How to Consolidate Credit Card Debt
Author: Dan
Posted: Thu Jul 22, 2004 5:09 pm
Post subject: How to Consolidate Credit Card Debt
9/19/2001 10:20 pm CDT
I am taking over the managing of my wife's 3 outstanding credit card balances. I would appreciate any advice on how I am attempting to deal with the problem. So far I have combined a balance of about $5000 (Chase Bank) with a balance of about $1000 (First USA), reducing the interest on the larger balance to 9.9% for the life of the loan (from 11.99%). There is one other credit card balance of about $3000 @ 8.5% APR (AT&T Universal). Those cards are in my wife's name (not the same last name as mine). I have an application for a Chase Platinum Visa card that offers "...0.00% APR on Balance Transfers for up to 12 months." According to the disclosure, the only additional charge I would incur is a "...$45 maximum per transaction" fee for transfers during the intro period, and it says that "...may be reduced or waived at Chase's discretion."
Is there a way I can transfer those balances from her cards to a new Chase card in my name if those accounts are not in my name? This seems like a good plan to me so we can pay off all the cards over about 11 months with no more interest, or do the best we can until I need to get a new low intro rate from someone else. Would this be something that a credit counseling service might set up for me more successfully than I can myself?
Do any of you credit card gurus see any problems here that I am not aware of?
Thanks for any help, Dan
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Jul 22, 2004 5:10 pm
Post subject: How to Consolidate Credit Card Debt
9/19/2001 11:16 pm CDT
You can transfer anybody's debt to your card.
All you need is the account number, payment address, and amount to pay.
Author: M
Posted: Thu Jul 22, 2004 5:11 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 11:30 am CDT
How did you find an applications for 0% for 12 months. I am afraid I have used "Opt Out" so I don't get any offers mailed to me. I would love to have the opportunity to get a card for that rate.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Dan
Posted: Thu Jul 22, 2004 5:11 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 10:47 pm CDT
I have no idea how to find such things. This just came in the mail with the many other credit card offers. The web site it takes me to says to press a button if you lost your invitation code number. You might try it and tell them you want that particular deal.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Bill B
Posted: Thu Jul 22, 2004 5:12 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 11:00 pm CDT
Check out citibank...
www.citibank.com
Posted: Thu Jul 22, 2004 5:09 pm
Post subject: How to Consolidate Credit Card Debt
9/19/2001 10:20 pm CDT
I am taking over the managing of my wife's 3 outstanding credit card balances. I would appreciate any advice on how I am attempting to deal with the problem. So far I have combined a balance of about $5000 (Chase Bank) with a balance of about $1000 (First USA), reducing the interest on the larger balance to 9.9% for the life of the loan (from 11.99%). There is one other credit card balance of about $3000 @ 8.5% APR (AT&T Universal). Those cards are in my wife's name (not the same last name as mine). I have an application for a Chase Platinum Visa card that offers "...0.00% APR on Balance Transfers for up to 12 months." According to the disclosure, the only additional charge I would incur is a "...$45 maximum per transaction" fee for transfers during the intro period, and it says that "...may be reduced or waived at Chase's discretion."
Is there a way I can transfer those balances from her cards to a new Chase card in my name if those accounts are not in my name? This seems like a good plan to me so we can pay off all the cards over about 11 months with no more interest, or do the best we can until I need to get a new low intro rate from someone else. Would this be something that a credit counseling service might set up for me more successfully than I can myself?
Do any of you credit card gurus see any problems here that I am not aware of?
Thanks for any help, Dan
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Thu Jul 22, 2004 5:10 pm
Post subject: How to Consolidate Credit Card Debt
9/19/2001 11:16 pm CDT
You can transfer anybody's debt to your card.
All you need is the account number, payment address, and amount to pay.
Author: M
Posted: Thu Jul 22, 2004 5:11 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 11:30 am CDT
How did you find an applications for 0% for 12 months. I am afraid I have used "Opt Out" so I don't get any offers mailed to me. I would love to have the opportunity to get a card for that rate.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Dan
Posted: Thu Jul 22, 2004 5:11 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 10:47 pm CDT
I have no idea how to find such things. This just came in the mail with the many other credit card offers. The web site it takes me to says to press a button if you lost your invitation code number. You might try it and tell them you want that particular deal.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Bill B
Posted: Thu Jul 22, 2004 5:12 pm
Post subject: How to Consolidate Credit Card Debt
9/20/2001 11:00 pm CDT
Check out citibank...
www.citibank.com
posted by CardRatings.com at 1:37 PM
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