0% credit card transfer to pay off personal loan
I purchased a rental property in cash (half personal funds and half using a 48 month personal loan from discover at 7%). I just got an offer from Bank of America for a 15 month 0% $0 balance transfer. I am currently 6 months into the loan and am considering doing a balance transfer to eliminate the interest. I have the ability to pay off the balance transfer in the 15 months and have reserves to cover the loan but would prefer having the liquidity. Are there any risks to this strategy I am not thinking of? Seems like a simple way to save decent amount of money in interest.
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@Michael Plante I said no because the deal is straight forward and it is an interest free loan if you follow the terms of the agreement. What happens when you don't follow the terms of your mortgage? People seem scared to take a no interest loan on a credit card but seem eager to pay hard money lenders a few points and 12%. Successful people manage money. Money manages losers.