Balance Transfer?

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Balance Transfer?

Postby DGenerateKane » Thu Jun 03, 2010 5:11 pm

I just got a new credit card and am wondering if I should do a balance transfer to it. I have two different offers available:

0.0% APR for 12 months after the first transaction posts to your account under this offer, then your purchase APR will apply, currently 16.99%. The purchase APR will vary with the market based on the Prime Rate. Transfer fee 4%.

0.0% APR through your billing period ending during 05/2011, then your purchase APR will apply, currently 16.99%. The purchase APR will vary with the market based on the Prime Rate. Transfer fee 5%.

I plan on using the new card to take advantage of the 0% APR for the first 6 months, but will a balance transfer cause me problems?

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I think the only really smart way to do a BT...

Postby jeffysdad » Thu Jun 03, 2010 6:26 pm

is to transfer to a card that has a 0 balance at time of transfer and to not charge ANYTHING to that card until the transfered balance is paid off. Do not comingle transfered balances and purchases/cash advances on the same card.

Ideally you will use one card for all of your purchases and pay it off every month and manage your payments on the BT card to maximize your interest savings/minimize costs.

That said, the first offer sounds like the better deal. It has a lower fee and is for a longer period, if I read that right. BTs for less than 9 mos. are a waste of time (and the fee!) in my opinion.

I used to card surf when 12-mo. 0% BT offers with no/minimal fee would fly in your window when you were driving down the street. Glad I'm not doing it now. Good luck.
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Postby fffresh » Wed Jun 09, 2010 9:42 pm

First offer, because under 12 months is too costly with the balance transfer fees. Do reserve purchases for other cards.

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Postby Mogul of Pineapples » Sat Jun 12, 2010 9:08 pm

My vote is for the first offer too.
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