The Credit Card Swap

March 11, 2011

Frugal

Have you ever done it? The credit card swap? You transfer your existing, high-APR percentage rate balance to a new card with a lower APR? I haven’t done it very often because I haven’t had very large balances on my cards… but I’m still paying for that kitchen renovation, and the lovely introductory APR rate that I got is expiring soon. *sigh* What’s really lousy is that I used to get offers from cards with low rates all the time. At the time, I tossed them in the trash because I didn’t need them. NOW I NEED them, and I am getting nothing in the mail! Nothing! Ugh!

I’ve heard interesting things about websites that post little-known savings information about credit cards, such as finding a low APR promotional deal for, say, a citi platinum card or whatever. This comes in the nick of time. I’ve enjoyed a 0% APR card for almost a year, but it will skyrocket to 18% (unbelievable!!) in a few months! So I’m on the prowl for better deals. The website has some articles and tips about managing credit cards, but what I like best is the list of cards currently offering deals and low APR rates. It’s very difficult to find that information from the credit card company. And when I have called a particular company asking for a reduced rate, they rarely give it (the misers). I recently had to call Discover Card customer service and was FLOORED by the amazing service they gave me. According to SmartBalanceTransfer.com, Discover is offering a 24-month 0% APR on balance transfers! They also have reviews of the various credit cards and rates on their blog. Good information.

I’m glad there’s something I can do in my search for lower rates. Check out the website for more information. They have a balance transfer calculator there, too, so that you can punch in your data and see how you’ll save by switching to a card with a better APR. I am going to glean the info and contact the credit card companies directly, though, and skip the middle man’s applications.

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