Balance Transfer Credit Line

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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2009-09-16 09:58:55 by JeN

www.bestcreditquote.com - Compare leading balance transfer credit cards including 0% introductory APR and $0 fees.

I have a line of credit at a bank at about 16% APR. Can I transfer that balance to a credit card to get a lower APR, or even a 0% APR using a balance transfer offer? I have a credit score of 650 (which I have read on the internet is considered "very good").

Well, maybe. Is your line of credit on a card, or is it an open line, or is it based on ownership of something (most lines of credit at banks are open lines based on a mortgage or ownership of a vehicle). I would say call the credit card you're considering using for the transfer and ask them. If they don't know, go and talk to the bank. Tell them the interest rate is too high, and you would like them to lower it because you have decent credit, you've been making regular payments, you have a job, etc. If they refuse to lower it, tell them you are considering taking out a cash advance on the credit card (another option you have) to pay off the entire balance, so they won't be earning ANY interest at all. If they still won't change the interest rate, take out the cash advance off the credit card (it should also have a low or 0% interest rate) and pay it off. There will be a fee to do it from the credit card company, but then you don't have to deal with the bank.

2007-09-03 14:10:29 by Ryan H

I have a home equity line with a balance of $87,000 at 7.99% and an offer for a credit card with 0% interest for a full year. I figured if I transfer $20,000 to the credit card I would save about $100 per month in interest. Is this a good idea? Will it hurt my credit to have that on a credit card? Is it better to leave it alone and take an interest deduction on my taxes?

No it is not a good idea. Yes it will hurt your credit. If you transfer the amount to a credit card it will no longer be tax deductible. The 0% will eventually go away after a year and you will probably still owe plus you take the risk if you miss a payment for any reason your 0% will go away. Check the small print. Also if you run up your credit card balance over 50% this will hurt your credit. 7.99% on a HELOC is not bad. If you want to reduce your payment check into combining your first and HELOC. Depending on various items it could reduce your payment.

2006-10-18 12:48:54 by kdk101001

For instance you get a card limit of $1000 dollars, could you transfer a balance more than that amount?

Balance transers work the same as purchases. If your credit line is 1000$ you could transer up to that amount from another card and no higher.

2007-02-23 08:49:41 by jagvore11

I have $18,000 in credit card debt on four cards and the average interest rate is 18-20%. My income is only about $21,000 so I'm paying the maximum I can every month. I've been able to make minimum payments and have only missed one or two in the past five years (by mistake, not because I didn't have funds).

However, at this rate my balance never goes down and the credit card companies keep getting richer off pigeons like me.

I think I can get a line of credit from my bank at 10-13% or possibly a loan from a credit union.

My cards are close to their maximums so I don't have much room for balance transfers - maybe a little.

Wondering if I should just go for the credit line since the rate's better and interest isn't compound. Or maybe do a combination of the two and even apply for another card which is offering 0% APR on balance transfers. Would this affect my credit rating which is still good (about 650 I think)?

Any other options I might consider?

Thanks!

you should transfer your debt to a line of credit. if you pay the same amount monthly but at 10-13% you'll be paying off some of the capital and eventually be debt-free, if you don't borrow other money. try to avoid using credit card and paying cash. if debt is a very old habit you might want to read some books about how to get out of debt, or go to debtor's anonymous.

2008-07-02 00:47:45 by candymansf