I recently applied and was approved for this card. I currently have a Bank of America and a Citi card and told myself that's it. However, I've been thinking seriously about paying off the BoFA card and eventually the Citi card because as it stands I have the funds to do it. I just don't like the interest I'm paying each bank. The drawback of paying one card off is that, well, it will take a decent chunk out of my checking account. So this is where the Simplicity card comes in. I plan to shift about $2900 to it because I was only approved for $3000. I don't know why; I have good credit and don't have a huge debt compared to the rest of the population (but what's considered huge anyway?). The rest in the BoFA card I plan to pay off within six months or so. That will take care of one card and paying interest. I will then pay the remaining balance on the Simplicity card before the 18 month is up and interest (at 12.99%) kicks in. So all this allows me to pay off my debt steadily and without much shock to my checking account while at the same time saving me money in decrease interest payment. Is this a good plan?

About credit rating. I looked up my credit history and it's excellent (if I'm reading it correctly), but how do I get the actual number score?

Anyone applied for the Citi Simplicity card for the 18 month 0 interest?

Your first problem is you are asking financial advice on a car forum.

You could keep opening new interest free cards and transferring the balance about every 6 months, paying off as fast as you can.

Bottom line is if you can pay as much down on interest bearing debt at one time, then do it.

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MB-less

Credit score: you pay the credit agencies for it, or you go to a bank and apply for a loan, and ask nicely for them to tell you your score

Paying off debt: sounds like a good plan, though you should check for hidden fees. i.e. my Chase business card offers a similar dealio, but charges 2-3% up front for the "0%" advances and transfers. (2-3% isn't bad, but check the number before committing.)

Pay your cards in full each month & never incur interest charges.
If you cant afford it, you shouldnt buy it !!

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Grumpy Old Diesel Owners Club group

I no longer question authority, I annoy authority. More effect, less effort....

1967 230-6 auto parts car. rust bucket.
1980 300D now parts car 800k miles
1984 300D 500k miles
1987 250td 160k miles English import
2001 jeep turbo diesel 130k miles
1998 jeep tdi ~ followed me home. Needs a turbo.
1968 Ford F750 truck. 6-354 diesel conversion.
Other toys ~J.D.,Cat & GM ~ mainly earth moving

Pay the debt off now out of your checking account. Once you put it on another card, it will soon be forgotten about, and you'll wind up with the interest. Shred the cards and be free.

Live within your means and don't buy on credit, unless you can pay it off each and every month.

Check back with us next year after the bottom falls out of the market, and thank me for saving you a massive headache.

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1987 560SL
85,000 miles

I once was late with a payment...my fault.. so, I called the company US Bank and asked for late fee & interest cancellation. They granted it. Then I asked if they had a lower rate for good credit customers. Without missing a beat the woman says, "Yes Mr. XX, we will offer you a lower rate of 8.99%" iirc. I think their normal rate was 12.99 or 14.99. This was a while ago, before the financial meltdown.
Moral: You don't ask, you don't get.

There was a time years ago (kids, kollege, kars etc) my cc debt was north of 10k. I started jumping from card to card with a 2% transfer fees and zero interest for 18-24 months. At end of term, switch back & so forth. Point is you must pay on time and you shouldn't use the credit card for other purchases.
I still get the CC checks from 3 or 4 banks almost monthly asking for account transfers. No mo!

Save. Don't borrow.

yep.this is what i do.about the only thing that goes on my card is fuel.and an occasional hardware store item.i swear we have 10 different credit cards but my discover is the only one that gets used.as for the credit score when we refi'ed this yr they gave us the credit score with numbers but you need to search on line there are places you can get them for free 1 time.and they don't need a credit card like "freecreditreport.com"

You can buy your trans union and equifax fico scores at myfico.com but its expensive. Im not a huge fan of citi bank. They reported my parents mortgage late even though it wasnt and they acknowledge that but wont remove the late mark off their credit report.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

If you put the debt on that no interest card, divide down to make sure your payments will pay it off well before the end of the offered term, then set up automatic payments. Destroy the card. If you owe them even a dollar by the end date, they'll back bill the interest on the total original debt. This is the only way you win with these deals.

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You're a daisy if you do.
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84 Euro 240D 4spd. 220.5k sold
04 Honda Element AWD
1985 F150 XLT 4x4, 351W with 270k miles, hay hauler
1997 Suzuki Sidekick 4x4
1993 Toyota 4wd Pickup 226K and counting

**** Bank of America and CITI......

I had lunch with the president of a local S&L two weeks ago. He said they had the largest deposit base in the County. Meanwhile, BofA, PNC & other larger banks are closing branch doors. Big banks like BofA offer little for the local small business or residents. My .$02.

I did this kind of thing in the past and saved a notable chunk of change by not having to pay finance charges.

A friend took the idea to a logical extreme and converted a home loan of about $180K to several credit cards with 0% APR - and no balance transfer fee - balance and said not only did he get the title to his house in the process but he also saved about $9K a year in finance charges.

There is no down side as long as the monthly minimum - or preferably more - is paid on time.

This kind of opportunity mostly disappeared after 2008 but about 2 years ago offers started to arrive again and again and again. Fortunately, for the moment at least, I haven’t needed this kind of opportunity but would not hesitate to do it again, if I had the need or desire.

The only cards I have are my debit card, my company paid credit card and an American Express card. The $70 a year or so that I pay for the American Express is well worth it to give me a card that REQUIRES that I pay it every month, no options.

Early in our marriage we went through the credit card trap. We worked our way out about 25 years ago and have never looked back.

IMHO, save for a very small group of people with the necessary self control, the worst possible financial decision a young person can make is to get a credit card.

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2001 SLK 320 six speed manual
2014 Porsche Cayenne six speed manual

Annoy a Liberal, Read the Constitution

Monthly minimum payment will NOT pay down the balance within the time limit of the 0% offer. If you put a balance of 3K on a 0% teaser rate that's good for say 18 months, you'd need to pay at least 167 bucks a month, and more than that to be truly safe. The card's minimum billed monthly payment on the other hand would likely be only 30 or 40 dollars. This is exactly where people get trapped on these deals.

I've done this several times. Not out of need but more as a game. Anytime these clock suckers want to loan me money for free... I'll play.

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You're a daisy if you do.
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84 Euro 240D 4spd. 220.5k sold
04 Honda Element AWD
1985 F150 XLT 4x4, 351W with 270k miles, hay hauler
1997 Suzuki Sidekick 4x4
1993 Toyota 4wd Pickup 226K and counting

> Monthly minimum payment will NOT pay down the balance within the time limit of the 0% offer.

Agreed.

> The card's minimum billed monthly payment on the other hand would likely be only 30 or 40 dollars. This is exactly where people get trapped on these deals.

I think you might have intended to write …”where they may get trapped”…

If someone is paying attention they can do another balance transfer near the end of the promotional term.