08-07-2012 05:20 PM
I have a First Premier credit card with a limit of $700 a balance of $644 and APR of 36%. In the mail today, I recieved a pre-approved letter for a Merrick Bank Visa with a $1000 limit at 23.45% APR. Would it be to my benefit to transfer the balance of the FP card to the MB card?
I have seven other credit cards but none have limits more than $300 to $500, but the utilization on them is about 80%. The First Premier has the highest APR and highest ballance.
08-07-2012 06:42 PM
I don't think it would be wise to open up another card if you're having trouble paying off the balances you have now. With util that high getting approved for anything would be difficult anyways. I would just get to work paying off your balances as fast as you can, starting with the highest APR card first and then work down the line.
If you opened the merrick card and did a BT, your APR might be a little lower but you have to pay the BT fee, and was that the purchase APR, or does it also apply for BTs. Some cards have different APRs for purchases, BTs, and cash advances.
08-07-2012 07:11 PM