transferring a balance

[trickrtreat]

Has anyone transferred a balance from one credit card to another? How does that work? Is it worth it?

[aquariancore]

In many cases the balance is with a low apr for a limited time and the after that higher than your regular rate.

[SageMother]

Originally Posted by trickrtreat

Has anyone transferred a balance from one credit card to another? How does that work? Is it worth it?

IN a perfect world, transferring your balance would be as simple as paying one cc bill off with another cc. Interestingly enough, some credit card companies will tell you they don't allow that sort of direct payment.

You might try a cash advance from one to pay off the other and thereby transfer the balance on paper, so to speak.

I am sure there are people here who know better ways to accomplish it.

[berlinlife06]

I am the queen of balance transfers!!! Of course probably that's why I owe money all around! I signed up with many credit cards for their romotional rate, I would get them, I would make a transfer, the transfer period will end, and then I would transfer it to another card! Right now I am in the greatest situation, because I have 3 cards with a very low rate "until the balance is paid off". The only problem, is that you can't add to that balance, because then you get the higher rate, and every payment you make, goes to the lower rate first, while the higher rate is ac***ulating... So, if you have another card that you pay in full regularly, it is worth transfering balances, but only when they give you that kind of offers "until the end of the balance is paid"

[janus76]

i want to transfer my balance on my credit card but am unsure of how to go about it can some 1 please help me on this matter as i really need tot transfer the balance

[SageMother]

Originally Posted by janus76

i want to transfer my balance on my credit card but am unsure of how to go about it can some 1 please help me on this matter as i really need tot transfer the balance

Choose a few cards that are advertising deals for balance transfers and research them. Lately it seems there are not many offers around, but I could be wrong.

[berlinlife06]

I have seen some transfer offers from Bank of America, fro example, but they are for limited time, of course! But it is worth trying it! You might save some money and that's what counts.

[SageMother]

Originally Posted by berlinlife06

I have seen some transfer offers from Bank of America, fro example, but they are for limited time, of course! But it is worth trying it! You might save some money and that's what counts.

Do they state what the interest rate will be after the offer runs out or is that something for the fine print?

[aquariancore]

The biggest problem is the Apr. change. You have to read the small print and be very through. It makes no sense to transfer a balance when the balloon for the apr is short term.

[berlinlife06]

Well, I just transfered a balance into one of Bank of America Cards. Their rate is 2.99% until June 08... that's 10 months that I don't have to pay 18.74% and it is a little help! Of course it would be great if I could pay the whole balance before that rate is over... we'll see!