Balance transfer on CC from one card to another

Hey anons why are you not transferring balance from one credit card to another and then repeat again. This way you could credit everytime right?

A->B->C->A

I understand there's processing fees but that's just 1%

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blog.credit.com/2016/08/why-cant-i-pay-my-credit-card-off-with-a-credit-card-154427/
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Anybody

Its kind of difficult to do without a point of sale I think

No? Why do you need point of sale

pic related literally made me sick to my stomach

Lol OP pic?

Can you elaborate please OP?

Are you saying that I buy something with 1 credit card, then use a second credit card to pay off the debt of the first card, then a third credit card to pay back the debt of the second card, and then the first one again to pay back the debt of the first?

So I'm infinitely in debt but not overdue until the interest owed finally exceeds my total amount of credit? Is that what you're saying?

Because you can't pay a credit card off with another credit card. That's not how it works. You have to refund the card using a point of sale. It's also against the law to do it repeatedly. Get off my board, kid.

blog.credit.com/2016/08/why-cant-i-pay-my-credit-card-off-with-a-credit-card-154427/

But am I wrong that interest would pile up over time so much that it would end up being more than your credit limit, so you couldn't do it indefinitely?

Ignoring the fact that it's illegal, I just mean hypothetically.

Why would anyone transfer balances on credit cards for the ridiculous fee?

>have credit card with balance and apr
>get a new credit card with 0% intro apr
>deposit all paychecks on the old card
>make all purchases with the new card
>...
>profit, balance transfered for free

I've been doing it for years... 0% APR motherfuckers

Essentially.

>credit card 1 ex - 12 months 0% APR
>max it out
>pay min each month, nothing more
>months 9-10
>get a second credit card
>ex - 18mo 0% APR, 0% balance transfers for 18mo too
>do a balance transfer
>there is a fee but it'll be less than paying interest on a traditional loan
>rinse and repeat

In theory you can borrow thousands of dollars as long as you can pay 25-35 per month in most cases.

Your credit score tanks though right?

And once your credit score gets too low, you stop being offered 0% APR cards?

You do realize balances over 30% of your total credit fucks your score, you are probably in the 500s now

I have 14 cards combined 72k credit limit.

So no, having 2-5k in balances ain't hurting me for shit.

AMEX is reporting my current FICO at 743.

OP here and I knew someone was already doing it.

Where I live we don't get 10-12 month interest free credit but we get 2 months interest free so I think Imma try this.

And I must add there's 1% processing fees

But you're constantly in debt...how the fuck?

Merchant Magic

>carrying a balance
give it back tyrone

If the interest is 0%, it's free money.

Well that's just fine, good for you, but you should work on your communication skills because the process you described - maxing out a card, paying only the minimum, transferring, "rinse and repeat" - obviously isn't what you actually do because if it was then all your cards would be maxed out. You obviously pay them off, totally different story

>why are you not transferring balance from one credit card to another

Because all my balances paid in full on all three of my cards every statement. Credit score in the 780-790s.

It's like you're TRYING to get jewed. kys onegai.