Just wanted to give everyone a heads up on a new card that was introduced by Citi. It's calledCiti Double Cash Card. It pay 1% cash back on purchases and then another 1% cash back when you pay for them. Effectively 2% on all transactions. No annual fee. Currently, 0% interest for the first 15 months.
This Citi card now trumps the 1.5% cash back that the Capital One Quicksilver provides. The one flat rate can be nice, so that you only need to handle one card and still get cash back.
We are currently using a few different cards to get a combination of cash back at higher percentages. It can get very difficult to keep track. So I highly advise against this if you would have any trouble keeping track of different cards and their balances. I also don't recommend getting new credit cards if you would not be able to pay the new balance in full.
I will also say I'm not against people who are paying off debt to move balances to 0% cards. If you do this you need to know that nearly all cards charge a balance transfer fee of at least 3% of the balance transferred. You need to have a plan to pay off the balance you will transfer within the time frame of the 0% promotion. Otherwise, your interest rate will rise and could be higher than your original card! I would determine the balance to be transferred, add in the fee, then divide by the number of promotional rate months to determine a monthly payment. If you can meet or exceed the monthly payment you set for yourself, then you are in great shape to reduce debt and pay no interest!!
Is anyone using a 0% card to pay down debt? Did you use one in the past to accelerate your payoff?