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  1. #1
    Join Date
    Aug 2016

    credit card scams

    Several years back I was facing an enormous health crisis. I had three major bank credit cards at the time and a Discover Card from my college days.

    Most of my debt was on Card A and I got one of those transfer offers from Card C. I moved Card A & Card D onto Card C for the 0% transfer APR.

    As my 0% offer was expiring on Card C, Card B sent me the same offer, although it was 0.5% for 6 months.

    I didn't get another offer after the 6 months expired, but the rate it jumped up to was still 1% lower than I had been originally paying.

    At this point, I had been off cards A & D for over 1 year. What do you know? Card A wanted me back, presumably because that was the card I most often used before I started this Credit Card Chess Game and they made a decent interest off me over the years. So, they sent me the 0% transfer for 12% AND 0% on new purchases for 3 months!

    Guess where I transferred my money? Yup. Back to A. That was my last super deal for a few years. But, it really helped out at a terrible point in my life. I highly suggest people pay attention to these offers when they come in. Yes, many of them are shitty scams, but some are awesome deals for real!!

  2. #2
    Join Date
    Dec 2014

    Re: credit card scams

    No doubt a lower teaser rate is a common ploy to steal customers, but beware, when you transfer balanced, do not close the account you are transferring from or you will see your FICO drop. For some reasons this is a bad move in the eyes of credit card companies, and if they see you are playing the game of lower interest rate switching, they tend to make you pay by the new inquiry into your credit report, plus a hit on opening new account with high balance which was transferred. Playing musical cards is a game they frown on, so in the end, you will pay one way or another for switching, so check your FICO scores on regular basis.

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