balance transfer
Date: Thu, 06/19/2008 - 06:38
Terry
"balance transfer" means you are moving your debt from one credi
"balance transfer" means you are moving your debt from one credit card, noramally to another credit card or to a line of credit with a lower interest rate. There is really nothing to it. If you apply for a new lower interest credit card and if you are approved, you just give them the account number from your other card, name and address and they send them a payment and then you start paying the new card company...
u mean d new credit card company will pay off the debt from my e
u mean d new credit card company will pay off the debt from my earlier card?
Yes, but beware, a lot of times when you make transfers like tha
Yes, but beware, a lot of times when you make transfers like that for a lower interest rate, the new rate isn't locked in, it's usually for a limited time, then it jumps up to whatever is on the agreement, read it carefully!
@ lmale n shazzers ....hey u guyz really rock. thankzzzzz n luv
@ lmale n shazzers ....hey u guyz really rock. thankzzzzz n luv u guyz
Terry
Some credit card companies also charge a fee for balance transfe
Some credit card companies also charge a fee for balance transfers. Watch out for those as well. Also if you decide to make a balance transfer I would advise that you close the original card otherwise you will be tempted to use it and find yourself in the situation where you now owe two credit cards 4,000 instead of just one.
In reality a balance transfer will not actually save you a lot of money if you can not get approved for a good fixed rate. Most of them offer 0% for 3 months or so and then they revert to a variable rate based on prime which means they probably revert to the same rate you already have. Really what you need to look for is a card with a 0% intro offer that reverts to a good low fixed rate but they are hard to get if your credit isn't that good. I currently have 2 credit cards that are 13% fixed which is a really good rate for a credit card. Try to get one of those with a 6 month 0% intro. The real goal is to pay the debt off though. A simple balance transfer is not going to do that for you.
WOW !!!! I MUST SAY ALL THE ANSWERS WERE QUITE INFORMATIVE. BUT
WOW !!!! I MUST SAY ALL THE ANSWERS WERE QUITE INFORMATIVE. BUT I HAVE A QUESTION REGARDING BALANCE TRANSFER? I HAVE READ IT IN MANY PLACES THAT BALANCE TRANSFER IN ONE WAY OF CONSOLIDATING DEBTS? IS IT SO? ANY HELP ON THIS MATTER ?
Yes it is. I used two or three offers of balance transfers (z
Yes it is.
I used two or three offers of balance transfers (zero percent interest for 12 months). The $75 in transfer fees were a drop in the bucket compared to the interest I was paying.
Yes you can consolidate debt by doing balance transfers. For ex
Yes you can consolidate debt by doing balance transfers. For example, if you owe 5 CC's $400 each you could consolidate that to one card at $2000. If your credit is good enough to get the one card at $2000 then this consolidation should be easy to do but it really won't have much bearing on your credit report. It will affect your monthly payment though by making it one payment per month instead of 5 and it should lower that payment some especially if you get a better overall rate. Again the goal is to get the lowest rate fixed possible not just jump on the 0% train. The 0% intro is nice but if the card defaults to a worse fixed or variable then you already have it could end up being a worse deal depending on how long the 0% is for. If you can get a 12 month 0% like Morningstar did then float it to another 12 month 0% consecutively you could end up saving some decent scratch but keep in mind the goal is to pay the darn thing off not just float it.