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Senior Contributor
Posts: 3,510
Registered: ‎09-26-2011
0

Balance transfer questions...

I've got at least a week to figure this out, so no hurry...

 

Just got approved for a BofA 123 card with 0 percent for 12 months on purchases AND BT's.

 

Just got to the point where NO card is maxed out, although a few are still reporting that way.

 

Should I use the 0 percent BT's to completely pay off four or five "lesser" cards, or use smaller BT's to bring down utilization across the board?

 

 



Current Scores: EX08: 619, TU08: 650, EQ08: Something similar. 08/31/16. Last App: 05/07/16.

Zero percent financing is where the devil lives...

Frequent Contributor
Posts: 386
Registered: ‎05-03-2013
0

Re: Balance transfer questions...

If it were me, I'd pay off either as many as I can, or the highest rates, if that's different
Community Leader
Senior Contributor
Posts: 30,824
Registered: ‎02-07-2013
0

Re: Balance transfer questions...


tcbofade wrote:

I've got at least a week to figure this out, so no hurry...

 

Just got approved for a BofA 123 card with 0 percent for 12 months on purchases AND BT's.

 

Just got to the point where NO card is maxed out, although a few are still reporting that way.

 

Should I use the 0 percent BT's to completely pay off four or five "lesser" cards, or use smaller BT's to bring down utilization across the board?

 

 


Cough cough...since your gardening pay off the smaller one's and then work on what's left..UTL won't be a problem while gardening...Keeps you out of troubleSmiley LOL

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
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Valued Member
Posts: 36
Registered: ‎03-22-2013
0

Re: Balance transfer questions...

Typically, with a BT you pay some transaction fee upfront (2 to 4% depending on the offer). If you're going to pay off the balances very soon, maybe the "(High Interest Rate) / (Time to Pay off)" is less than the transaction fee. If that's the case then feel free to skip the offer. If you can't pay off everything in the near term, then of course I would say save the money.. transfer the highest APR first. Pay off highest APR first.

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