I knew it would happen sooner or later. Every since I paid off the remainder of my credit card debt, my credit card companies have not heard from me. Of course, what I mean by saying they haven't heard from me is that I have not used their credit card. There are only two cards that I use on a regular basis and that is only for the rewards. I no longer carry a balance and I pay off the balance in full each month.

Today, I got two offers from two different credit card companies offering me easy money because "I am a valued customer". One company "valued" me so much, they offered a 2.99% balance transfer for 6 WHOLE MONTHS (why can't I have a year) and the balance transfer fee is ONLY 3%. The letter encouraged me to take advantage of my entire $10,000 credit line.

Let me make sure I'm understanding you correctly. You want me to use your money for 6 months and charge me $300 up front plus monthly interest for the privilege to do so? NO THANKS! I'll pass on this "deal". In fact, the letter and checks they sent have already been shredded.

Had this been a few years ago, the OLD me would have jumped all over this. I would have promised myself I would pay it off in full before the special rate expired and when the rate actually expired, I would have some excuse for not paying it off and continue to carry a balance at the regular interest rate.
The NEW me is not having it. The NEW me does not like debt anymore. The NEW me knows that credit card debt is bad.
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  1. Anonymous // February 6, 2008 at 8:36 AM  

    Yeah, it's somewhat of a scam. It's only useful if you're transferring debt you ALREADY have to a lower interest rate (don't forget to include the 3% 'fee', but sometimes the fee is capped, which makes the % less).

    I'm not great about these either, but if people can transfer a TON of money from a 22% interest rate to a lower (say 5-7%) then it's not so bad.

    I've done this. and it's how I got all of my rates from 20+ to under 9%. Like anything else, gotta use it carefully or you get burned.

  2. Anonymous // February 6, 2008 at 8:40 AM  

    SGM, You should try the prescreen opt-out (www.prescreenoptout.com) and that will cut down unsolicited credit offers. I did it over the summer and we hardly get any "great" offers from credit cards now.

    Unless of course you enjoy shredding those offers!

  3. Katie Gregg // February 6, 2008 at 4:03 PM  

    Isn't it funny how, as soon as you get your act together, the credit card companies try to suck you right back into the debt vortex??? No thanks. :)

  4. HighClassLowIncome // February 6, 2008 at 4:49 PM  

    Good for you! I closed a credit card the other day and had a similar experience with the CSR offering me some "great" offers to keep my account open!

  5. Noel Larson // February 6, 2008 at 10:12 PM  

    I don't believe that there is anything wrond with balance transfers that save you money.

    But then chop up the card.

    You have to probably keep the other open if it has been around for awhile or it will hit your FICO score.

  6. Anonymous // February 7, 2008 at 7:18 AM  

    Awesome! I already get joy out of shredding those terrible offers. Once ALL of my debt has been paid off I know they'll only try harder.

    Yay for new you :)

  7. jesie // February 9, 2008 at 1:01 AM  

    It's a good move to get out of debt. If we are determined, we can do it.

    I have been getting credit card offers from airline companies and hotels which I have been shredding.


  8. Anonymous // February 12, 2008 at 6:31 PM  

    I'm in the same boat. I haven't used my credit card for two months now. It feels great because I don't have to worry about my dues.

    Keep it up. Don't get tempted with the offers....