Making changes to my credit cards

Isacking97 · ‎02-04-2018

I need recommendations for my credit cards

I have a discover with a balance of about $1000 (College expenses and repairs thanks to hurricane Maria) it has a 0% apr offer until 2019, plus I have some small balances in my amex cards (I have 2 amex cards).

Do I transfer all my balances to discover and pay it all on one single card and leave the other cards in 0?

Do I close 1 of my cards or leave it open? (Amex Blue Cash) I dont use it

Starting Score:EX: 713 EQ: 698

Anonymous · ‎02-04-2018

Personally, I would transfer balances to 0% APR card and get them paid off (unless transfer fee is more than potential interest savings). I would keep both Amex cards open as their CLs contribute to keeping your overall utilization down and to AAoA. BCE has no AF, so it would seem unnecessary to close.

You may have other factors to consider that you haven’t mentioned, but that’s my 2-cents.

UFGuy2006 · ‎02-04-2018

I also would prefer all my balances on one card. The one thing to consider is whether or not that 0% offer from Discover has any associated balance transfer fee (usually in the 3% range). You'd be paying to move the balance... if thats the case I wouldn't do it.

Anonymous · ‎02-04-2018

wrote:
I also would prefer all my balances on one card. The one thing to consider is whether or not that 0% offer from Discover has any associated balance transfer fee (usually in the 3% range). You'd be paying to move the balance... if thats the case I wouldn't do it.

A 3% balance transfer fee is really not much compared to the potential interest he will be paying on the other cards. Wouldn't it be better to just suck it up and transfer? Especially if carrying those balances for a while.

Anonymous · ‎02-04-2018

wrote:
wrote:
I also would prefer all my balances on one card. The one thing to consider is whether or not that 0% offer from Discover has any associated balance transfer fee (usually in the 3% range). You'd be paying to move the balance... if thats the case I wouldn't do it.
A 3% balance transfer fee is really not much compared to the potential interest he will be paying on the other cards. Wouldn't it be better to just suck it up and transfer? Especially if carrying those balances for a while.

Not really .He stated that those are small balances .So if he can pay those off first he can avoid any additional fees .Because as of right now if its accruing interest he already had interest due that will have to be paid either way .If he can pay it off before any interest is due then why pay any fees at all and wait a week for the balances to transfer .We would need more info (balances) to be sure .Just depends on the situation and how soon he can pay off the balances honestly .

OP as stated I would just keep the BCE card open as there's no AF and its helping your UTI as well as AAOA

Anonymous · ‎02-04-2018

wrote:
I need recommendations for my credit cards

I have a discover with a balance of about $1000 (College expenses and repairs thanks to hurricane Maria) it has a 0% apr offer until 2019, plus I have some small balances in my amex cards (I have 2 amex cards).

Do I transfer all my balances to discover and pay it all on one single card and leave the other cards in 0?

Do I close 1 of my cards or leave it open? (Amex Blue Cash) I dont use it

If you only have 3 cards, do not close any cards. I would prefer all my balance on one card with zero balances on the others, this iscalled AZEO, all zero except one, and will actually help your Fico score.