Balance transfer question

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Flint
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Balance transfer question

Postby Flint » Wed May 17, 2017 9:50 am

Thanks in advance. I have 3 credit cards. One I never use. I pay off the balance on the other 2 each month. In June of 2016 I used one of the checks that they send me sometimes in the mail from the credit card I never use to pay an unexpected bill. The card has a limit of $16,000 and I used $7000 of this. I pay $100 a month on this amount. The minimum is $88. The no interest offer will end in November of this year. I will NOT be able to pay it off before November. What has me worried is I don't know how much my payment will be once December's statement comes. Will I still be able to pay the same amount ($100) with most of it going to interest or will they make me start paying a large amount like $500 a month until it is paid back. I cannot afford to pay a large amount on this card. Thank you very much.


Bacon
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Re: Balance transfer question

Postby Bacon » Wed May 17, 2017 5:04 pm

You need to find out the minimum monthly payment required on your card (typically 3% of the balance) and what the interest rate will be after the offer ends in November. Based on what you've said, you'll maybe have paid the balance down to 5300 by Nov 2017 and using 3% as the monthly payment would be about 159. Using your post Nov interest rate you can see how much of that would go to interest.

Flint
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Joined: Wed May 17, 2017 3:18 am

Re: Balance transfer question

Postby Flint » Sat May 20, 2017 12:28 am

Bacon, thank you so much for your response. I appreciate it very much. I would like to ask you another question please. Would it be smart to apply for another card that has a no balance transfer offer or is that just starting me down a path I don"t want to go.

Bacon
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Re: Balance transfer question

Postby Bacon » Mon May 22, 2017 12:58 pm

If your credit score is decent, say 700+, and you maintain the payment discipline that it appears you have so far, then yes. Your score may take a dip with the additional credit request but you should likely get approved.

Flint
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Re: Balance transfer question

Postby Flint » Tue May 23, 2017 8:53 pm

Ok thanks



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