Best Credit Card for Balance Transfers
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Posted: Wed Dec 01, 2004 6:13 pm
Post subject: Best Credit Card for Balance Transfers
Lori
Date: 11/9/2000 10:15 am CDT
I have a credit card with a very high interest rate, (21.89%). I am looking for a new card that I can transfer my existing balance with a much lower rate. I found two cards, but am unsure of which one would be the best alternative. I intend to pay off the account in a year.
Bank Of America: 8.9 fixed with 3% cash advance transfer fee (fee on cash advance is 22%), I figure my fee would be $234.
Capital One: 9.9 fixed, with no transfer fee
Although I have a transfer fee with BoA, it seems with the low interest rate I would save much more in interest with the low interest rate. But I am concerned with the transfer fee, because of the 22% charge. Will this make a big difference. Would I be able to pay the charge upfront?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Wed Dec 01, 2004 6:13 pm
Post subject: Best Credit Card for Balance Transfers
Board Monitor - CA
Date: 11/9/2000 12:04 am CDT
Lori,
Thanks for your post! The BofA 8.9% transfer offer does not include a transfer fee to the best of my knowledge. You can find more info. by visiting our "Low Intro Rate Report" (click on "Card Reports" from our home page).
You may also want to take a look at the Pulaski Bank transfer offer of 8.75%. Also, the AT&T nine month offer of 3.9% is attractive.
Hope this helps!
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:14 pm
Post subject: Best Credit Card for Balance Transfers
GEORGE
Date: 11/9/2000 6:44 pm CDT
I HAVE THE B OF A CARD...8.90% NO BALANCE TRANSFER FEE!!!
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Posted: Wed Dec 01, 2004 6:14 pm
Post subject: Best Credit Card for Balance Transfers
dave
Date: 11/11/2000 4:40 pm CDT
Since you intend to pay the balance off in a year, you might consider the Citibank Platinum Select card at 2.9% for nine months. There is a balance transfer fee of 3% but it has a $29 cap on each transfer. Don't request transfers on the application. Instead, call after you are approved and ask that the check be payable to you. Then you pay one $29 fee for your transfer and pay each creditor yourself when you get the money. Assuming that you have paid 3/4 of the balance before the intro. period ends and the purchase rate of 14-15% kicks in, i think you'll save even more money than with the two offers you mentioned.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Dec 01, 2004 6:13 pm
Post subject: Best Credit Card for Balance Transfers
Lori
Date: 11/9/2000 10:15 am CDT
I have a credit card with a very high interest rate, (21.89%). I am looking for a new card that I can transfer my existing balance with a much lower rate. I found two cards, but am unsure of which one would be the best alternative. I intend to pay off the account in a year.
Bank Of America: 8.9 fixed with 3% cash advance transfer fee (fee on cash advance is 22%), I figure my fee would be $234.
Capital One: 9.9 fixed, with no transfer fee
Although I have a transfer fee with BoA, it seems with the low interest rate I would save much more in interest with the low interest rate. But I am concerned with the transfer fee, because of the 22% charge. Will this make a big difference. Would I be able to pay the charge upfront?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:13 pm
Post subject: Best Credit Card for Balance Transfers
Board Monitor - CA
Date: 11/9/2000 12:04 am CDT
Lori,
Thanks for your post! The BofA 8.9% transfer offer does not include a transfer fee to the best of my knowledge. You can find more info. by visiting our "Low Intro Rate Report" (click on "Card Reports" from our home page).
You may also want to take a look at the Pulaski Bank transfer offer of 8.75%. Also, the AT&T nine month offer of 3.9% is attractive.
Hope this helps!
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Dec 01, 2004 6:14 pm
Post subject: Best Credit Card for Balance Transfers
GEORGE
Date: 11/9/2000 6:44 pm CDT
I HAVE THE B OF A CARD...8.90% NO BALANCE TRANSFER FEE!!!
archive
Posted: Wed Dec 01, 2004 6:14 pm
Post subject: Best Credit Card for Balance Transfers
dave
Date: 11/11/2000 4:40 pm CDT
Since you intend to pay the balance off in a year, you might consider the Citibank Platinum Select card at 2.9% for nine months. There is a balance transfer fee of 3% but it has a $29 cap on each transfer. Don't request transfers on the application. Instead, call after you are approved and ask that the check be payable to you. Then you pay one $29 fee for your transfer and pay each creditor yourself when you get the money. Assuming that you have paid 3/4 of the balance before the intro. period ends and the purchase rate of 14-15% kicks in, i think you'll save even more money than with the two offers you mentioned.
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 12:20 PM
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