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koolgrl611 | Is balance transfer to a credit card a good idea? |
While I was a student I've accumulated about $6,000 of credit card debt. (mostly to fill in the budget gaps while going to school). And currently paying the balance down little by little. But the card has a high interest rate (19%).
I have good credit (never had a late payment or default) and I tried talking to the bank and they wont budge on the interest rate for some reason. I got an offer for another credit card (AMEX) with 4% APR balance transfer and lasts until the transfer is paid off. Reading the fine print it looks like there is no annual fee, no mandatory purchases, and the transfer fee is a max $99.
I've not had a whole lot of experience with that type of thing so I was wondering if this looks like it would be a good deal to transfer the balance. |
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John C
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That sounds like a good rate, but read everything, if you're late on a payment your interest rate might skyrocket.
Also make sure you get enough credit so that your not to much higher than 50% of your cards max, or it'll look bad on your credit. so if you need to transfer 6000 try to get at least a 10000 dollar line...
you may be able to go to a bank and get a credit line not attached to a card that might work better for you, shop around... |
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Chuck P
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Yes that is a very good idea, you must remember that interest rates are negotiable for those of us with good credit, call the company and let them know you want a lower rate or you will cancel their card. The best thing to do is pay them off as soon as possible and try to keep them paid off at the end of the month. That way you can use them to take advantage of the bonus points like airline miles or cash back, but you won't have to pay their fees. |
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En t
 |
this sounds great low apr you are pretty darn lucky don't pass it up! |
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dave23857
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First off, KKup didnt even seem to read your question and gives some stupid advice. When I was a student I had a credit score of 710. So yes you can have good credit while a student.
As for as the Amex offer, that sounds like a good deal. Anytime you can cut your interest rate on a credit card, it is a good deal as you can pay off the principle faster (and thats the goal to every loan). Even if your current bank lowers it to 14%, that will still take a long time to pay off compared to 4%. So why KKup thinks that is a bad idea is beyond me.
Even if your credit is moderately good....660 and up.. you will find good deals for this sort of thing. Shop around. |
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Making money
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find your info here http://www.get-credit-card-info.blogspot.com |
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allgravi
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I've done that a few times it doesn't hurt your credit either. It sounds like you found a good choice, I would take it :0) |
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GG
 |
if the card company you're transferring it to has a uch lower interest rate, possibly deferred interest as an incentive to transfer and cool perks like air miles or cash back |
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leo
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Transferring the balance will in the short term lower your credit score, but if you pay it off with the new lower interest rate it will help your credit score. Unless you plan on a very large loan, ie house in the coming months, then I would suggest transferring it, and then paying it off as soon as you can. If you are planning a home loan, then wait till you get the loan, then transfer it. With 19% interest it will take a really long time to pay it off, so you are best to transfer it. |
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KKup
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It is only good if you get no interest for a period of time or you get low interest for a period of time and:
and big AND: YOU CAN PAY IT OFF before rates go up...
Because they are just trying to get your business with a tempting first offer... after that, they are no better than the card you have and, by the way, they most likely charge you a transfer fee...
You can't have that great of credit if you are a student and have $6000 in debt on a credit card. No offense, but those are the hard facts. You get a good score (720 and up) from time and low revolving debt.
That AMEX deal is hoping that you never pay it off.
Go to CNN money, find the credit card calculator, type in your balance (plus the 99 buck fee), the 4% interest rate, and see what it comes up with (given either your ability to repay (which you don't talk about) or when you want it paid off by.) That will tell you if this is a good idea.
You can also just call your current company and tell them you will transfer it if they don't lower your rate. They might give you a 14% rate or so...
Summary: Use the calculator on cnn.money.com and figure out when you can pay down this debt. Stop spending money on things and pay it down. Otherwise it will haunt you.
Getting a new card will hurt your score. Closing accounts hurts your score... you are better staying, and paying ... use the calculator to figure out what pays it off in say 5 years. |
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