MemberSince99 wrote:HELL no. They count on you not paying it off within the 0% period to make money, you know. Don't do it.
It is true...part of the math of balance transfers is that some people just won't do it and then the bank sees interest payments down the road. This happened to me and my wife when we balance transferred from Chase to BofA when I first got their card in 2008. It might have made sense if we had discipline about paying it down but we didn't and as a result, the balance transfer amount stuck around like herpes for the next four years until we balance transferred it again to Penfed. This time are not making the same mistake twice. We've already begun paying Penfed and we've budgeted how we pay it down month by month for the duration of the 0% period.