# Hey people with non-0% CC debt

**URL:** <https://forums.speedlife.net/t/hey-people-with-non-0-cc-debt/22288>\
**Category:** NYSpeed Off Topic\
**Created:** [December 29, 2006, 11:02am UTC](https://forums.speedlife.net/t/hey-people-with-non-0-cc-debt/22288 "2006-12-29T11:02:24Z")\
**Posts on this page:** 1\
**Showing post:** 33

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**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\
**Post date:** [December 29, 2006, 7:27pm UTC](https://forums.speedlife.net/t/hey-people-with-non-0-cc-debt/22288/33 "2006-12-29T19:27:55Z")

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> [@JoesTypeS](#):
>
> it’ll actually help your score b/c youre opening a new account and transferring an existing balance so your overal utilization will be lower
> 
> ex: you now have 1 3,000 card maxed out, you’re at 100% utilization…you transfer that and now have 2 cards with a total credit line of 6k using 3k or 50%
> 
> If you make the 2 transactions/month small you’re talking about like $60-$100/yr in interest which on soemthing like a $3K balance transfer is pretty fucking good.
> 
> I’ve never balanced transferred before so I don’t really know how it works, but aren’t the balances on the account kept seperate (ie, you’re approved for a $2,500 limit and transfer 2,500 does that effect the new limit?)

Yeah, I was talking more about using the card as a large (15k+) low interest loan. For example, pay off your car payment with it. That wouldn’t be good for your credit because you’re closing out a secured loan and replacing it with a whole lot of unsecured debt.

And as mentioned, miss one payment or make one payment late, and BAM… 15+%, and possible addition of accrued interest. Yeah, don’t forget that little part of the fine print. Just because you’re getting 0% doesn’t mean they aren’t keeping track of just how much interest you _could_ be paying. And if they have that line of small print in there, they can whack you with all that back interest because you broke the conditions of the original 0% offer.

With a traditional loan there is probably a late fee, and maybe a grace period, so it’s much more forgiving.

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