12 Month 0% Credit Card Interest Rate Balance Transfer
Author: KATO
Posted: Fri Feb 27, 2004 1:19 pm
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
I have about 27k of debt on an AT&T card at 7.99% , along with several other credit debts, and I am thinking of transfering it to a Chase 12 mo. 0 int. card. If that's possible to do, what are the pros & cons? And does it affect your credit report?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Feb 28, 2004 12:32 am
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
If you can get the 0% finance fee, 0% balance transfer fee card, just do it. It will not materially effect it, but why be concerned about your credit report? If you pay your bills on time, regardless of the interest rate, it's counts as a positive. There are tons of us who have done and are doing the balance transfer shuffle. You keep your eyes and ears open and constantly apply for other 0% cards. When the intro rate expires on one card you simply transfer the remaining balance to another. I did this with $40,000.00 in CC debt. It enabled me to save thousands in finance charges and to pay down my debt years earlier. You do have to be very alert to expiring rates, though. Otherwise you can be hit with some very hefty finance charges.
author: KATO
Posted: Sat Feb 28, 2004 11:54 am
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
Hope I can get the 0 rate, always had perfect credit, now nave a couple of lates. It's our first time doing a balance transfer, feels a little too good to be true. We had a Primerica rep. tell us that the transfers show up on your CR as a neg. Will post a message/question soon on Primerica,hope the replys will be enlightning. Thanks
Author: Verne
Posted: Sat Feb 28, 2004 12:45 pm
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
I've never had a balance transfer show up on my credit report. I've heard stories that if you transfer the entire balance it shows up somehow but I think this is a myth. Where on a credit report would this be noted and why - especially if both accounts are open?
But to be safe, just don't transfer the entire balance. It will be treated as just another payment by the card account you're transferring from.
The only way a balance transfer can hurt your credit score is if the account being transferred to is reported to the CRA's sooner than the account transferred from and it looks like you owe more than you really do.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Feb 27, 2004 1:19 pm
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
I have about 27k of debt on an AT&T card at 7.99% , along with several other credit debts, and I am thinking of transfering it to a Chase 12 mo. 0 int. card. If that's possible to do, what are the pros & cons? And does it affect your credit report?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira
Posted: Sat Feb 28, 2004 12:32 am
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
If you can get the 0% finance fee, 0% balance transfer fee card, just do it. It will not materially effect it, but why be concerned about your credit report? If you pay your bills on time, regardless of the interest rate, it's counts as a positive. There are tons of us who have done and are doing the balance transfer shuffle. You keep your eyes and ears open and constantly apply for other 0% cards. When the intro rate expires on one card you simply transfer the remaining balance to another. I did this with $40,000.00 in CC debt. It enabled me to save thousands in finance charges and to pay down my debt years earlier. You do have to be very alert to expiring rates, though. Otherwise you can be hit with some very hefty finance charges.
author: KATO
Posted: Sat Feb 28, 2004 11:54 am
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
Hope I can get the 0 rate, always had perfect credit, now nave a couple of lates. It's our first time doing a balance transfer, feels a little too good to be true. We had a Primerica rep. tell us that the transfers show up on your CR as a neg. Will post a message/question soon on Primerica,hope the replys will be enlightning. Thanks
Author: Verne
Posted: Sat Feb 28, 2004 12:45 pm
Post subject: 12 Month 0% Credit Card Interest Rate Balance Transfer
I've never had a balance transfer show up on my credit report. I've heard stories that if you transfer the entire balance it shows up somehow but I think this is a myth. Where on a credit report would this be noted and why - especially if both accounts are open?
But to be safe, just don't transfer the entire balance. It will be treated as just another payment by the card account you're transferring from.
The only way a balance transfer can hurt your credit score is if the account being transferred to is reported to the CRA's sooner than the account transferred from and it looks like you owe more than you really do.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:57 AM
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