@kremonis wrote:New credit cards sometimes allow you to balance transfer for free within short time window. You get no interest for many months.
Paypal has a product called Paypal Credit witch like a "buy now pay later" in six months. While intriguing, I found the product to limited for me to use.
I am curious if there is a credit card version of this product? I would envision it working something like this:
1.) Each month your allowed to balance transfer, without a fee, from other credit cards up to your credit limit.
2.) You get 180 days from the day the balance transfer takes place to pay back the total as a balloon. Your payments would be 1%-3% of the principal each month until the balloon comes due.
3) Failure to pay the balloon in time results you owing remaining principal plus deferred interest.
Does such a product exist?
Probably the closest thing you will find to "Does a permanent balance transfer credit card exist?"
Would be credit union credit cards. ... or if you have as many cards as I do,
i always have a 0% offer somewhere or 3, 4 or 10 of them
The 'no balance xfer fee' part might be a challenge. NFCU is always no xfer fee, but I don't recall seeing [m]any that also is 0%.
In my opinion the best permanent balance transfer cards are credit union, platinum, non-rewards, no-balance-transfer-fee cards. Many credit unions, large and small, have them. The best of them have no cash advance fees either. And the best of those allow online cash advances (i.e. directly into your checking account from the credit card).
^^^^ This. What @SouthJamaica said. Theres always a great intro promotion and since they don't carry rewards (for the record I'm talking CU Platinum cards), the interest rate is considerably lower on average.
FNBO offers balance transfers of 4.99% and 6.99% for the transfer until it's paid off.
Yes, there is a fee, but at 3%+4.99% you could have an effective rate of less than 6% for 3 or 4 years.
