This article from MSN Money is warning the readers of those sweet-sounding credit card offers, such as 0% interest for the life of a transferred balance. Their tips:
Clarify the deal. You may have to make a purchase every month, and if you do, your payments go towards the transferred balance first.
Be suspicious of the letter. Just because it says you’ve been pre-approved, it doesn’t mean that the rates and credit line advertised are what you’ll receive.
Watch your steps. Everyone lift your feet one at a time.
Be punctual. One late payment and the sweet 0% deal goes away. Sometimes they’ll charge you interest for the original balance even if you’ve made payments at 0% already.
Updated February 6, 2012 and originally published February 17, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.