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About LinkBacksHere 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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Green Member
- Join Date
- Mar 2011
- Location
- TN
- Posts
- 5
Which credit card to transfer balance from?
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Centurion Member
- Join Date
- Apr 2009
- Location
- Texas
- Posts
- 542
Pay off the balances subject to the highest interest first.
(I am NEVER getting married, btw.)CARDS (and why)
FIA Card Services: Fidelity Amex (best cash back excepting 5% cards), Fidelity Visa (spare)
Chase: Freedom (only for 5% reward categories, purchases under $10), Sapphire (not in use), Amazon Rewards (for Amazon purchases only)
CapitalOne: No Hassle Rewards (no foreign transaction fee, my only MasterCard, not in use)
Amex: Blue Cash Everyday (not in use)
Discover: More (only for 5% reward categories)
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Green Member
- Join Date
- Mar 2011
- Location
- TN
- Posts
- 5
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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Gold Member
- Join Date
- Dec 2010
- Location
- Orlando, Florida
- Posts
- 34
What are the interest rates on all those cards?
What does BOA rate go to after 18/months?
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Centurion Member
- Join Date
- Jun 2008
- Location
- Smogland
- Posts
- 1,399
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. 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: Citi Thank You Premier
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Banned
- Join Date
- Sep 2011
- Location
- Philippines
- Posts
- 58
In balance transfer, the rates are important in making decisions. However, the common practice is to get rid first of those with high interests.
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