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DSTDIVA
09-05-2005, 05:07 PM
I am thinking about transferring a large credit card balance to another. My current credit card does not have a minimum payment, but I have about a 3 or 4 percent interest rate every month...so if I don't make a payment, I am okay, but I am still accumulating interest.

Well, now I am very adament about finally paying this credit card off in by two years. They are offering 0 percent interest for 12 months, but I have to make a minimum payment.

Has anyone here had success after making a balance transfer? Any ideas or suggestions?

Thanks

librarising
09-05-2005, 06:12 PM
Try searching the Card Ratings message board (http://www.cardratings.com/newmessageboardfr.html).

DSTDIVA
09-05-2005, 07:17 PM
Oh, thanks a bunch.

chuchu
09-13-2005, 11:18 PM
I used to work @ Citibank doing balance transfers. If you decide to take advantage ofit, make sure that you leave yourself a cushion of at least 100.00. Also, does the credit card charge you a fee/ transfer??
Also, make sure that you DO NOT UNDER ANY CIRCUMSTANCES use that card to make any purchases because all of your payments and credits will be applied first to the higher interest rate before the 0%.

DSTDIVA
09-26-2005, 01:29 AM
Thanks...I actually have no annual fee and no interest for a whole year. And I do not have to make any purchases each month (my mother made me look into that one first)...so i have to make at least 10percent of the balance each month, but I will be making way more than that, to get this balance down to at least half of the current balance in a year...thanks again.

ms_aunatural
09-26-2005, 01:17 PM
I have never had a problem with balance transfers... it's how I got my credit cards paid off. But back then people were making them a lot more accessible (0%) with no fee. Now you can get them for a fee, of like 5% (no more than $75 etc.) so I only do it when it's really necessary. Now I only have a balance on one card, that I am in the process of paying off (my computer) via a low-rate (1.9%) BT. The important thing is to read all the fine print, which it seems you've done. I say go for it. Happy good credit! :)

scrappy
09-27-2005, 04:21 PM
:P I have consolidated my two credit cards into one using balance transfers, and I have saved soo much money in interest. I am applying that money to pay off the balance.

Also, try to pay off the entire balance before the 0% interest rate expires, and try not to default. If you do, the interest rate will be very high!!!

I've learned valuable advice on www.creditboards.com


I can't wait to be debt free from credit cards!!! ;)

tran68
09-27-2005, 04:33 PM
this is a very viable option if your diligent!


I can't wait to be debt free from credit cards!!!

You can do it and the FREEDOM is priceless! I plan to be mortgage free as well, paying a bank for the rest of my life is not in the cards for this sista..... :hug:

scrappy
09-27-2005, 04:43 PM
:D Thank you "Tran68" for your positive comments. I have been very diligent in climbing this uphill battle.

:) I truly appreciate your uplifting words!!!

CocoBudda
09-27-2005, 10:18 PM
Originally posted by scrappy@Sep 27 2005, 10:43 AM
:D Thank you "Tran68" for your positive comments. I have been very diligent in climbing this uphill battle.

:) I truly appreciate your uplifting words!!!

1013892



I've never had a problem with balance transfers either and have been successful in paying off 2 cards that way. I'm thinking about transfering another balance. 12.6% to one with 6.9% interest for the life of the balance.

MsMila
08-13-2007, 09:41 AM
I"m thinking about doing this with my Capital One credit card. I didn't know until recently that they don't report a limit to the Credit Bureau so that is probably affecting my credit score negatively.

Will check out more on this!

LaMonica
08-25-2007, 07:14 PM
Also Check Out
No APR CREDIT CARDS (http://www.noaprcreditcards.com/)

freelocks
12-16-2007, 02:10 PM
I have a Discover card that had a 0% rate on it for a year but the time is up and now they slapped me with a $30 finance charge. Luckliy the next week I got a card through my union offering a 0% rate until 11/08. I am determined to pay off the card by the end of March.

Savvyone
12-17-2007, 08:03 AM
it works for me! :) Of course I'm very diligent about this kind of thing, I play the game, it doesn't play ME! :lol:

Mellie3
12-17-2007, 08:22 AM
I have a Discover card that had a 0% rate on it for a year but the time is up and now they slapped me with a $30 finance charge. Luckliy the next week I got a card through my union offering a 0% rate until 11/08. I am determined to pay off the card by the end of March.
[/b]

Discover is sneaky, boy <_< I&#39;m using them right now for a balance transfer (0% for a year) but 2 months before the year is up I&#39;m transfering to a different card (I&#39;ll just have to eat the transfer fee).

LadyBug13
12-17-2007, 06:08 PM
Hmmm....I should look into this.

China
12-17-2007, 09:53 PM
AMEX usually has no fee balance transfer options for the life of the balance. Citi has eliminated the ceiling on BT fees, so you will be charged 3% of whatever you transfer. Please make sure to read the fine print.

freelocks
12-26-2007, 04:54 PM
I&#39;m pleased that my Discover balance of $2500 has been transferred to another card with 0% apr. This will make me have a peace of mind knowing that I don&#39;t have to worry about finance charges.

LadyBug13
01-04-2008, 08:30 PM
I had a Bank of America credit card with a huge balance. I&#39;ve had it since 2002 and throughout 2002 through the summer of 2006 I&#39;ve never had a problem making payments. While searching for a job after graduation, I wasn&#39;t using the card but I fell behind on making payments and BofA closed my account and reported it, so I can&#39;t use the card anymore, plus it&#39;s affected my credit score. Since I&#39;ve been working (April 2007) I&#39;ve been making payments on time. The balance was well over the credit limit due to finance charges in the later part of 2006. In May 2006 I talked to a BofA rep who lowered my APR from 32% to 16 and eliminated finance charges. I bank with WaMu now and I&#39;m interested in applying for their credit card. It has a 0% APR for 6 month. My balance on the BofA card now is $550 below the credit limit and I have an agreement with BofA to pay $200/month from May 2007-May 2008.

My question is, if I&#39;m approved for the WaMu card, will I be able to transfer my BofA balance even though the account was closed by BofA? I already know that even if my BofA account hadn&#39;t been closed by them, I would have paid it off, closed the account, and opened a new credit card account elsewhere.