Zero Percent Balance Transfer

I’m sure many of you have seen the offers - “transfer a balance and receive a 0% interest APR for a year!” These offers can earn you some free money, provided you read carefully & know what to do.
To begin, you’ll need to get a card that has this introductory offer. Make sure to read the fine print though! Many cards still charge a 3% or 4% fee to transfer the balance. You’ll want a card with 0% and $0 fee - that’s important! Citi has several cards that currently offer program - such as the Professional, Diamond Rewards, and Dividend Select.

Next, you want to request a “balance transfer check.” In theory, this check is supposed to be used to pay off another credit card, but you don’t have any credit card debt do you? When you receive your check, you’ll want to transfer the funds into your online savings account. You did open one after you read my post on them, right?

Now, set up an automatic payment each month, directly from your online savings account to your new credit card. Set it as the minimum - so you know you’ll never pay late, or forget and miss a payment.

Hide your card! This is the most important part. Do NOT use your card for purchases while you have a zero percent balance transfer active. You’ll end up paying interest on all your purchases, until the full balance is paid.

Be sure to note when the zero percent period ends, and pay in full before this time. All the interest earned by keeping that money in your high yield online savings account is yours to keep. Congratulations - that’s free money!