Multiple balance transfers on same card? (from 3 cards w/ large balances)

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
3 posts
littlered6er
 
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Joined: Fri Sep 16, 2011 3:05 pm
Location: Washington

Multiple balance transfers on same card? (from 3 cards w/ large balances)

Postby littlered6er » Tue Sep 20, 2011 1:42 pm

First off thank you for reading and helping. I need so advice on how to do multiple balance transfers and which cards are better and how horrible it is for your credit to transfer at least two card into one.

Ok this is basically my husbands credit (i personally have horrible due to family issues when i was 18 and a ex husband that loved to gamble) my husband has a credit score for experian of 747 and i think the two others are roughly the same.

Well about 13 years ago he cosigned for a house for his uncle (uncle passed a year ago) my husband is the only one on the loan but not on the title his mom is, well his credit report is saying that the house on his credit is neg affecting his credit because the amount paid down is to low.

also my husband likes to pay off cards and close them because he doesn't want to deal with the card anymore he had at least 8 cards that he has closed in the past 5 years he has one card a usaa which he has had the longest but the limit on it is 24000 and the balance is 23900. he has a cabelas visa which is 2800 limit is 4g and he bought a yamaha quad and used their financing the balance we carry is 5500.

my husband has had a steady job (military) for the past 15 years and has never missed any payments my goal is to pay off the small bills and then attack the big cc which is his plan but i want to not pay so much in fees and possibly get a rewards or something type of card since it will also be a card that we use at least once a month for gas and such.

I am sorry for the all over the place information and questions everyone on here seems so knowledgeable its a little overwhelming

to sum it up

  • some what high 700 Credit score
  • three credit cards
  • 1st has balance of 23000, limit 24000, usaa rate 8.9 (best rate they say they can do
  • 2nd has balance 2800, limit 4000, cabelas visa 13.21% wont budge on lower
  • 3rd has balance 5683, limit 13800, yamaha 7.9 promo rate till 12/13
i know it would be crazy to do multiple balance transfers to the same card, but i don't know what to do i want to pay off our bills some what in the next three years +/-

thank you so much again


DavidNY
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Location: New York

Postby DavidNY » Tue Sep 20, 2011 9:13 pm

The Citibank Platinum Select MasterCard has a nice 0% for 21 months balance transfer (BT) program, but there are still fees involved.

If you can do a BT for the debt with the highest interest rate (APR), great, but in any case I would advise to....

1. Get a list together of all your current creditors, balances, minimums, dates due, and APRs.

2. I see you've done this, but for others reading, call your creditors that haven't given you a promotional rate and ask if they can lower the APR. The worst they can say is no.

3. Figure out a plan to pay the minimums on all debts as well as paying off the debt with the highest interest rate first. (This differs from some advice which would say to pick the lowest debt first. Unless there's a prepayment penalty, the higher the APR, the more it needs to be paid off, regardless of balance.)

4. If you need a credit card for day-to-day expenses, pay off the one with the smallest balance and continue to pay it off every month so the APR won't matter because you'll have a grace period on that card.

You asked about a rewards card for gas, and for that I like the PenFed Platinum Cashback Rewards card, which offers 5% back in gas rebates and the Bank of America cash rewards card which offers a 3% gas and 2% grocery rebate.

Good luck.

requiredfield
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Location: Lost in space

Postby requiredfield » Mon Oct 03, 2011 11:39 pm

PenFed Platinum Cashback Rewards could be the answer. They do issue credit limits large enough to consolidate your debt. It may not be initially, they review, then offer you an additional card to the maximum that they will extend. Call and get them to apply the second offered card's limit to your PenFed Platinum Cashback Rewards card. Hopefully you will then have a single card large enough to accommodate all the debt.

Their current BT offer
During July 1, 2011 through December 31, 2011, all balance transfers carry a 4.99% Promotional APR for 24 months. Balance transfer fees will be waived for this limited time offer.
This would be a rather substantial savings.

Did your husband call and cancel the cards before he cut them up? He may have more cards than you think if he didn't.



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