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Regular Contributor
kiyahsmom
Posts: 179
Registered: ‎03-11-2008
0

Doing a bt?

should the card i'm transferring to be at a 0 balance?
Frequent Contributor
Solarjuju
Posts: 335
Registered: ‎04-04-2008
0

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
kiyahsmom
Posts: 179
Registered: ‎03-11-2008
0

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
chiwiseguy
Posts: 649
Registered: ‎11-02-2007
0

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
Solarjuju
Posts: 335
Registered: ‎04-04-2008
0

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
kiyahsmom
Posts: 179
Registered: ‎03-11-2008
0

Re: Doing a bt?

[ Edited ]
thanx. and yes it is at 0 percent intrest

Message Edited by kiyahsmom on 05-12-2008 09:30 AM
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
0

Re: Doing a bt?

[ Edited ]
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
kiyahsmom
Posts: 179
Registered: ‎03-11-2008
0

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.

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