- Discussion board

I plan to open a credit card with 0% interest for the first three months with 9% ongoing and 0% for balance transfers.

My plan is to transfer a balance over right away from an existing "united airlines" credit card with high interest rate, pay off the new credit card in a couple of months and then chop it up.

Are there any hidden costs? There is no fee for the new card I want, and with 0% interest for 3 months, my understanding is that I can pay off the balance with absolutely NO finance charges or late fees and then be able to cut up the card with no penalties to me. Is this correct?

Who issues the card? I would assume that would be ok. If that card has a 9% rate after the 3 months, I would keep it. That's definitely a prime rate card. Plus, it would be a waste of an inquiry into your credit if you just used the 0% rate and cancelled the card.

in response to the original question: i think there MAY be hidden fees. check the fine print of your OLD card and see if it says anything about "balance transfer fees". some cards (I have an MBNA card like that) allow you to transfer balances at low APR, yet charge you a percentage of the amount upfront. watch out for that.