 Why are Credit Card holders always given better treatment like gifts, points, offers etc, ? |
| I observe that now-a-days Credit card holders are given preferential treatment at Malls, Hotels, Shopping arcades, Tourisms offices, Banks, etc, etc, like special offers, gifts, moneyback offers, ... |
|
 How do I cancel a check that was cashed? |
| I bought something online and paid with a check. The check was cashed but I received a completely different item and they won't accept a return. I was scammed, so how do I cancel this check? It&#... |
|
 My son is 18, and he was approved for a credit card faking his age without my knowledge. What do I do? |
| Before I knew it, he's already over-spent it and I don't know how to pay it, since we're not rich. Is there also a fault on the cc company's part. Because they've approved ... |
|
 Help BAD BAD CREDIT? |
| I need some help.... I have mad a few mistakes with my credit and I have seen alot of things on my credit that scare me... I am scared to hire one of those credit repair firms and I am am scared of ... |
|
 Good or Bad for My Credit? |
| I have two credit cards since 1997 I went ahead and consildated the credit I had on them to another card with a lower interest rate and with 1 year no interest on rolled over credit. The question is,... |
|
 Where can I get £20,000 for free? |
| Serioulsy, I need £20,000 and dont want to have to pay it back?? Must be legal though...any ideas???... |
|
 I need to cash a check - no bank account.? |
| I need to cash a Wells Fargo check at Wells Fargo, but I don't have an account there. Will I be charged? I've heard that I can cash the Wells Fargo check somewhere else, but they'll ... |
|
 Bank card worry? |
| I lost my bank card a few days ago and they have sent me a new one. I wrote my signature on the bank but the ink ran a little so it looks messy. Does this matter? Plus, I need to activate my card but ... |
|
 I am borrowing money from my mom? |
is there a good website that shows examples of contracts that we may use?
Additional Details
it is quite a bit of money guys about three thousand dollars, it wasnt her idea for the ... |
|
 I have 3 credit cards that are maxed out at $3,500&$1,500 & $500. I have $3,000 cash ........? |
| How should I pay these down to so that it signifcantly raises my credit score? My credit score is 650, and when I inquire it says it is low because my credit card balances are too close to their ... |
|
|  |
CCBirdie | I owe $2,500.00 on credit cards. Would it be wise to use a credit card check w/low interest to pay off debt? |
|
 |
 
fars_aswad
 |
nope, that's not a solution.
depends on how many cards u got. get a personal loan and pay off your credit cards. keep a credit card which may be handy and others give it away to bank.
in aus, the loan amount is credited to a linked savings account, so in this case it is advisable to transfer the remainder funds after paying off cards back to your loan account so it saves interest being build up.
and later on gradually pay off your outstanding loan amount. |
|
I SHOPLIFT THE POOTY!!!!!!!
|
HELL TO THE NO!!!! Just pay it off a little at a time. Those checks are credit death traps!!! |
|
Spock (rhp)
 |
NO
never use those "checks", no matter how "low" the interest UNLESS that check is the ONLY item on the account.
***
the details of all credit card accounts always say that all of your payments shall be applied to the lowest rate balances first and the highest rates balances last.
so what happens is all of your payments are applied to the low rate transferred debt, while all of your current purchases and related items accrue interest at 30% or whatever the high rate is.
This 30% is almost surely much HIGHER than any other debt you'd likely pay off.
WORSE, it gets you into paying interest on new purchases from the day of the purchase. well, the merchant has already paid interest for about the first 45 days -- so you are paying the bank DOUBLE interest for those days.
you NEVER want to have any continuing balance on any card that you actively use for purchases. ALWAYS pay off such cards in full to avoid paying the bank this DOUBLE interest. |
|
The Wife
 |
All you'd be doing is moving the debt from one card to another. |
|
rivasj27
|
No..your pay off credit with credit...your not getting anyways where you will still owe the money |
|
mcmoehring@sbcglobal.net
|
That would work, however...when you pay off that $2500 all money you pay will go towards that low interest amount. Any charges old or new will get the regular interest rate.
Read the fine print... best advice...Write the check...throw both cards away. |
|
Black Shadow
|
nooo |
|
src50
|
It would be wise to use cash to pay off debt. |
|
Hipolito M
 |
noo
use your tax money |
|
fashionista
 |
Please please don't do that to your self. I also am in credit card debt. I tried that method a year ago, and have regretted it every day since then. Those promotional interst rates look enticing, but usually there are some kinds of balance transfer fee attached and you actually end up owing more than you did before. Also read the fine print, the interst rate can depend on what you use the checks for. If you use it to consolidate debt they may not have to abide by the low rate they advertised. Please just do what I wish I had done along time ago. Pay the minimum amount due on all the cards but one. Take the one with the highest rate and pay every spare penny you can toward it., I know it sounds harsh, but I'm saying don't spend a penny more than you have to with your budget. Don't even buy gum. Pay the first one off, then start on the next one. Even with only 2500 it still may take a awhile, but it will be worth it. I started out with about 3k, I used one of those checks thinking it would make things easier and ended up with almost 7k in debt. The minimum payment may be alot higher also than the cumulative payment on having different cards. Having the payments spread out can actually leave you some room to get one of the cards paid at a time. I eventually joined a Debt Managment program, and I dont advise that either., Even though you are paying your bill on time they are still listed as negative accounts on your credit report for 7 years. And my balances never really got any lower either. I close on my home refi today. That's what I did to get myself situated. That brings up a whole new option. If you have good credit or someone that may cosign for you, it seems like you may be able to refi something you have a vehicle etc.. Alot of times the interst rate on something like that is alot lower with a secured loan. I know 2500 seems like alot but don't despair you can get out if this and be the wiser for it. Good Luck!!! |
|
RobertNeville
|
why? you are only digging yourself for more debt...
