Thread: Should I Transfer My Balance To A New Card?

hello,

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?

thanks

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.

dk11,

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,

Scott