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Should I Transfer Credit Card Balance

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SunriseEarth
Moderator Emeritus

Re: Should I Transfer Credit Card Balance


@pizza1 wrote:
Id BT that immediately to another cc with 0% for whatever months, until you can figure something else out. Thats a huge chunk of change, and a lot you're paying in interest monthly.

If you're unable to pay It off in the 9mo for Discover, transfer it anyways, and think about a personal loan, or maybe the balance to another 0% card at that time. Just don't continuing pay that interest.

Im sure more will chime in, buts thats my opinion. Good luck with what you decide.

I completely agree.  BT that thing and start saving some money on interest, especially if you plan on taking a while to pay the balance.  



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Message 11 of 15
Anonymous
Not applicable

Re: Should I Transfer Credit Card Balance

Thanks all!  Is there a minimum amount of time I need to leave the transfer in the Discover card before I transferred it to Slate?  If I have to leave it in the Discover card account for an extended amount of time it might make sense to do the 0%/3% transfer fee rather than the 8.99%/$0 transfer fee.  I figure the break-even point to be around 4 months.

 

Also, how will opening a Slate card effect our credit?  Right now we have great to excellent credit and I don't want to jeopardize that?  Would there be any issue getting the Slate card since we already have the Chase Freedom card.

Message 12 of 15
Anonymous
Not applicable

Re: Should I Transfer Credit Card Balance


@Anonymous wrote:

Thanks all!  Is there a minimum amount of time I need to leave the transfer in the Discover card before I transferred it to Slate?  If I have to leave it in the Discover card account for an extended amount of time it might make sense to do the 0%/3% transfer fee rather than the 8.99%/$0 transfer fee.  I figure the break-even point to be around 4 months.

 

Also, how will opening a Slate card effect our credit?  Right now we have great to excellent credit and I don't want to jeopardize that?  Would there be any issue getting the Slate card since we already have the Chase Freedom card.


I would just do the Discover BT and ride it out as long as you can. 

Message 13 of 15
SouthJamaica
Mega Contributor

Re: Should I Transfer Credit Card Balance


@Anonymous wrote:

This is my first post on here and in an effort to reduce debt and control costs I'm wondering if I should consider transferring my current card balance (Chase Freedom card- Approximately $12k; 14.24%) to another card. Currently I'm paying approximately $140 a month in interest charges.   I do have a Discover card and can transfer balance to it for 9 months no interest (raises to 17.99% after that).  Assuming I pay it off within the 9 months, is this a good idea?  Should I consider opening another card for this purpose?  What are the positives and negatives to transferring balance?  Thanks!


Based on the facts you've mentioned you should definitely transfer the balance to Discover at zero percent. You'll be saving $140 a month! I can't think of a negative based on the limited information you've provided.

 

I wouldn't hesitate.

 

 

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 14 of 15
SouthJamaica
Mega Contributor

Re: Should I Transfer Credit Card Balance


@Anonymous wrote:

Thanks!  Actually the length wasn't my concern as much as the 3% fee....I'm assuming some sort of fee is normal with a 0% APR?


You can avoid balance transfer fees altogether by getting Barclay Ring card or many credit union cards.

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 15 of 15
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