Transferring balances onto one card for a 0% offer?

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tobg
 
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Transferring balances onto one card for a 0% offer?

Postby tobg » Sun May 01, 2011 12:35 pm

Hi everyone,

I have made a couple of large purchases (~$9k total) split between two different cards. My income is sufficient to pay this off within 4-5 months, but if I go with that option, the interest on the cards (both ~15-17%) will accumulate on top of the principal balance.

My credit score is ~750. I was wondering if it would be a good idea to apply for a new card with 0% intro APR on balance transfers and transfer both of the existing balances to the new card and then pay it off.

That plan makes sense to me logistically, but I just wanted to make sure it was reasonable and realistic. What do you guys think?

Thanks in advance for any help!


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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon May 02, 2011 3:53 pm

As long as the 0% offer won't be a mental deterrent to paying down your balance, then yes, transferring to a 0% offer will certainly make sense. Give your credit score I don't think you will have any problem getting approved for a good offer.

If you check out the 0% credit cards for transfers page you will see ads for several promotions. Right now there is one on there for 21 months.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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