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ElleMcG
Posts: 5
Registered: ‎09-03-2008

Balance Transfer question

I know this sounds crazy but, can I pay off a line of credit acct that I have via no interest BT? I am livid with BOA and want out from under them period. They just rate jacked me on the cc I have with them and I have NEVER been late, missed a payment and am no where near the limit (with them or anyone else) nor have I ever been. 30% interest!

 

TIA!

Elle

Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: Balance Transfer question

[ Edited ]

Yes, you can typically use a 0% BT to pay off any outstanding balance with any creditor, as long as it's a different creditor from the one offering the BT.  (You can't use a BofA BT to pay off a balance with BofA, for example.)

 

Just be aware of any applicable BT fees and whether those fees are capped or not.  Typically, BT fees are 3%, but YMMV as always.  Read the details of the offer very carefully.

 

Also, once you do a BT, it's important not to put any additional purchases on the card carrying the BT balance until the BT is completely paid off.  Otherwise, all of your payments will go towards the 0% BT balance, while the purchase balance sits there accrusing interest for months and months, possibly years, completely negating the purpose of doing a 0% BT.

 

Otherwise, there's nothing stopping you from doing what you asked about. :smileyhappy:

 

Good luck!

 

Edited to add:  Also be aware that it's advisable to avoid BT offers from Amex, no matter how good they sound, unless you can have the BT balance paid off in no more than 3 months or so.

 

Message Edited by cheddar on 11-07-2008 09:56 AM
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Uniqua
Posts: 683
Registered: ‎04-05-2008

Re: Balance Transfer question

I will just add one thing to Cheddar's response, if you've never been late, missed a payment or no where near the limit, unless you are carrying balances, there's no need to be angry as you're not paying that 30% interest anyway. So, have you been carrying a balance?

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