Regular Contributor
Posts: 168
Registered: ‎03-24-2011

Should I move balance for a lower APR.

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.

Valued Contributor
Posts: 2,770
Registered: ‎12-11-2011

Re: Should I move balance for a lower APR.

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. 

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Regular Contributor
Posts: 168
Registered: ‎03-24-2011

Re: Should I move balance for a lower APR.

I don't see anything about a BT fee on the summary. Cash advances are either $10 or 4%. But I don't ever use my cards for cash advances.

Mega Contributor
Posts: 15,434
Registered: ‎04-09-2011

Re: Should I move balance for a lower APR.

I wouldn't do it, but PIF FP as quickly as possible that rate is insane!

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