Finally got my average credit card interest rate down from 24% to 16% after 8 months of balance transfers... feels good.

2 comments

2 Comments

Wait, did you just pay interest on those balance transfers? Most of those offers are only good if you pay the whole thing off before the promo ends. If you carried a balance past that zero percent period, they often hit you with back interest on the original amount. That's how they get you.

dakota1603d ago

Just picture the credit card company's finance guy, feet up on his desk, sipping coffee while the calendar flips past your promo end date. He's got a big red button labeled "retroactive interest bomb" and he's just waiting for you to slip up. That 16% feels good until you realize they were probably counting on you messing up the whole time. It's like a game where the rules are hidden in tiny print.