Balance Transfer question about a particular card.

[Anonymous]

I have a Wells Fargo Platinum Credit card with a 4k balance and  5k limit, I am getting banged with a 17% interest rate, and run a 666 FICO. Would I benefit from transferring this to another card, with a lower apr? Can I call up Wells Fargo and ask to lower my rate, I am a good customer...what do you recommend?

[Anonymous]

Your UTL will remain the same but with a lower % you can pay down faster. I am doing that with my own.

[ah32]

Call your banker and ask if you have any balance transfer offers out there.  Do you have a personal line of credit with WF? If so, transfer your balances to the line of credit.  If not, consider applying for one.  This would give you access to cash for emergencies in the future as well.  Once the funds are on your personal line of credit, call your banker and do a balance transfer to get the lower interest rate.  Then you can pay it off faster.  It should be about 2.9% to 5.9%. 

[Anonymous]

Call them first and ask for the rate reduction, if they refuse then think about shuffling balances.  If you're not planning on applying for any credit anytime soon, why not go for the "least cost method".

[Anonymous]

Would I benefit from transferring this to another card, with a lower apr? 

I think transferring your card to another one with lower apr will definitely benefit you. If you check edited list, you will find many cards with lower annual percentage rate than yours. (Including many 0% and “low rate for the life of balance” balance transfer offers).

[Anonymous]

Has this always been the interest rate on this card? How long has your uti been high? At 80% over a period of time, lenders will slowly start to creep up on your rate and are less likely to give a CLI to offest that high balance. I was declined on more than one occassion for 'Balances to high on existing cards' before I learned how important a factor this was.