topic Re: Multiple Balance Transfers Over Time? in Credit Cards

Multiple Balance Transfers Over Time?

DubbaYou — Tue, 11 Apr 2017 06:35:30 GMT

I have a balance of $2,500 on a NFCU card that I want to balance transfer to save interest, as I am paying it down about $300-$500 a month. I've never carried a balance, but racked up about $6,000 on my wedding in November. I also have around $4,000 on a Lowe's account with 0 interest which expires in January 2018, and will probably have around $2,000 left by that time, so am looking to balance transfer that at the end of the year.

Is there a card which would allow me to do a 0% for X months balance transfer now, and then another 0% balance transfer in 8 months? I'll have the 1st one paid off before needing to do the 2nd one.

All the cards I can find seem to only offer the 0% on balance transfer within the first 45-60 days of opening the account. If that is all that is out there, then the math says it is better to pay the interest on the NFCU card, and simply open a balance transfer card in December to save the $400+ interest that I would be hit with if I don't pay off the Lowe's before the offer ends.

I'd appreciate any help or advice. I know it's a small amount of money, but I believe in keeping my debt in check. Credit score is ~750 on all reports, and "excellent" as shown on Wells Fargo Credit Monitor.

Thanks!

Re: Multiple Balance Transfers Over Time?

CreditInspired — Tue, 11 Apr 2017 11:39:32 GMT

I think you are in a real good place and have many great options. Here are two choices I think of:

First, you would probably be able to get at least a $7K 0% interest loan for somewhere between 14-21 months. If so, pay off both NFCU and Lowes. There's nothing that say you can't pay off one 0% loan with another 0% loan. There's no need to wait until Lowes expire.

Second, if you don't want to do #1 above, I think you should definitely apply for a 0% card NOW to pay NFCU off to save on interest, which at an average of 400/month, this will be paid off by October 2017.

Good luck to you.

Re: Multiple Balance Transfers Over Time?

Mattopotamus — Tue, 11 Apr 2017 11:49:29 GMT

Most cards will let you do what you are looking for. For example, I have citi diamond card that I did a 0% $5000 BT on last year. In the last couple of months, I have received emails and promo's via the mail for addional 0% offers while I am still paying down the current balance. The same thing has happended to me with Discover it and Sallie Mae MC.

Re: Multiple Balance Transfers Over Time?

AverageJoesCredit — Tue, 11 Apr 2017 13:28:58 GMT

Ive got a Boa BBR that has constant Bt offers and as of now ive got like 4 running and have had no problems with them. A perdonal loan could also help as stated above.Good luck

Re: Multiple Balance Transfers Over Time?

Anonymous — Tue, 11 Apr 2017 13:38:08 GMT

@Mattopotamus wrote:
Most cards will let you do what you are looking for. For example, I have citi diamond card that I did a 0% $5000 BT on last year. In the last couple of months, I have received emails and promo's via the mail for addional 0% offers while I am still paying down the current balance. The same thing has happended to me with Discover it and Sallie Mae MC.

I also have the Citi Damond preferred...not a bad card for BT....good luck!!

Re: Multiple Balance Transfers Over Time?

SouthJamaica — Tue, 11 Apr 2017 14:30:04 GMT

@DubbaYou wrote:
I have a balance of $2,500 on a NFCU card that I want to balance transfer to save interest, as I am paying it down about $300-$500 a month. I've never carried a balance, but racked up about $6,000 on my wedding in November. I also have around $4,000 on a Lowe's account with 0 interest which expires in January 2018, and will probably have around $2,000 left by that time, so am looking to balance transfer that at the end of the year.

Is there a card which would allow me to do a 0% for X months balance transfer now, and then another 0% balance transfer in 8 months? I'll have the 1st one paid off before needing to do the 2nd one.

All the cards I can find seem to only offer the 0% on balance transfer within the first 45-60 days of opening the account. If that is all that is out there, then the math says it is better to pay the interest on the NFCU card, and simply open a balance transfer card in December to save the $400+ interest that I would be hit with if I don't pay off the Lowe's before the offer ends.

I'd appreciate any help or advice. I know it's a small amount of money, but I believe in keeping my debt in check. Credit score is ~750 on all reports, and "excellent" as shown on Wells Fargo Credit Monitor.

Thanks!

My suggestion is to go with a credit union. Many credit unions have cards which offer (a) zero balance transfer fee, permanently, and (b) promotional balance transfer rate of 2.99% or 4.99%.