October 15, 2009
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Woe to Us 0% CC Freeriders, Pt.2
Come-On, and Take a Free Ride.So now what do we do? Our "free ride" is about to expire and we have a large credit card debt at stake here. There are, at least three credit card scenarios which require different answers:
1) High FICO score: If you know you have a FICO score above 850 (few of us do), you're in the best shape possible. You may even qualify for the old "ZNTF" (0% APR; no Transfer Fee). It's still around for a few. You may have to fish a little. Check out the hundreds of credit card offers on our homepage. Select something that comes close to what you want. Then call the number. Don't just apply on line. If the agent asks how you learned about them, be sure and reference this site, though.
The reason it's so important to call the credit card issuer direct is for this one question: "What is the very best credit card deal you have going right now?" Remember, the best are not advertised. You have to ask. Kind of like an encore.
2) Don't know FICO score: If your 0% APR credit card promotion will expire within two months, you'll probably have to face a consequence. Balance Transfers can take up to two months. Either you can try your luck to follow the steps above (if your FICO score is not stellar, it could take a week just to find out if you're accepted or not). If you manage good terms (not likely for balance transfers) and there's still time, request the transfer immediately and deal with the consequence if it doesn't happen in time. Most likely, though, it's safest to just pay the balance off before the expiration.
One caveat here: Often times, credit card lenders will allow that one day into the next month on your statement. So it will appear to you that November's statement has just arrived because all the charges will be from November. However, if the "Period Ending" spans the next month, you will actually be looking at December's statement. If your expiration is December and you believe you have another month to pay, you'll be a little shocked when your next statement arrives. Call your credit card lender and get the date "from the horse's mouth".