Comments on: Which 0% Balance Transfer Offer is Right For You?

By: quotation template

quotation template — Fri, 10 Sep 2010 09:43:23 +0000

It is a tremendous effort. You have made it very easy for those who are in search of a credit card with balance transfer offer. Video is really useful and informative.

By: DR

DR — Fri, 07 May 2010 09:43:40 +0000

CC, the new government law prevents credit cards from applying payments to the 0% balance first, which they use to do to keep you high interest balance as high as possible for as long as possible. Since you are going to be paying $150 a month, you’ll have the $1,200 paid if in under 12 months. So from a balance transfer perspective, it really doesn’t matter whether you pick 12 or 18 months. So I’d stick with the 7.5% card, if it were me. Good luck.

By: CC

CC — Thu, 06 May 2010 15:40:03 +0000

The amount on the 7.5% card is at $4,000 (offer: 12 months at 0%) and the 24% card is at 2,000 (offer: 18 months at 0%). I will be transferring the $1,200 to one of those. And paying $150 monthly on either one. I didn’t know if the new government regulations (applying money to the higher interest rate, etc) should be something I take into sonsideration…

Should I take advantage of the 12 month offer? or 18? (In your opinion)

Thanks, DR!

By: DR

DR — Thu, 06 May 2010 09:47:36 +0000

CC, as to your first question, it depends on much of the transferred balance you’ll pay off in 12 to 18 months. If you can pay it off in full or almost in full in 18 months, that’s the card I’d go with. If you will still have a substantial balance left at the end of the 0% introductory offer, than I’d stay away from a 24% card. As for checks, you need to closely examine the terms and conditions. Some convenience checks act as a cash advance, with both high fees and high interest rates. You definitely don’t want that. If the checks act as a balance transfer, then it just depends on the terms.

By: CC

CC — Thu, 06 May 2010 03:56:17 +0000

Hello,
I want to do a balance transfer from a Capital One card to one of two Citi cards I already have (transfer about $1200). I have two offers: One is 0% for 18 months with a 24% APR after the 18 months. And the other is a 0% for 12 months with a 7.5% APR after 12 months. The 7.5% card has double the balance amount as the 24% card. Please advise on what offer is better if I were to pay the same amount on each. It seems to me the obvious thing would be to apply it to the lower interest rate card, despite the 6 month difference with the 0%.

Lastly, would those credit card “checks” be worth looking into?

Thanks for the feedback.

By: DR

DR — Sat, 03 Apr 2010 11:31:28 +0000

Rob, first I'm sorry to hear about the difficulties. Discover does some to be a more difficult card to get, but I'm surprised they turned you down given your excellent credit. Anyway, the Slate from Chase card offers 0% for up to 12 months. I'd give them a try.

By: rob

rob — Wed, 24 Mar 2010 01:03:18 +0000

I bought a new kitchen setup with a Home Depot credit card (23% after 0% for 12 months) and wanted to get a good balance transfer card. Got approved for the Citi Platinum only to find out that when trying to do a transfer they couldn’t do it because Home Depot uses the Citi card services themselves. I then got turned down from Discover for debt to income ratio reasons (which didn’t bother Citi). My credit rating is very good I think. (high 700s) Before trying again do I need to worry about denials for credit cards affecting future applications? Any ideas on who to try next?

By: DR

DR — Sat, 27 Feb 2010 20:59:10 +0000

Marilyn, thanks for sharing your experience. Based on the numbers you've provided, it looks like Discover charged you a 5% transfer fee, which is their standard offer. While the Discover More card is a good card (I use one almost every day), it's not our favorite 0% balance transfer offer because of the fee. The Citi Platinum Select has a 0% offer up to 12 months with a 3% transfer fee, which is the best deal available that we can find.

By: Marilyn Edwards

Marilyn Edwards — Sat, 27 Feb 2010 20:43:28 +0000

Watch this card – Discover. I applied for a balance transfer of $5700. When my statement was sent it was bill $282.00 transfer fee. When I called the company I was told their guidelines had changed in the time I was approved on line. They would not correct it. I am changing out this card.

By: eBook Publishing

eBook Publishing — Tue, 16 Feb 2010 07:37:39 +0000

Thanks for the info on 0% apr. My formerly o.o% APR Jumped to 7% and they added a $39.99 Annual Fee, so I told them to pound sand, and I am back on the CC market.