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chynadoll38 | Transfuring a credit card balance to a 0% card. what to do??? |
Hi, I got an offer to transfer a balance to a new card . I not sure how this works.
1. If I decide to transfer, Do I have to close old card because I still have half the limit left on card $1000 and will basically need only $500 transferred. Or will they transfer the whole $1000 and I can use the new card. I didn't want to (close) old card because its bad for credit score, I want to keep it open. can a card be transferred and still remain open??
2. they also offered me a credit limit up to 30,000 but sure they will probably give $1,500. Do I get the $1,500 + the rest of my money of the balance on my old card. please help with this decision.. thanks |
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Vadalia
|
If the balance on your current credit card (the amount of money you owe on it) is $500, they will transfer the $500 to the new account and you will still have $1000 worth of open credit limit on your current account.
For example, before the transfer-
Card 1= $500 owed, $500 open credit=$1000 total credit limit
After the tranfers, it will look like this-
Card 1= $0 owed, $1000 open credit= $1000 total credit limit
Card 2= $500 owed, $1000 open credit= $1500 total credit limit (assuming you get the $1500 limit)
And you don't have to close out your card just because you transfered the balance from it. |
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XoxoxoxoX
|
1. No, you do not need to close the old credit card. And only transfer amount need it ($500).
2. No, you have to stay with in your limit on your new credit card that was given. So if you get $1,500 credit limit with this new credit card, and after $500 balance transfer + like 3% (of the transferred balance) fee. (make sure that is the only fee for balance transfer). That will be you new available balance on the new credit card. Remember balance transfers takes time, so make sure you still pay your old credit card the minium requirement before the new credit card company pay the old one. |
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bdancer222
 |
Also, you should be aware that there will be a transfer fee. Check the fine print in that offer. The fee is usually 2% or 3%. You might want to figure out if the fee will be less than the interest.
The other thing to be aware of is that once you do the balance transfer to the new card, that 0% rate is only on that transferred amount. If you use the card to purchase something, the new purchase will be at the regular interest rate and all your payments will be applied to the 0% rate balance first. Therefore, you could rack up interest fees.
The smartest thing to do is to do the transfer but work on paying that credit card off completely. Only charge what you can afford to pay in full at the end of the month. Carrying balances on credit cards doesn't improve your credit score and it just costs you interest, not to mention sinking into debt. |
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shootingsportsnw
|
When you sign up for the new card they will tell you what your credit limit will be. Tell them you want to transfer a balance from another card. They will ask how much and the account number and the billing info from the other card. they will send a check to the other credit card for the amount you specify. That amount will be deducted from your available credit balance on the new card. So if you get a limit of 1500 and transfer 500 your new available credit balance would be 1000 on the new card. Make sure you read all the terms on the new card before you sign up the 0 % is probably only an introductary offer and the APR will increase at a later date. you dont want to get stuck with a really high APR down the road. |
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Dont_taze_me_bro
|
Do this: Pay off the $500 balance and swear off any further credit transactions. I can tell by your question (and the logic you're using) that you have no clue. |
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Jr. fan
 |
1. Your old card will still remain open. They will not close it for you. They will only transfer what you ask. ($500)
2. Depending on how much credit they give you, they will subtract the balance you transfer from that amount. (Ex.) If they give you $1500, they will subtract the $500 you transfer and you will have $1000 available to spend. Hope this helps. |
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Ask M
|
all that gets transferred is what you owe the 500.00
dollars HOWEVER the 30K is probably an OFFER of
UP TO 30K (you'll get a lot of OFFERS) and then you
find out when you apply. See what the interest rate
is on your card now and the interest rate on the card
after 0%.. Read thru the paperwork and make sure
you understand |
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lou_kur
|
Typically balance transfers are for an amount you decide after you get the new card. Since you don't know your new credit limit, I am guessing you don't have the card yet.
Read the fine print. Most of these types of offers are for a limitited period "teaser" rate and the interest rate will go up, sometimes way up, after the initial period (3 to 6 months). |
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consumer
|
I don't know your situation but here's some sound avdive from experience. Don't change companies for any reason. Here's 2 reasons why. (1) The next time you want to buy a large ticket item on credit the vendor will check your credit and assume that you are in financial trouble and a bad risk. (2) These vultures use bait and switch tactics which means that the great "0" percent will bloom into a minimum of 29% interest rate on a two tier repayment basis. What's a two tier repayment? You buy a product at 8%. you start repaying at 8%. You make a new purchase but the credit card company raised you rate to , lets say 12%. Your next payment to the company only goes to the 8% purchase while the newer purchase just sits there at 12% waiting for you to pay off the older loan at 8%. By the time you get to pay the 12% loan (providing you don't buy anything else) the origial amount has already grown to an unreasonable amount. Read the small print, check the APR and the APY. You will find that the APR (what you owe) is always much larger that what you get ("0") interest cannot be gotten. Think about it. They have to pay prime rate which is a hell of a lot higher than what they say they are going to charge you in interest. Just bite the bullett and pay off what you already owe. Hope this makes sense. Lots of luck. |
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SandraD
|
If you transferred the entire $1000 to the 0% credit card, and your limit on the 0% card is $1,500 your available credit Willl be $500. The entire amount will be transferred unless they have changed. Call your credit card company and ask them if you transferred the balance to another card wil they close your account. |
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