FMOOD 0116: Beware of the Introductory APR - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.
from 2017-04-11T06:00
Between my wife and me, we've been receiving 0% introductory APR credit card offers at least three times a week lately. I started to wonder why there has been a sudden increase in aggressive marketing from the credit card companies. What I've come up with is that the credit card companies want to see who will transfer a balance or make a large purchase on one of these cards and forget about it until the time comes for the APR to kick in, usually 18 to 21 months later. By then, the standard APR kicks in, and the credit card company can now cash in on their gamble.
While I'm not completely against transferring a balance to a 0% introductory APR credit card, I don't think that it's a good idea to continue to do this in perpetuity. Not only will this hurt your credit score over time, but it will also keep you in debt for longer than you need to be. I think that it's fine to save some money by transferring a larger card balance with a higher APR credit card to a 0% introductory APR credit card to save money on the interest, but I also think that it's necessary to continue to aggressively pay off the transferred balance as quickly as possible. This is the only way that you will get yourself out of debt entirely.
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