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Doing a bt?

Regular Contributor

Doing a bt?

should the card i'm transferring to be at a 0 balance?
7 REPLIES
Frequent Contributor

Re: Doing a bt?

 
The account you are transferring to must not incur charges more than what your current or original account is charging you over the time of the new account promo.
(hope that makes sense...hehe)
 
EX:
A new credit account is offering 0% for 12 months.
Your current credit card has 26.99% APR
It will save you $$ if you transfer to the 0% for 12 months.
But you have to watch out for fees the new credit account will charge.
Many CC offer 0% APR and a transfer fee of 3% of the amount transfered.
 
If a new credit card will charge you a fee of 27% transfer fee (hypothetically), it will not be worth the transfer.
 
Regular Contributor

Re: Doing a bt?

thanx but I don't think you answered my question,
EX if I have a 1k cl with 400 bal
can i transfer 400 from another card to this card before paying in full?
Established Contributor

Re: Doing a bt?



kiyahsmom wrote:
thanx but I don't think you answered my question,
EX if I have a 1k cl with 400 bal
can i transfer 400 from another card to this card before paying in full?


Is the 400 currently on the card at 0% interest or full interest?
Frequent Contributor

Re: Doing a bt?

Oh... my bad.
 
Not necessary. Just make sure the transfered balance will not cause the card to go over the limit.
 
 
Regular Contributor

Re: Doing a bt?

thanx. and yes it is at 0 percent intrest

Message Edited by kiyahsmom on 05-12-2008 09:30 AM
Senior Contributor

Re: Doing a bt?

yes since you will be paying off the lowest interest first and they will nail you on the balance if not starting at $0.

Also if you BT stop using the card you BTd to until it is paid off. Saves money in interest.

You don't have to have a $0 bal to transfer in to but better if it has a $0.

Message Edited by ilovepizza on 05-12-2008 12:31 PM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Regular Contributor

Re: Doing a bt?



ilovepizza wrote:
yes since you will be paying off the lowest interest first and they will nail you on the balance if not starting at $0.

Also if you BT stop using the card you BTd to until it is paid off. Saves money in interest.


thanx pizza. im sending you a pm.