Rate surfing can be a good way of reducing debt but there is a risk. To avoid long term damage to your credit rating, it's best to make sure you do it right.
Rate Surfing Research
First of all, start by researching the current rate offerings to see which one is best for your circumstances. Many people opt for the 0% interest deals, as these allow them to apply the payments the make to clearing any outstanding debt. These deals usually last for a limited period (between three and 12 months), so canny rate surfers will need to be on the lookout for the next deal.
Keeping Track Of Interest Rates
With rate surfing, it is essential to move to the next card before the reduced interest period runs out. If you don't, you could find yourself with hefty payments to make. If you're surfing with many credit cards, you'll need to keep track of the different offer expiry dates so you don't get caught short. Keeping track of these dates can be as simple as writing them down on a piece of paper.
The more technically savvy may prefer to use a spreadsheet for this purpose. Whichever system you use, it's worth using a calendar to keep track of the dates when you need to apply for new cards and move money. If you have an electronic
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