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jaimmiee | I have a credit card question. My credit card is up to its limit and im making monthly payments to pay it off. |
Is it a good idea to do a balance transfor to another credit card for lower intrest rates or does that just make it worst. Did anyone ever do a balace transfor? and does it help? |
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Credit Guy
 |
Yes, it's always a good idea to transfer balances to lower interest rate cards if it saves you money.
I've done plenty of balance transfers.
Once your older card is paid down to $0, don't close it! It will hurt your credit score. Leave it open. And remember to keep all credit cards balances under 30% of their limit. |
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nowhereuare
 |
If you do a balance transfer to get the lower rate, cancel and CUT UP THE OLD CARD. Do not get anymore credit cards and only put on the card what you can pay for in the next month in FULL. I think it's ok to do this, but you really need to pay it off so that you are not in debt up to your eyes for the rest of your life. Try to pay at least the finance charge doubled so that you can chop away at the balance. |
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Lianne
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Balance transfers usually charge around 3% of the amount transferred in fees in addition to the interest charged month to month.
In order to determine whether a balance transfer is right for you, you need to break out the calculator.
How much of a monthly payment are you willing to pay towards this debt.
How long will it take to pay off this debt with this monthly payment?
How much interest will you be charged in total during that time it takes to pay off the debt if I stay with the original card?
How much interest will I pay in total if I transfer the balance? Add the balance transfer fee to this number.
If it costs the same or more to transfer the balance, just keep it on the other card, but if you will save money by transfering the balance, then do so. |
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Lola
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I did it, but they didn't transfer the whole amount so I ended up making two payments instead of just one. However, it did lower my rates on at least some of it, which in the long run saved me some money. |
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burt
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transfering for a lower balance will help a little if you are only making minimum payments.
I found interesting information about your answer & options here. Goodhttp://all-debt-consolidation-loan.blogspot.com/2007/07/loan-consolidation.html Good luck! |
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David
 |
You know I have this problem as well and I think that best thing to consider would be the applicable rates. Normally, balance transffer would give you around 1% monthly interest but payable in a fixed number of months meaning you cannot pay so much in a month because that would pre-terminate the contract. And pretermination of contract would mean higher interest rates.
On the other hand paying the minimum due has a bigger applicable rates but it would allow you the leeway of paying more than the due amount.
So its really up to your budget. If you want to pay a fixed monthly ammortization or minimum-based payment. |
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cuffsnstuff364
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transfering for a lower balance will help a little if you are only making minimum payments,. If you can get an intro offer for 0 percent try making larger payments and always pay it as soon as you can instead of waiting for the due date it saves some finance charges . if you have any money put away in a savings account compare what the interest you are earning on that money to the finance charge rate of your credit card if you are only getting 1 % and you credit card is charging you 11% you are better off using the savings account to paydown the credit card . Also in last ditch efforts to save credit rating try a credit consuling sservice it does not make you a credit risk it can only show you are being responsible and trying to pay your debt . hope this helps |
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Big Cheese
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it will definitely help if you get a huge lower interest rate and take the extra cash you would be putting towards interest and apply it to paying off your balance... otherwise your basically screwed unless you have a rich uncle... hehe |
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Dan B
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test |
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Sharp Marble
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this is better to lower your finance charges so you can pay your cards down. The trick is that once you do this YOU CAN'T USE THEM or you will just keep adding to the balance and ruin your whole plan. |
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BSFSU
 |
Balance transfers can be a good idea. Shopping for credit is like shopping for anything else. You should choose the company that offers the best price, in this case the lowest interest rate. Promotional interest rates (0% for 12 months, etc) are a good idea if you have the discipline to pay off the balance within the promotional period. Be sure to look at the interest rate after the promotional period, though, as you might be better off going with a company that has no promotion but a lower rate. When computing the cost of money, make sure you take in to account the cost of transferring the money. Some companies offer no transfer fee.
Be aware, though, that opening a new account will have a negative effect on your credit. Your credit score is determined in part by the average age of your accounts. If you have a lot of older accounts, then one new account will probably not have that much impact. Otherwise you may see your credit score drop significantly.
Although, your credit score is also computed by determining the percentage of available credit used. If you have one $5,000 card maxed, then 100% of your available credit is used. If you open another $5,000 card and leave your first card open, then you drop to 50%.
Bottom line, transferring your balance can save you money and enable you to pay off your balance faster. Just don't charge up both accounts and end up doubly in trouble. |
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Dan B
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Making minimum payments on a credit card... they win. ALL DAY! around 5.2 years to pay off a 5000 credit card with minimum monthly payments.
Transferring to another card with say, a zero for six months APR... excellent idea, if your intent is to pay it off.
Credit cards should be used for emergencies, unless you're paying them off every month, otherwise, they're just a pit of debt. |
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