There is really only one way to beat the credit card system. Get the credit card companies to lend you money at 0% interest and then pay if off before the card company is able to make you pay any credit card interest at all.
In order to do this you need a plan – and the right credit card or credit cards! The first step is to look at your existing credit card borrowings. If you don’t have an existing balance then you can simply take out a new purchases credit card with a 0% interest introductory rate. You can normally get 12 months interest-free with a new purchases credit card – sometimes longer.
Once you have your new credit card, work out how much your monthly payments will need to be to allow you to pay the balance off completely before the introductory period runs out. Then make your new purchase and set your monthly credit card payments at the required level. Keep the payments up and hey presto! You just beat the credit card system and got yourself some free credit.
But what happens if you aren’t able to pay your entire credit card balance off before the 0% interest new purchases offer period expires? In this instance you will have to take out a balance transfer credit card just before your new purchases credit card deal expires. Transfer your balance to your new credit card and keep paying it off as quickly as you can. Voila! Sooner or later you will have repaid your debt and beaten the system.
The same applies if you have existing credit card debts and you want to reduce the amount and/or the number of credit card payments you have to make each month. Apply for a balance transfer credit card and transfer any credit card debt you have to the new card.
Work out how much you can afford to pay off each month and set up your monthly payment. If you manage to pay the whole balance off before the introductory offer runs out then congratulations, if not then take out another balance transfer credit card and repeat the process until your credit card debt is repaid.
