Should I transfer my credit card balance?

Credit and mortgage advice Forums Consumer Credit Credit Cards Should I transfer my credit card balance?

This topic contains 5 replies, has 6 voices, and was last updated by  Anonymous 7 years, 7 months ago.



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  • #215013

    Anonymous

    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?



  • #278256

    Anonymous

    Yes! Consolidating into 1 payment with no interest is a good idea. If you cannot pay off the balance by next January, transfer again to low or no rate card.

    If you continue to use one of your other 5 credit cards, pay it off in full in each month. I switched to a Diners Club Master Card that requires full payment each month to avoid accumulating credit card debt. It has worked well for me. Although the fee is high ($95/year), it has forced me to keep my spending in check.

  • #286320

    Anonymous

    Transfer to the 0% and close the unused cards. Unused cards do nothelp when applying for a loan if you have too many of them.

  • #287331

    Anonymous

    There is almost always a transfer fee (per account), so check that first. Calculate how much you would actually save in interest between now and then and make sure that it would be well over the amount of the transfer fee. Also be VERY careful that you always pay the new account ahead of time. There is a clause that says if you are late (by even a day) that it will default to a higher rate. Sometimes as much as 20%.
    If they are all bank credit cards (as opposed to store credit cards), you might want to close one or two of them if you open this new one. Having access to too much money can cause temporary credit problems.

    One more idea that has worked for me – call the customer service numbers of your existing account, tell them about your offer and that you are planning on doing a balance transfer, and see if they won’t lower your interest, if not for the life of the loan, but at least for the 11 months that you’d have if you transferred the money out.
    Good Luck!!

  • #287657

    Anonymous

    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.

  • #290909

    Anonymous

    Go for it, it will definitely save you some money and make sure you pay them back before 1/09

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