance but with much lower interest rates...thanks!