But those offers are few and getting fewer. I have good credit, and could probably get this card if I applied for it, but the ones I’m getting in the mail have been mostly the no-cap 3 percenters with a couple of $99-cap 3 percenters thrown in for good measure.

Good find though. Almost makes me wish I had something to transfer to it to take advantage of cheap money. Almost.

Of course, 3% is still better than 18%. I’m not arguing that. I just wish they would call it what it is. Its not a 0% transfer. Its a 3% transfer. Which is still better than a 6% HELOC by the way, no argument there.

I’m not criticizing you by the way, I’m just ranting against the shady tactics the cc corps use.

One point I don’t necessarily agree with, is if you screw up and can’t pay it back, sure they can go after your home, but if you’re in that kind of shape, chances are you’re not going to be paying the mortgage either regardless of the methods you’re using.

Personally, I like the 0% interest offers. I’m currently using this to help me gain control of my credit card debt. I’ve rolled the balances over three times so far and have cut the debt in half. The offers usually start flooding in between now and February. One point on these offers, be very careful because even with good credit, the fine print allows them to do three things. The first is not give you 0%, but rather some lowerer number, e.g. 3%, based on your credit history/rating. Another is that they may not give you a sufficient credit line to cover the whole amount you’re asking for and finally they may require you to actually use the card, or they’ll start charging you some rate of interest.

I had the last two mentioned happen to me. They only approved a credit line for 3K of the 8K I was asking for, and they wanted me to make at least one purchase per billing cycle after the first 60 days to keep from triggering their changing the terms to charge me interest. So I had to get a payment in right away, and then make a small purchase with the card in the next billing cycle, because if you go over their limit, that also triggers the charging of interest and of course, a fee. Fortunately the second card I used to cover the 5K they didn’t had none of these issues associated with it. Guess which card I’m still using.

Plus you make a great point about the psychological impact of high interest rates. I take it personally and make it my mission to get out of debt in spite of the card companies. I’m at a point where I’ve done EVERYTHING short of home equity loan to improve my situation. (Balance transfers, Prosper, second job, endless phone calls to customer service reps that will no longer budge…) Time to accept the crappy rates get rid of the crappy rates by paying down balances ASAP!

If it all hits the fan, dealing with collection agencies and 7 years of credit hell is MUCH more preferable than losing your home!