Which credit card to transfer balance from?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Which credit card to transfer balance from?

Postby Gieser » Mon Apr 04, 2011 9:11 pm

Here is my situation:

I received a BofA Vis with a $15K limit. Balance Transfers are at 3% fee 0% for 18 months.

I have a Visa with $5K ($5300 limit)
I have a MC with $2K ($3K limit)
I have a AMEX (Prev Divorce tab) $33K limit is $34K

I want to release some of the percentage to limit on some of my balances. I am not using the cards, I am working to pay them off. What would you do to utilize the new card, if anything?

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Postby jeffysdad » Tue Apr 05, 2011 7:31 am

Pay off the balances subject to the highest interest first.

(I am NEVER getting married, btw.)
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby Gieser » Tue Apr 05, 2011 8:07 pm

Should I just avoid the transfer of balances and pay the others off? That makes since, and I can get one of the other companies to work with me on it.

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Postby sdfinch » Thu Apr 07, 2011 4:26 pm

What are the interest rates on all those cards?
What does BOA rate go to after 18/months?

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Apr 11, 2011 3:45 pm

Yeah additional info about the interest rates on those cards would be helpful. You want to tackle the highest rate balances first but also I would give some weight to the credit utilization on each card. Using 33 out of 34 thousand is something like a 95+ percent utilization. Then again, to get the percentage down significantly it would require a lot of money, meaning it might make sense to bring down the 5000/5300 on the Visa since not as much will be needed to do so.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Postby naomibatac » Thu Dec 01, 2011 5:24 am

In balance transfer, the rates are important in making decisions. However, the common practice is to get rid first of those with high interests.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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