Balance transfer secured cards to 0% AX?

[cp94550]

Looking for advice on whether you all think I should balance transfer my secured cards to new AX or just keep paying.

I have two secured cards with local CU. CL is 600 total and owe approx $400 right now. Would it be dumb to transfer balance to AX BCE with 0% promo, close the two secured, withdraw my deposits ($720) then pay off AX? I would end up paying a balance transfer fee, which I think will come to about $10.

I'm planning on closing the secured cards either way - it's just a matter of do it now via balance transfer or just pay it off over the next two months as planned, then close. I've had these cards for 4+ years and they have no hope of unsecuring. When I got the cards they told me they could graduate but when I've recently inquired they said no - you have to app for a new card.

I am not in desperate need of the money tied up in the secured accounts. Was just trying to consolidate and move on from that card.

[myjourney]

Short answer: Whatever saves or makes you money 

I'll assume the APR is currently high as well

[Anonymous]

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@myjourney wrote:

Short answer: Whatever saves or makes you money 

I'll assume the APR is currently high as well

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...but if you're planning on paying them off over 2 months, it's possible the interest would still be less than (I presume you've got a) 3% BT Fee. 

I've BT'd to other lenders, but not AX. I'd probably just ride it out.l 

[elim]

Don't think I would ever transfer a balance to an AMEX card but that's just my paranoia of ever carrying a balance with AMEX.

[cp94550]

APR on secured is something like 25%. BT is 3% or $5 minimum fee I believe.

[takeshi74]

How many cards do you have total?  How many would you be left with after closing the secured cards?  General advice is at least 2-3 cards for scoring purposes.  Compare the BT fee to the interest you'd pay in the timeframe it would take to pay off those balances.

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@elim wrote:

Don't think I would ever transfer a balance to an AMEX card but that's just my paranoia of ever carrying a balance with AMEX.

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Not the "AmEx hates balances" meme again..

I've BT'ed to AmEx with no problems.  AmEx is concerned with the usual risk factors just like any other creditor.  It it not simply a matter of balance versus no balance.

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@cp94550 wrote:
APR on secured is something like 25%. BT is 3% or $5 minimum fee I believe.

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Verify and run the numbers versus relying on belief.  The timeframe matters as well.

[cp94550]

After closing the 2x secured I'll be left with cap 1 QS1, Cap 1 Platinum, credit union unsecured, AX BCE, AX Everyday.