For transfers or otherwise?

I would check fatwallet. When I was looking for a new credit card, I did a lot of researching there.

I ended up with the Chase Rewards card. It had a 0% balance transfer, but I didn't use it. Therefore, I can't tell you how long it lasted for.

I get 1-2 offers every frickn' day. Chase seems to spam me the most though. I've got 0% for life on two discover cards.

I think I've seen Amex Blue come in my mailbox recently...0% of transfers for 15 months

Anyone ever use those checks the come with credit cards....like 3.99% for the LIFE of the check? This is actually a lower interest on a home loan arm I'm paying, so would that be a better way for me? Is there a catch on these checks?

Most of those checks have a charge associated with their use, like an additional 3% of the amount for which they're "cashed." Additionally, since it's technically a charge to your credit card, you have to pay the amount off within the promotional time period, or you'll be hit pretty hard with the accrued interest. I used one of those checks to pay off another card, because I wasn't allowed to do a balance transfer, and I have to "pay off" that check by October, or I risk encountering interest fees. Does that make sense?

Basically, they're not a bad deal if you know how to use them. Read the fine print, because that's where they'll get you.

And CreditCards.com has a pretty good comparison of various credit cards available. I signed up for a Citi card last night, just for the 12-month 0% transfer option. I'll probably dump it afterwards.

Actually, I think DJ was referring to balance transfer checks good for the LIFE of the loan -- with these, there is no set "pay by" period. (Obviously, you'd also need to make sure there's no up front balance transfer fee.)

As far as substituting these balance transfers (BT) to replace a mortgage, you'll need to consider a few things:

1) Is your mortgage AFTER TAX DEDUCTIONS higher or lower than the BT rate?

2) What % does your credit card ask you to pay as your minimum payment every month? Usually it's somewhere from 1.5% to 3% of your balance. Is this an acceptable monthly payment for you?

3) Can you accept the risk that the credit card company may increase your interest rate? Most banks say that if there is anything bad (any missed/late payments, etc) on ANY account you have (it could even be a credit card at a competitor), then they can jack up the rate on you. Would you be ready to move money around if your 3.99% rate shoots up to 24.99% overnight?

There are many other questions, but i think #3 is the main reason to avoid paying a house with a card... Just make sure you do your calculations/homework and have a backup plan if things go awry...

I was told that opening and closing CC's in a short span of time has a negative impact on your credit score. Can someone point me to a reliable source that either confirms or refutes that?

thanks.

Dude

Google 'negative impact credit score'. You get so many hits, it's not even funny. Basically this is the moral of the story:
"Every time you apply for a new credit card, your report will be marked with a lenders' inquiry note that could have a negative impact on your score. Anytime you apply for a department store card or even a bank loan, your report will be marked. A few of these inquiries are O.K., but it's best to keep them to a minimum."

most of my cards are business cards. AmEx business platinum 0% on everything for 15 months. Advanta business platinum 0% on transfers for 12 months.

Or make 'em all at once to minimize the impact.

Do a search on the fatwallet finance forum for "BT". You'll find a lot of discussion about 0% BTs. I've been doing the 0% shuffle myself for a while now, on all my old CC debt.

Thanks for the info exm. I am aware of the facts you mentioned. What I still am not sure about is whether closing an account after a short period of time would negatively impact your credit score.

Opening hurts your account; closing doesn't if the account is open for a short period of tim.