Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
Re: Consolidation Loan For Credit Card Balances?

Imua wrote:

rather than take out a loan, is there any way you could apply for a 0% BT credit card (term would need to be within the time linit you would be able to pay off the balances, e.g. 12 months, 18 months, etc)? 

 

i'm not usually a fan of applying for a cc just to do 0% BT, but it might be a better option than a loan.  

 


To build on this, most BT offers now come with a 3% fee.  However, you can avoid the fee by using the new card for all your monthly expenses, then taking the money you would have used to PIF that card and applying it to the balances of your old cards.  Of course, you still need to pay the minimum on the new card.  Depending on how much you spend per month for groceries, gas, utlities, etc., you can effectively transfer the balances from the higher APR cards to a 0% card fairly quickly without paying the BT fee.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge