| Posted By |
Message |
|
|
Are there any drawbacks or penalties to transferring balances ?
To a new credit card with 0 interest for x amount of months ?
Does this hurt credit in any way
|
Posted 7/18/12 9:06 PM  |
| |
|
CunningOne
***
Member since 5/05 26975 total posts
Name:
|
Re: Are there any drawbacks or penalties to transferring balances ?
I don't think it hurts credit per say, but opening a new card to get that 0% might. If its a transfer to an already existing card, you may be fine. Just read fine print! There is usually a transfer fee involved!
|
| Posted 7/18/12 10:21 PM |
| |
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Are there any drawbacks or penalties to transferring balances ?
Usually the fee is nominal something like 2% of transfered amount or $5, whichever is greater. If you are transfering a decent amount with a high interest rate, then its worth it since the fee is a one time deal. Read the fine print. Some credit cards will charge you the back interest if you dont have the balance paid in full by the time the promotion ends, so again, read the fine print. It does not hurt as long as you dont have a significant number of credit cards open with balances and you are opening yet another. Otherwise all that shows on your CR is that you paid off the balance of the old credit card, and you will probably pay off the balance on the 0% faster, which improves your credit.
|
| Posted 7/18/12 10:44 PM |
| |
|
MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
|
Re: Are there any drawbacks or penalties to transferring balances ?
I did it 3x to get out of debt, and dh & i still have great credit. I opened a 0% card for 12 months - transferred all my debt/balances on to it and made the one payment each month. Then right before i knew interest would kick in, i opened a new 0% card, transferred that balance onto it and began paying. 3 cards, 3 years later i was out of debt.
|
| Posted 7/19/12 8:39 AM |
| |
|
GioiaMia
Let's Go Rangers!
Member since 1/07 14818 total posts
Name:
|
Re: Are there any drawbacks or penalties to transferring balances ?
I just transferred to a 0% card. It has an 18 month period so I should be out of debt by the time its over.
HOWEVER, after I did it I was reading the terms and it says "If you rollover the balance to take advantage of another introductory offer, you will be charged interest on the entire amount"
Can they do this? I mean if I am sending them a check to pay off the balance, it shouldn't matter if its a personal check or from another cc company right?
|
| Posted 7/27/12 5:41 AM |
| |
|
Mrs213
????????
Member since 2/09 18986 total posts
Name:
|
Re: Are there any drawbacks or penalties to transferring balances ?
Posted by GioiaMia
I just transferred to a 0% card. It has an 18 month period so I should be out of debt by the time its over.
HOWEVER, after I did it I was reading the terms and it says "If you rollover the balance to take advantage of another introductory offer, you will be charged interest on the entire amount"
Can they do this? I mean if I am sending them a check to pay off the balance, it shouldn't matter if its a personal check or from another cc company right?
Wow that is shady!!
|
| Posted 8/6/12 2:02 PM |
| |
|
