Tips for Credit Card Surfers

Moving money from credit card to credit card to take advantage of interest free
balance transfers and effectively borrowing money for free. It's even possible to make
money by borrowing money, transferring the debt to an interest free card and
investing the cash in a high interest savings account until the interest free period
expires.

However, if you plan on being a serial card surfer, there are a number of things you
need to do.

Firstly. Make sure you read the terms and conditions of the card to which you're
transferring your balance and are aware of exactly what you're signing up for. Some
cards, for example insist that you spend a certain amount per month on the card in
order to qualify for the interest free balance transfer.

Secondly. Never, never, never spend any money on the card to which you transfer a
balance. This is because, your monthly payment is always put towards paying off the
transferred balance. This means that you will pay interest on everything you spend,
even if you pay off as much as you spend every month.

Finally, make sure you know and write down the date that the balance transfer period
ends. Better still, set an alarm on your mobile phone or PDA for seven working days
before the expiry date. That will give you enough time to pay off the balance before the
interest free period ends.

Follow these simple guidelines and you can surf from credit card to credit card and
never pay any interest on transferred balances.