Transferring Balance from one 0% APR card to another- Risky?

[Daniel]

Have I figured out a way to get a 0% APR loan for as long as I want?

Steps:
Open up 0% APR Card in my name
Spend Money
13 Months Later Open up a card with another bank which offers 0% balance transfer fees (not 0% APR, as both doesn't exist)
Open up another 0% APR Card in my wife's name which has 60 day 0% balance transfer fees and 0% APR
Transfer balance from first card, to 2nd bank and then back to new card in my wife's name

Wala, another 15 months of 0% APR....

Does anyone see an issue with this?

[Mordyk]

Have I figured out a way to get a 0% APR loan for as long as I want?

Steps:
Open up 0% APR Card in my name
Spend Money
13 Months Later Open up a card with another bank which offers 0% balance transfer fees (not 0% APR, as both doesn't exist)
Open up another 0% APR Card in my wife's name which has 60 day 0% balance transfer fees and 0% APR
Transfer balance from first card, to 2nd bank and then back to new card in my wife's name

Wala, another 15 months of 0% APR....

Does anyone see an issue with this?

get ready     you will now be bashed for spending money that you can't pay off...

[Cappy]

this is called "CREDIT PYRAMIDING"

[SearchGuy]

Why are you so confident anyone will approve you for a credit card by time you have a maxed out credit card?
Also how hard is it to make a balance transfer as a regular purchase? Buy $10,000 with 2 RC's, cash out at ATM and it's yours to pay your bill... no need in another card in your name

[Daniel]

get ready     you will now be bashed for spending money that you can't pay off...

Who said I can't pay it off? Even very rich people take loans if the interest rate is good.

Why are you so confident anyone will approve you for a credit card by time you have a maxed out credit card?

#1- Because they are two different people.
#2- Because I would only use up to 50% of the credit line
#3- And by the time 14 months elapse the other person's credit is fully repaired or better

[Daniel]

Buy $10,000 with 2 RC's, cash out at ATM and it's yours to pay your bill... no need in another card in your name

2 RC's?

[TimT]

2 RC's?

2 redcards, 1 for each of you.

[Daniel]

2 redcards, 1 for each of you.

If you are doing small amounts (and have alot of time on your hands) it may work, but to move a much larger amount quicker, a 2nd card from a different bank seems to be needed.

[TimT]

If you are doing small amounts (and have alot of time on your hands) it may work, but to move a much larger amount quicker, a 2nd card from a different bank seems to be needed.

What amount are you talking about ?

[ChaimMoskowitz]

Also how hard is it to make a balance transfer as a regular purchase? Buy $10,000 with 2 RC's, cash out at ATM and it's yours to pay your bill... no need in another card in your name

...but you need to pay the bill each month.

[SearchGuy]

...but you need to pay the bill each month.

Not if you do the purchase on a 0% APR card, the point is avoiding the second card on his name

[ChaimMoskowitz]

Not if you do the purchase on a 0% APR card, the point is avoiding the second card on his name

When that runs out you still need to get another card at 0%, no?

[etech0]

When that runs out you still need to get another card at 0%, no?

or rob a bank

[SearchGuy]

When that runs out you still need to get another card at 0%, no?

He said he's gonna open a card in his wife's name

[ckmk47]

...but you need to pay the bill each month.

Not if you do the purchase on a 0% APR card, the point is avoiding the second card on his name

Even at 0% you have minimum monthly payments that bite into the principle borrowed.

[ChaimMoskowitz]

He said he's gonna open a card in his wife's name

He wants to get this as long as he wants. Some is going to have to keep opening cards each time the 0% runs out.

[SearchGuy]

Once in 15 months, we do 15 in one month...

[avromie7]

Even at 0% you have minimum monthly payments that bite into the principle borrowed.

So borrow it back each month

[ckmk47]

So borrow it back each month

Either the 0% APR won't hold, or there'll be a 'balance transfer fee' or what ever it's called, of 2 - 3%
So a practical point, is that the entire balance won't  be able to be borrowed at no cost for the entire 18 months.
Otherwise, the scheme has some merit. If you have cash/ funds available to pay it off along the way, you're getting an excellent rate for a loan.  Also, be careful to have funds available to pay it all off at the end of 18 months if it becomes necessary.  (not approved for the right cc....)

[Daniel]

Either the 0% APR won't hold, or there'll be a 'balance transfer fee' or what ever it's called, of 2 - 3%

Many Capital One cards have 0% BT fees