Transfer Balances

MaryMary · 03-09-2007

Anyone who has been in credit card debt has struggled with this issue.

To transfer or not to transfer. If you can get a better rate and save a few dollars on interest each month then by all means transfer that balance!

(make sure there are no transfer fees or that the cost of the transfers will still substantially save you money over the period of the intro balance rate)

Try to transfer the whole amount to one card, but In my case I had to transfer to quite a few cards with 0% for 6-9 months.

A $500 balance at 0% interest for a 9 month intro period lets me make 8 payments of $62.50 and then that $500 of my debt is gone forever.

Maybe balance transfers are just what you need to pay down your debt.

inworx · 03-11-2007

Here, we arent charged anything for card-to-card transfers. SO, its not problem to keep finds on one or ther other. I keep them all in my pocket

webspider2005 · 03-12-2007

You can transfer your card balance if you have another card. Are there credit card companies which open a credit card for you and transfer your balance from your other card to your new credit card account?

**onlineexperts** · 03-19-2007

I don't know how transferring your balance to another card can help? Maybe to lengthen your payment period and to dodge interests from card companies. But the best way I think is to just use your cc properly and only when really needed.

**rant** · 03-22-2007

That is also one way to dodge monthly interest rates. You should make sure though that you could pay your balance withing the next 5 to 9 months of that intro period.

quinda · 03-23-2007

Some balance transfers are still free over here, but there is a growing trend for companies to charge.

I find the snowball technique worked for me (although my credit rating isn't good enough to get 0% deals any more). Transfer as much of your balance as you can to a 0% card, then pay the minimum on that, and focus on paying down your interest-charging balances.

That way you're getting rid of the 'bad' debt first.

dasha101 · 03-25-2007

I heard transferring balances from your credit cards would save some interest rates. But of course you'll be charge for that transaction. My friend is hesitant to do this because she thinks this might affect her credit score.

aimz · 04-01-2007

We have recently transfered our Credit Card balance to a new credit card. The only reason we did it was because there where no charges and the new credit card suits our needs better and the interest rates and charges are so much less than the card we had. It is worth doing it if you can get no charges for the transfer. Sometimes it is still worth it in the long run even if you have to pay a transfer fee if the interest rates and charges are a lot less than your previous card.

joecool6101 · 04-02-2007

my brother recently did this after he has a large debt on his 1 card with high interest and decided to transfer to a slightly lower rate on his new one that he uses now....they wanted to charge him money for this so he just went to a bank and took out the ammount he needed to pay off the orginal CC with his new one and then he didnt have a pay a fee and it still got transferred.

dovic1 · 04-06-2007

Sometimes people transfer their credit card to one with a lower interest rate.

03-09-2007	#1 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	Transfer Balances Anyone who has been in credit card debt has struggled with this issue. To transfer or not to transfer. If you can get a better rate and save a few dollars on interest each month then by all means transfer that balance! (make sure there are no transfer fees or that the cost of the transfers will still substantially save you money over the period of the intro balance rate) Try to transfer the whole amount to one card, but In my case I had to transfer to quite a few cards with 0% for 6-9 months. A $500 balance at 0% interest for a 9 month intro period lets me make 8 payments of $62.50 and then that $500 of my debt is gone forever. Maybe balance transfers are just what you need to pay down your debt.

03-12-2007	#3 (permalink)
webspider2005 Junior Member Join Date: Mar 2007 Posts: 10 Rep Power: 0	You can transfer your card balance if you have another card. Are there credit card companies which open a credit card for you and transfer your balance from your other card to your new credit card account? __________________ Web Help!

04-02-2007	#9 (permalink)
joecool6101 Senior Member Join Date: Mar 2007 Location: On, Canada Posts: 250 Rep Power: 2	my brother recently did this after he has a large debt on his 1 card with high interest and decided to transfer to a slightly lower rate on his new one that he uses now....they wanted to charge him money for this so he just went to a bank and took out the ammount he needed to pay off the orginal CC with his new one and then he didnt have a pay a fee and it still got transferred. __________________ Gamer Forums \| Free Flash Games \| Free File Uploads

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03-11-2007	#2 (permalink)
inworx Senior Member Join Date: Mar 2007 Posts: 160 Rep Power: 2	Here, we arent charged anything for card-to-card transfers. SO, its not problem to keep finds on one or ther other. I keep them all in my pocket

03-19-2007	#4 (permalink)
onlineexperts Banned Join Date: Mar 2007 Posts: 111 Rep Power: 0	I don't know how transferring your balance to another card can help? Maybe to lengthen your payment period and to dodge interests from card companies. But the best way I think is to just use your cc properly and only when really needed.

03-22-2007	#5 (permalink)
rant Banned Join Date: Mar 2007 Posts: 106 Rep Power: 0	That is also one way to dodge monthly interest rates. You should make sure though that you could pay your balance withing the next 5 to 9 months of that intro period.

03-23-2007	#6 (permalink)
quinda Junior Member Join Date: Mar 2007 Posts: 10 Rep Power: 0	Some balance transfers are still free over here, but there is a growing trend for companies to charge. I find the snowball technique worked for me (although my credit rating isn't good enough to get 0% deals any more). Transfer as much of your balance as you can to a 0% card, then pay the minimum on that, and focus on paying down your interest-charging balances. That way you're getting rid of the 'bad' debt first.

03-25-2007	#7 (permalink)
dasha101 Senior Member Join Date: Feb 2007 Posts: 184 Rep Power: 2	I heard transferring balances from your credit cards would save some interest rates. But of course you'll be charge for that transaction. My friend is hesitant to do this because she thinks this might affect her credit score.

04-01-2007	#8 (permalink)
aimz Junior Member Join Date: Apr 2007 Posts: 10 Rep Power: 0	We have recently transfered our Credit Card balance to a new credit card. The only reason we did it was because there where no charges and the new credit card suits our needs better and the interest rates and charges are so much less than the card we had. It is worth doing it if you can get no charges for the transfer. Sometimes it is still worth it in the long run even if you have to pay a transfer fee if the interest rates and charges are a lot less than your previous card.

04-06-2007	#10 (permalink)
dovic1 Member Join Date: Apr 2007 Posts: 67 Rep Power: 2	Sometimes people transfer their credit card to one with a lower interest rate.

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