The funny things about credit is that you need to acquired debt to build credit and increase your FICO score as it has an impact on your ability to purchase a home, car, rental an apartment, or even get employment. Credit cards if managed poorly can lead to severe hardships and money issues so be very careful when managing debt. Most credit cards have a zero percent introductory APR and zero percent introductory balance transfer APR with a balance transfer fee.
Banks hope that you will forget when the zero percent introductory period ends so they can charge interest, ranging from 14%-27%, on the balance. Some of us are savvy with a great FICO score and can open up a new card every year with zero percent interest and just move the balances around until it’s all paid off. However, the credit card game is a hustle. Therefore, you’re more likely going to get hustled if you choose to play the game for an extended period of time given fluctuations in the economy and possible changes to your job or financial situation.
It’s possible for you to improve your credit availability having multiple $50k credit cards with very small balances, if any, at zero percent. This would be helpful when starting a business after developing a bullet proof financial business plan with solid repayment strategy. However, if there is an inability to make adjustments and there is a balance at the end of the introductory period the consequence is significant.