Ok. The next job is to manage your credit card account. You should be careful that if you miss one payment, your default APR will be applied. In another way, you lose the promotional 0% APR offer if you miss one payment.

You have to pay the credit card minimum payment on time every month. Basically, you can do this either by pushing the money via check or online billpay to credit card account, or by having credit card account pull money from your bank account.

Usually what people do is to send the credit card issuer a check once you receive the monthly bill. It’s OK in most instances.

Another way is to use your online billpay at your bank account. Believe this is a very basic service that any bank should provide. It’s free and must be free. The process is very simple. You have to add a payee in your bank account, enter the address of the payee and then put your account number there. Once you finish the registration process, you are ready to go. Every month you can simply add the amount you need to pay, and then schedule the payment date. The bank will handle everything for you. This is what I’m doing right now. You can also use the repeating/recurring payment service from your bank. I know Chase and National City bank offer such kind of service. You just have to set a scheduled amount at the very beginning, and then the bank will send a payment to the payee every month. Since the first minimum payment will be largest minimum payment, you can send a same amount for the following months. You are all set! (I strongly recommend using the repeating/recurring payment service.)

You can also pay the minimum balance from your credit card account. You can set up your payment method online. And then connect a bank account to your credit card account. In this way, you can schedule a payment online.

Anyway, current financial services are much better than before. Please make sure you won’t miss a payment.

The purpose of this series is to let you know how to make money by taking advantage of balance transfer offers. I can foresee that the balance transfer offers without any charges will be no longer available soon. If you want to take a try, please hurry up.