Should I Transfer My Balance To A New Card?

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Should I Transfer My Balance To A New Card?

Postby dk11 » Thu Feb 10, 2011 9:12 am


i'm fairly new to this. I've had the same standard capital one card for the last 3 years and am now applying for a new one. In the application it asks if I would like to transfer my balance from my old card to the new. Is this something I should do? Would it hurt my history with the old card? Does it mean that I am transferring the amount I've spent over the course of having the card or just the amount I currently owe?


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Elliot Castro
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Postby Elliot Castro » Thu Feb 10, 2011 4:18 pm

I am confused at what you are trying to ask. Are you talking about you're wondering if they will transfer your entire history of past purchases?

Why would a balance transfer hurt your history with your current card? It's only if you default that card you hurt yourself. All you are doing is shifting your debt around.

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Postby sdfinch » Thu Feb 17, 2011 12:48 pm


You would have to give more details before anyone could give you a correct answer or opinion. I can give you an example of a b/t situation that might help.

Capital One- most likely you have a 17.9% if your account is in good shape. If you have a $5k balance for example and you b/t to another card you need to check on the b/t fee and new rate on other card first.

New card I imagine has a 0% rate for 12 months then 11.99%-21.99% afterwards. You will probably have a 3-4% b/t fee ($150-$200) added to your balance.

Lets say you have a 12.99% after the 0%/12 month promo - you will save about $2150.00 in finance charges as long as you do not add the balance.

I hope that helps,


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