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Member
Tomstang
Posts: 12
Registered: ‎08-14-2007
0

Good time for Balance Transfer?

Hello everyone, I am trying to reduce debt and make life less stressful with credit cards. Im wondering if all the bank "Crisis" talk going on can help me out. Will banks be more receptive to new business?

I want to take a Disney Chase cc at 6400.00 at 10.99% and transfer the balance to a 0% card for the usual 6-12 months. I hate paying the 60.00 monthly finance charge knowing that could go to my balance if I got another card with 0%. The extra 720.00 for the 12 month period would help a lot.

I want to see my score before applying.  Which credit company should I use? I was thinking about going with Equifax.

So, how do I find the transfer deals, and does anyone suggest a card to get? Thanx.

"It's not your duty to die for your country, but to make the poor b@stard on the other side die for his"- Patton
Regular Contributor
siangirl34
Posts: 242
Registered: ‎07-26-2008
0

Re: Good time for Balance Transfer?

Bank of America recently gave me a 12 month BT offer @ 0 APR. I think if you check out their cards, it'll tell you which ones have a BT offer.  There is a 3% BT fee though, so it'd cost you $180.00 to transfer a $6000.00 balance (but that'd only be a few months of finance charges @ your current rate). A lot depends on your score and history as to whether BOA will give you a card.
Contributor
CodeMonkey
Posts: 100
Registered: ‎08-04-2008
0

Re: Good time for Balance Transfer?

[ Edited ]
Yeah - for all intents and purposes those "balance transfer fees" are actually APRs, in the case of a 12-month term - you just pay the interest up front rather than split it month to month.

So, if you take less than 12 months to pay off the debt, you'll pay slightly more than 3% in interest on the cash - but it's still a pretty great deal if you can get it.

Obviously, the BT offers with caps on the fees are even better.

Good luck!

Message Edited by CodeMonkey on 09-27-2008 11:41 AM
Member
Tomstang
Posts: 12
Registered: ‎08-14-2007
0

Re: Good time for Balance Transfer?

Thanx guys, are the offers usually the same? I dont want to stumble into a bad cc company.
"It's not your duty to die for your country, but to make the poor b@stard on the other side die for his"- Patton

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