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Balance Transfer Credit Card Deal

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Eleanor Said:

Can you play the credit card companies if you have 2 cards and those special transfer balance deals?

We Answered:

Yes, you can use them to pay off each other. Note that you will be charged a 3% fee (usual amount) for performing the transfer.

The one problem you'll have is that when one debt is transferred before the other one, the credit card company may simply transfer the 0% debt back to the other card (instead of the one still being charged interest). That's because one card will momentarily contain its current balance as well as the balance transfer, and the credit card companies reserve the right to determine which charges to transfer over. They're not likely going to volunteer to give up the higher interest charges.

It would work best if you had a 3rd card, and you transferred the balance of both cards to the 3rd card.

Veronica Said:

To transfer or not to transfer? Will a credit card balance transfer help or hurt my credit?

We Answered:

First and most important; It a financial myth to keep a credit card balance . Keeping a credit card balance will NOT raise your credit score. See the yahoo link i have attached. Halfway through the Q & A will explain it in detail.

The best way to build credit is to pay your bills, and all of your bills, on time.

Also, to answer your question. It depends. A credit card balance transfer will not hurt your credit if these conditions are met.
1) The amount you owe is a small percentage of the total amount of credit available.

2) You will be able to make timely payments on both credit cards (the one you transfered from, and the one you transfered to)

3) You don't plan to cancel the old credit card (the one that you made the transfer from)

Actually, you can learn a lot of about credit from the yahoo business link.

Karl Said:

Should I take the no interest Balance Transfer deal and switch credit cards? ?

We Answered:

Find out what the rate is after Nov 2009. If you can pay it all off by Nov 09, it is a great idea. If you cannot, find out what the rate is afterwards. Some cards have this 0% for a period and then jack it up to 20-30% after that and then you're screwed again. Your Ad Here

Discuss It!

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