Consolidating credit card debt to one card?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
2 posts
Posts: 1
Joined: Sun Mar 04, 2012 11:50 am
Location: United States

Consolidating credit card debt to one card?

Postby seh7td » Sun Mar 04, 2012 12:11 pm

Hello, I currently have three credit cards:

  • Citi dividend card (Had for 6+ years) with APR: 16.990% and a credit line of 3300, Balance: 300, balance transfer offer 0%A PR until next year
  • Bank of America Cash Rewards American Express card (had for about 1 year) with APR: 20.99%, Credit line: 1000, Balance: 876
  • PayPal Extras card (had for about 6 months), APR: 23.990%, Credit line: 5,800, Balance: 1530.
I have student loans which my parents are paying the interest on until I start the MSW program this fall, but no other debt whatsoever.

I am considering using my 0% balance transfer offer from Citi to consolidate all my credit card debt onto one card. I was also thinking about the risks of opening a new card with a good balance transfer offer. I plan on getting a job while going to school and having this debt all paid off within a year.

Based on my provided information I would like any suggestions and/or advice?

Thank you,

Centurion Member
Centurion Member
Posts: 304
Joined: Sat Aug 13, 2011 9:38 am
Location: Michigan

Postby ooxs » Sat Mar 10, 2012 6:30 am

I did it on a high balance that saved me at least 70 dollars a month. The idea is great and this savings should help paying off the balance, you look for one bill and make one large payment. The drawback is the psychological effect that we only owe one bank and we have it under control, sometimes i know for me this is an issue, i will go back and start adding charges to one of my zero balance account, convincing myself that it is only 20 dollars or only 30 dollars, next thing you know i am back to the old drawing board.

See if you can get the transfer fee lowered and take advantage of this offer, discontinue using any other card and focus only on paying that balance before the 12 months in up.

Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 2 guests