2500 is not that bad compare to alot of people
why not just try to pay it off |
|
Catherine n
 |
Yes, but do your research. Check out other credit cards that offer a balance transfer with a low interest rate (often 1.9% for up to a year). Then it gives you a chance to work hard at paying it back with very low interest charges. Otherwise, you will be paying interest at as high as 19% on your credit card..you are throwing money away. If you can find a card that offers a promotional interest rate like that, more of your payments goes towards the actual balance, instead of interest. Also, most importantly, if you do this, take your old credit card that will then have a zero balance, and close the account, and cut up the card. Take the new card and put it in a safe place (not in your wallet). Don't carry it with you and do not use it until its been paid off. Otherwise you have to pay off the most recent charges first at regular interest rates, before you start paying the balance transfer with the lower rates. |
|
slutty_teresa
|
It depends. If you have a VERY high interest rate on one, and are getting a VERY low interest rate on the other, as a temporary measure it may be smart to do that. However, it must be stressed that this is only a temporary measure and you need to go back and pay it back.
The advantage of doing this is: You dont spend time paying interest and other fees, and get to paying the principal. |
|
Honeychild
|
Honey,
you are just going to be digging more holes for yourself.
2500.00 is not alot of money to worry yourself to death about, i am assuming you are still working, I would hold out on anymore credit card purchases/payments, and start paying off these cards one by one, which ever the minimum monthly fee is,, give a bit more than that to cut off interest/other fees.
It's january, if you could pay, say 100. a month you, could cut your debt by nearly half, and nearly all by this time next year.
I would not use a low interest cc, and if the company is going to check your credit anyway, how are you getting a low interest one? Will this one be secured, or non secured?
and there is always other fees, like late fees which will jack up your c-debt in no time if late, even if you have a "low interest cc.
honeychild |
|
roderick_young
|
After reading all the fine print, the rational analysis might say that paying off one card with another is to your advantage.
However, please remember that it was not rational to carry a $2,500 balance in the first place. My concern would be that if you paid off the high interest rate cards, you would be tempted to start charging again. So here's my advice. It's strange, and you can do what you want: Destroy all your credit cards now (or hand them to your parents or a trusted person who's good with money for safekeeping). Then pay off the $2500 cards, always being sure to pay at least the minimum payment (and hopefully, 10-20% of your gross income to pay off the cards). When you get out of debt in a few months, you will have a valuable appreciation of how credit works, worth far more than any interest you might have saved. At that time, you can seek the lowest interest rate cards, but never carry a balance again. That's a bright future! |
|
Jason G
|
Did you read your own question here? You NEVER pay off a credit card with another credit card. The idea of it is to get out of debt. If you do that you will be deeper in debt. Read the fine print on your credit statement. This time next year, that low interest credit card won't be so low interest. DON"T DO IT!!! |
|
BIG DAWG EATS
|
They usually charge a fee. Check the fine print. But if the fee is less than the potential interest savings, then yes. |
|
niquey
|
well that depends on a number of things:
How high is the interest on the credit card with the balance.
What is your credit limit on new card
Do they have a balance transfer fee and how much.
After the low interest promotional rate what will the interest rate be?
Do you even plan on paying the new bank back.
if not then its a waste of time and effort. |
|
pandy lynn
 |
wow i wish my debt were that low!! u have to be CAREFUL with those credit card checks, because they start accruing interest IMMEDIATELY-and it's not as low as u think sometimes---the best thing to do is transfer the balance to a card that has the lowest interest and pay it off bit by bit |
|
BoredAtWork
|
Well.... if the interest for the credit card check is lower (and REMAINS lower) than the original debt, I think it would be wise. BUT - read the fine print over and over.... low interest deals usually bite you in the butt with a jump in interest somewhere down the line. Like if you are one day late, your interest rate may jump way up. |
|
Tim
|
Best would be to write a $2500.00 check to pay the balance in full.
Other than that if the new credit card is lower interest than the one with the balance it will help you.
Just pay it off as soon as possible. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
21 | 19 minutes(s) ago
| | | |
21 | 54 minutes(s) ago
| | | |
21 | 2 hour(s) ago
| | | |
21 | 4 hour(s) ago
| | | |
21 | 8 hour(s) ago
| | | |
21 | 11 hour(s) ago
| | | |
21 | 1 day(s) ago
| | | |
21 | 3 day(s) ago
| | | |
21 | 1 week(s) ago
| | | |
21 | 2 week(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
