Balance Transfer Good Deal Yes or No?

Credit and mortgage advice Forums Consumer Credit Credit Cards Balance Transfer Good Deal Yes or No?

  • This topic has 2 replies, 3 voices, and was last updated 10 years ago by Anonymous.
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    • #216206
      Anonymous
      Inactive

      I have a cap one card with a 900-1000 debt on it and the finance charges are around 15-20 a month. I’m think of transferring the balance to another card.

      Here are the details:

      1.99% rate on balance transfers until November, 2008
      There is a balance transfer fee of 3.00% of each balance you transfer with a minimum of $5.00 and a maximum of $75.00 per transfer.

      If it’s not paid by November the Apr goes to 19.99%
      The Balance on the Capital One card is 906.45



    • #285663
      Anonymous
      Inactive

      Take the balance transfer, if it is a better interest rate
      Divide the amount you are borrowing and divide by 9 months(to Nov 2008) and thats how much you will need to pay back before incurring the higher interest rate. DO NOT use the card for any purchases once you transfer the balance. Call the card company and see if you can get the rate lower or extended time period. Call your other card companies if you have them and see what rate they can give you.

    • #286629
      Anonymous
      Inactive

      Balance transfers can have a negative impact on your credit.

      Read this article…

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