Credit Cards

[Fred2280]

I have high cc debt. BT's are the best way to for me to reduce finance charges. I'm offererd some BT's (BofA). But many others, I have the credit available but no BT's. Are these offers way down?

[ocheosa]

Not at all, I've received many. Check inside your statement envelope they've been mailing alot of those 0% balance transfer checks. I've received 0% checks from BOA, Chase, Citi and 1.90% from Discover. All of them have a customer service number you can call to have the BT's done over the phone (if you receive multiple mailers you may need the promo number of the best rate). But I never have more than a 5-7% balance on more than 4 of my cc's which may be why they are targetting me. Not sure.

You can also check your accounts online, it will show balance transfer offers.

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Fred2280 wrote:

I have high cc debt. BT's are the best way to for me to reduce finance charges. I'm offererd some BT's (BofA). But many others, I have the credit available but no BT's. Are these offers way down?

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[FretlessMayhem]

They offer BTs because it's a way for them to more than likely to have long term customers.

Plus, if you BT at a low rate, and then charge on the CC, they apply the payments towards your BT, leaving the new charges to accrue interest until your BT is paid off. It's a slick way for them to make some good interest.

[jmbfl]

Admittedly you have high credit card debt. High credit card debt is a recipe for disaster. Focus on paying ir down your debt. If it is already high and increasing you need to alter your lifestyle. BT offers may be nice, but with the spectre of ratejacking hovering over your shoulder you need to get the debt down. Don't learn the hard way what many others here have done - mismanaged debt is financial death!

[Fred2280]

Thanks for the advice. I'm able to manage my debt responsibly. I have been doing it for 25 years. I guess that's one reason my ficos are over 700, even with high cc debt. BT's and this site have saved me $500 a month in finance charges in the past year. I am paying down debt but BT's are the best ways for me to save interest. I just don't understand the rationale for the cc's offering them or not.