Is this a good credit move?

Question

I have two credit cards that are in good standing, each with a introductory periods for purchases that give me about a year with no interest. Is it possible to consolidate my credit onto one of these cards, then pay start paying it. Then, when the introductory rate period is almost over, transfer it to the other card and take advantage of THAT cards introductory period, then transfer back etc....

Answer 1

An introductory period is usually a set period of time that starts when you get the card or offer.  The clock does NOT start over when you actually make a specific purchase unless they have some other offer at that time (like 0% for specific purchases at electronic stores).

When you transfer a balance, there is typically a 3% balance transfer fee added right away (sometimes with a dollar limit, sometimes no limit).  Interest rate depends whether you have a balance transfer offer at that time, or if is considered a cash advance at a higher interest rate than purchases.

Just because you have 0% offers at this time does not mean they will magically continue to appear when you need them.  Their goal is to get you hooked on credit and then stick it to you with higher interest.  You get the best offers when you have no balance.

Answer 2

The introductory period on BOTH cards has already started.  it will expire at the stated time with or without a balance.

Answer 3

i would caution against this attempt to "game the system". With today's financial crisis, i would suggest doing nothing but paying off BOTH cards and carry a zero balance. Credit is going to get tighter and offers will appear to be quite good, but as someone has already said, the CC companies want to get you hooked on spending so they can reap the finance charges. Don't fall for this scam.  Read any CC offer very carefully and remember--the large print giveth and the small print taketh away. Good luck.