Answers
The interest rate on my cc is 9.99% and my line of credit is currently at 3.25%. The line of credit is a student loan, and I'm not making interest payments on it right now. I am eligible for a low APR ( 0- 3.99%) on balance transfers. Credit card balance is now $3000+ and rising.
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ok so i have two credit cards i want to transfer 1000 dollar balance into a credit card i have thats limit is 500 if i do this does it mean that my credit limit will increase by 1000 after i pay it off on the card i transfer the money into that has a limit of 500?
If you try to transfer $1000 into a credit card with only a $500 limit, assuming the card company will even do it, they will charge you a huge over the limit fee, plus probably change the interest rate. I have had 8 or 10 cards for 20 years and that is the only way I use them, but I would never try to transfer a balance to a card with a lesser line of credit. In fact there is no advantage to transferring a balance at all unless you have a good deal on interest rates. Making two payments in a month rather than one cost you some inconvenience and an extra postage stamp, but that is all. You need more incentive to transfer than that.
I currently have two credit cards. One is a normal card and one is for an electronic store. I recently payed off my normal credit card and I would like to use it to pay off the electronic store credit card, so that I can cancel it. However, I'm afraid that the store may not let me pay off the card using another one. So...
I was wonder exactly how a balance transfer works and if it would be a wise decision in this case? The sooner I pay off my store credit card and get rid of it the better!
The previous answer is correct...but he left out a few "hidden" things...
You will be paying a fee to do this, so make sure you know what they charge before doing it.
And it would be silly to pay off a low interest credit card with one of a higher rate. So verify those also.
DO NOT cancel the old card. It could effect your credit score. Just tear it up and never use it again.
This would be to a credit card I already have that's offering a promotional rate as opposed to opening a new one. The card most of my debt is on is charging me a penalty rate because of a couple late payments. I have already transferred the balance twice in the past year between the two cards. I'm probably going to do it anyway since it will save me hundreds of dollars in interest ,but i was wondering if there was a downside to it at all.
There's no down side, as long as you leave the card open that you transferred from....and DON'T continue to use it. This will show available credit, and your ability to resist urge, and not use it. Keeps your score higher, as long as you don't have TONS of cards out there.
I have 5 credit cards carrying a total balance of $4600. I got a credit card offer for 0% on balance transfers until January 2009. Should I transfer 1 or 2 of the other cards balances to take advantage of the 0%? Or will it be worse for me to be opening another account? I was not planning on closing any of the credit card accounts, b/c i figure it would be better for my credit to have the older ones on there. Does this sound ok?
retain the oldest card, cos it may be helpful for your credit checks. grab the new card that is offering 0% bal trfrs, but try to get rid of your three cards otherwise you end up 6 cards
keep the oldest and another card that u might think u need and the new card and cancel other three.
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0% Balance Transfer Credit Cards
Here’s a money saving tip to look into: you can reduce your debt simply by moving your debt balance around — that is, if you have good enough credit to be able to apply for cheaper debt.
In particular, based on the terms and interest rates charged on your current loans and credit cards, a balance transfer might help you save significant cash. Paying off high interest credit cards and loans with a lower interest loan can add up to hundreds or even thousands of saved dollars. Following is a list of balance transfer credit cards we like:
0% Balance Transfer Credit Card Offers How Balance Transfer Cards Can Save You MoneyHere are the basics: a balance transfer involves moving funds from one loan account to another account. Instead of paying 25% interest on an outstanding credit card balance, why not move it somewhere else where you’ll pay much less interest? If you come across a credit card with a 0% intro rate for a period of time, you can take advantage of this opportunity to pay down your balance as quickly as possible. Or you may find that moving your balance to a lower interest card with no fee for balance transfers can also be a great move.
...News
Can you fight change in terms on credit card?ABC15.com (KNXV-TV) - Oct 24, 2009
Also, try to get a limit high enough on your new card so the balance transfer will be well below 50 percent of your credit limit.WXIA-TV - Oct 23, 2009
NewsHourConsumers with high balances will need cards with low balance transfer fees and interest rates, while those who never carry a balance from month to month The Fixer: The horror! The horror! Of creditall 68 news articles »
CardSmart.co.uk - Oct 23, 2009
The Capital One Premium Plus credit card, for example, offers 0% on purchases until April 1st 2010. The balance transfer rate on the card is just 6.9% per and more »
Stars and Stripes - Oct 24, 2009
You also need to factor in fees, because many balance-transfer deals add 3 percent to 4 percent to your balance. Another option is to pay off your creditHuffington Post (blog) - Oct 21, 2009
On the other hand, it could be a nice little 0% balance transfer offer--handy for the season of spending ahead. Hm. The letter is a little on the light side and more »Moneysupermarket.com - Oct 23, 2009
Sainsbury's Credit Card charges no interest for 10-months on balance transfers and purchases, with a 3% transfer fee. Alternatively, Halifax's All in One How to avoid the HBOS overdraft chargesCredit card company 'ruined my dream of buying a home'MBNA rang pregnant customer six times a day over late payment -all 7 news articles »Live-PR.com (Pressemitteilung) - Oct 20, 2009
Southtown Star20.10.2009 08:02:03 Balance transfer credit card is one of the latest and new means of reducing credit card debt. (live-PR.com) - Balance transfer credit Money Coaching Monday: Credit Card Practices Bankrupting AmericansHow much does your credit card charge you?Credit Cards: Banks look to profit on plastic - -all 84 news articles »
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