miaheatlvr
Active Member
I just consolodated my C.C.'s to one big one with a low 1.9% till May 09.. Not too much debt like 5k, does anybody else do this? Are there pros and cons? Im just scared because I freed the other 3 up completely.
Anybody transfer balances from credit cards one to the next?
- Thread starter miaheatlvr
- Start date
jmick
Active Member
My only concern is what the interest rate will be after the low intro period is over but if you can get it paid off before that time you'll be saving yourself some money.
Only time we use the credit card is when we are on vacation; hate the idea of paying 15-20% interest. If I were you, I'd cut up the other cards.
Only time we use the credit card is when we are on vacation; hate the idea of paying 15-20% interest. If I were you, I'd cut up the other cards.
U
usirchchris
Guest
Originally Posted by MiaHeatLvr
http:///forum/post/2800664
I just consolodated my C.C.'s to one big one with a low 1.9% till May 09.. Not too much debt like 5k, does anybody else do this? Are there pros and cons? Im just scared because I freed the other 3 up completely.
I do transfers fairly often. I have 3 cards, and a total debt around 4k. I get 0% interest offers all the time that last a year or more. When the year comes up I switch to another 0%. I have been switching back and forth from two companies for a few years now, and haven't paid any interest in a few years.
http:///forum/post/2800664
I just consolodated my C.C.'s to one big one with a low 1.9% till May 09.. Not too much debt like 5k, does anybody else do this? Are there pros and cons? Im just scared because I freed the other 3 up completely.
I do transfers fairly often. I have 3 cards, and a total debt around 4k. I get 0% interest offers all the time that last a year or more. When the year comes up I switch to another 0%. I have been switching back and forth from two companies for a few years now, and haven't paid any interest in a few years.
reefraff
Active Member
Originally Posted by usirchchris
http:///forum/post/2800746
I do transfers fairly often. I have 3 cards, and a total debt around 4k. I get 0% interest offers all the time that last a year or more. When the year comes up I switch to another 0%. I have been switching back and forth from two companies for a few years now, and haven't paid any interest in a few years.
I used to do that until I got cards with cash back. Now i just pay all my bills and buy everything on the card and pay it off every month. We are over a grand in cash back this year so far. Those 0% deals are great but you gotta stay on top of the 0 rate period. I nearly got nailed on one of those expiring on me.
http:///forum/post/2800746
I do transfers fairly often. I have 3 cards, and a total debt around 4k. I get 0% interest offers all the time that last a year or more. When the year comes up I switch to another 0%. I have been switching back and forth from two companies for a few years now, and haven't paid any interest in a few years.
I used to do that until I got cards with cash back. Now i just pay all my bills and buy everything on the card and pay it off every month. We are over a grand in cash back this year so far. Those 0% deals are great but you gotta stay on top of the 0 rate period. I nearly got nailed on one of those expiring on me.
socal57che
Active Member
Balance transfers can cost you a percentage of the amount transferred. 3% or so is pretty common. Watch for this fee when you make transfers.
Oh, and yes, we do this.
Oh, and yes, we do this.
socal57che
Active Member
Originally Posted by stdreb27
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
My WAMU card did (for 18 mos), but I don't know if they are offering credit right now.
I moved nearly $9k to it. I'll be moving the remainder to a 2.99% BofA card because I'll have to start payng interest next month.
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
My WAMU card did (for 18 mos), but I don't know if they are offering credit right now.
I moved nearly $9k to it. I'll be moving the remainder to a 2.99% BofA card because I'll have to start payng interest next month.
acrylics
Member
Originally Posted by stdreb27
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
Citibank used to, not sure anymore. BofA will do the 0% but with a 3% transfer fee with a $90 cap so if the amount is over $3k, becomes cheaper and cheaper on a percentage basis.
I used to transfer balances frequently but I transitioned into a zero debt lifestyle a while ago and now just pay cash for what I can. Use the card strictly for business and the occasional personal dinner or something just to keep the accounts active and FICO score up. Bummer is that my FICO score has actually gone down a little since paying everything off, I understand the reasoning
, but still.
FWIW, WAMU is still offering credit, just got one of their offers last week.
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
Citibank used to, not sure anymore. BofA will do the 0% but with a 3% transfer fee with a $90 cap so if the amount is over $3k, becomes cheaper and cheaper on a percentage basis.
I used to transfer balances frequently but I transitioned into a zero debt lifestyle a while ago and now just pay cash for what I can. Use the card strictly for business and the occasional personal dinner or something just to keep the accounts active and FICO score up. Bummer is that my FICO score has actually gone down a little since paying everything off, I understand the reasoning
FWIW, WAMU is still offering credit, just got one of their offers last week.
socal57che
Active Member
Originally Posted by acrylics
http:///forum/post/2801532
FWIW, WAMU is still offering credit, just got one of their offers last week.
Did it say JPMorgan Chase all over it? I noticed the JPMorgan banner on the WAMU website 24hrs after the news broke.
http:///forum/post/2801532
FWIW, WAMU is still offering credit, just got one of their offers last week.
Did it say JPMorgan Chase all over it? I noticed the JPMorgan banner on the WAMU website 24hrs after the news broke.
acrylics
Member
Originally Posted by socal57che
http:///forum/post/2802245
Did it say JPMorgan Chase all over it? I noticed the JPMorgan banner on the WAMU website 24hrs after the news broke.
Nope, and WAMU is still running commercials around these parts (Oregon.) So I'm not sure if they are going to operate under the WAMU name or JPM around here.
http:///forum/post/2802245
Did it say JPMorgan Chase all over it? I noticed the JPMorgan banner on the WAMU website 24hrs after the news broke.
Nope, and WAMU is still running commercials around these parts (Oregon.) So I'm not sure if they are going to operate under the WAMU name or JPM around here.
sigmachris
Active Member
Here is a potential con if you plan on using the card you just transferred to...read the small print on your agreement.
If you transferred $5,000 to one card you have the 0% interest. Any purchases on that card are at 15% (just picking a number but it could be higher) from here on out.
As you make payments to the principal on the card, the transfer balance is getting paid off first. So the new purchases are sitting there collecting interest for the company.
So if you have to make purchases on a credit card, use one of the cards that you just cleared out and if possible pay off that balance every month.
If you transferred $5,000 to one card you have the 0% interest. Any purchases on that card are at 15% (just picking a number but it could be higher) from here on out.
As you make payments to the principal on the card, the transfer balance is getting paid off first. So the new purchases are sitting there collecting interest for the company.
So if you have to make purchases on a credit card, use one of the cards that you just cleared out and if possible pay off that balance every month.
geridoc
Well-Known Member
Originally Posted by stdreb27
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
I just got an offer from Chase for 0%/15 months and no balance transfer fee. And the beat goes on...
http:///forum/post/2801248
Does anyone know of a ccd that will do a free balance transfer and have a 0% promo period?
I just got an offer from Chase for 0%/15 months and no balance transfer fee. And the beat goes on...
stdreb27
Active Member
Originally Posted by GeriDoc
http:///forum/post/2803710
I just got an offer from Chase for 0%/15 months and no balance transfer fee. And the beat goes on...
remember the name of the card?
http:///forum/post/2803710
I just got an offer from Chase for 0%/15 months and no balance transfer fee. And the beat goes on...
remember the name of the card?
socal57che
Active Member
Google is your friend.
I just clicked on the first link and it led me here...
http://www.doughroller.net/balance-t...-credit-cards/
I just clicked on the first link and it led me here...
http://www.doughroller.net/balance-t...-credit-cards/