Yes it is negotiable!!! THE KEY is not to be black listed... Just keep in mind, for a bank to profitable they would have to give CH an interest rate of 14.99% to break even... I KNOW, it sounds CRAZY!!! (This is a long explanation so I'll write an article about this later...)
Since the banks are giving away 0% at a lost... they absolutely keep track of every little thing you can imagine.
Not everything but here's what they do:
- track where the BT payment went (what creditors) and at what rate/duration (calculation purposes when you "rate surf" back)
- when you took out the next promotion rate and how much you take out (see if the balance grew, declined, stayed same - checking to see if your profitable)
- monitoring credit profile to see when the competitors balance changed and to what amount (same as above - checking profitability)
**this gets really deep and only upper management knows of this - most people who answers the phone will not**
**oh, and for legality issues they cannot give your information to other companies BUT banks can share information within**
Other Tips:
- When you do a BT have the bank wire the funds into your checking account as an ACH (if the same rate applies). NOW, you have the ability to write a personal check to the friendly competitors without you leaving paper trails with the bank. **ACH make sure it goes to another banks checking account**
- If it is at a 0% - take all of it (this will sometime throw off the indicators and make it tougher for the banks algorithms/calculations)
- Try to keep separate credit cards for wife and husband - you can flip back and forth (always use the... why does my wife have a better %?)
**also tougher to keep track - this is another long one... i'll explain later**
The norm for 0% is typically 9 months exceptions:
- Towards the end of Quarters if I as a manger needed to hit my numbers they will be more than willing to give out that longer 0% - just keep in mind - if a CH asked for a 0% for 12 months $5k, they will not get it... compared to a $50k BT
- Ask to see if they have any NEW CARDS with a 12 or 15 months 0% promo... You are not going to apply for a new card BUT "chop" your credit line to the new card (bank term is call a "high-line distribution") - since you are already approved on your current credit line, they will not pull credit report.
**hope that helps...***
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