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Transferring CC Balances
My DH and I each have a cc with about 2k on them. I just got an offer for a card with 0% APR one year, no annual fee and 0% on transfers.
Should I transfer the balance and then just pay it off in the year?
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Posted 5/16/11 7:34 PM  |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Transferring CC Balances
whats the fee to transfer the balance...it might not be worth it on a balance that small.
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| Posted 5/16/11 7:42 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Transferring CC Balances
i would image the fee is 4% which is the norm these days from what i've seen
it depends on the intrest rate at each. You have to do some math to see if you will save.
to save on the transfer fee, see if the new card will allow you to move all the money to your bank, then from your bank, you pay th (2) diets incurring only 1 fee.
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| Posted 5/16/11 7:45 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Transferring CC Balances
Depends how high your interest is...
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| Posted 5/16/11 9:07 PM |
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MrsPJB2007
MBA at your service!
Member since 7/06 12020 total posts
Name:
MJ
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Re: Transferring CC Balances
Like others said, I would verify the balance transfer fee. Sometimes it's a percentage of the amount and sometimes it's a flat fee.
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| Posted 5/16/11 9:23 PM |
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LoveyQ
Stalkers, get a life.
Member since 11/07 12820 total posts
Name:
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Re: Transferring CC Balances
Posted by MrsPJB2007
Like others said, I would verify the balance transfer fee. Sometimes it's a percentage of the amount and sometimes it's a flat fee.
Definitely check if it's a percentage of the total transfer (and whether or not there's a cap to the fee). Also calculate how much you would be paying in interest if you don't transfer it vs. how much the fee will be to transfer the balances.
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| Posted 5/17/11 12:07 AM |
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munchkinbugs
My little loves!
Member since 1/06 8093 total posts
Name:
Lisa
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Re: Transferring CC Balances
How much per month are you paying in interest vs how much would the fee be. That's how you decide.
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| Posted 5/17/11 8:16 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Transferring CC Balances
Yes. I would transfer the balance to save on the interest.
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| Posted 5/17/11 8:47 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Transferring CC Balances
Posted by BabyBoy
i would image the fee is 4% which is the norm these days from what i've seen
Some are up to 5% and no maximum charge...some are still 3%.
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| Posted 5/17/11 8:48 AM |
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Re: Transferring CC Balances
Thank you! I looked it is 0% to transfer balances for 12 mnths too!
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| Posted 5/17/11 10:47 AM |
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