I am a credit card hopper. I got this name because I have had more credit cards then you can imagine. I have never paid finance charges on any of them. How you may ask? That’s the easiest part. I started out just wanting to build credit. If you have ever tried to buy a car or buy a house or anything over the Internet, you know you can’t without credit or a credit card. You can’t even rent a car without a credit card. You need money and you need it fast so you look for a credit card that offer 0% finance charges for at least the first 6 months. If you look really hard you can even find them 0% for up to 12 or 15 months. The one I have even covers all purchases that I make with the card for up to the 12 months. Now that don’t cover cash advances. That is where the credit companies get past the 0% finance charges. If you take a cash advance then you will pay finance charges on the cash advance amount until the card is paid off, and that will be at a very high rate. Now if you don’t take a cash advance and just pay on the card, you need to make sure you are making large enough payments to have it paid off within the 6, 12 or 15 months. Also you need to make sure there isn’t a yearly fee on the card. There are more cards out there with no annual fee then there are with annual fees. If the one you are looking at has an annual or yearly fee stay away from it.
If you see that there isn’t anyway you can pay off your card within your 0% finance charge time limit, then you start looking for a new 0% card right away. By the time your 6 months are up or what ever the time limit is on the card you have, you should be able to have another card ready to HOP to at 0%. This is what I call “Credit Card Hopping”. Most credit cards offer 0% on balance transfers. So as soon as you have found a new card you can call them and apply on the phone for it and do the Balance Transfer on the phone. Just make sure if you have a payment due on your old card you check with them and make sure it has been paid off by the other company so you’re not late on you’re payment because it normally takes about 3 to 4 weeks for a transfer to go through. As soon as you know it is paid off you just start the whole process again.
Just keep in mind the credit card companies want your business more then you need them. They want your business because they know if you take their card for 0% there is a big chance that when your time limit is up they will make money from you on you remaining balance.
I use my cards for my dog business I have. I raise and breed Shelties and it can run into a lot of money that I don’t always have. I love my dogs and want the best for them. So I had to learn to be a credit card hopper.