New offer, same company
The consumer receives an offer from the same card issuer to which he or she owes a balance. Wow…the consumer can transfer that 18 percent interest rate to 0 percent for one year and save all kinds of money. Not so fast. The cardholder agreement states that the credit line on this offer can not be used to pay existing debt with that issuer, but they’ll gladly let you transfer debt from other cards.
The moral of the story: Read the cardholder agreement and know the terms before applying. Credit inquiries can lower your credit rating, plus the card may be worthless to you if the balance you wanted to transfer is not allowed.
