Will Balance Transfers Affect Credit?
archive
Posted: Thu Jan 13, 2005 3:27 pm
Post subject: Will Balance Transfers Affect Credit?
Jessie
Date: 5/8/2000 5:27 pm CDT
Hi there
I found your site through askjeeves.com, and I think I'm really glad you exist......
I have great credit. I don't use it a lot, and I don't need a real high credit limit. The highest balance I've ever had on a credit card was about $2-3,000 recently, when I got a new job, and went on a manic shopping spree. I had it paid off in 4-5 months.
I constantly get offers for introductory interest rates of %0-2.9 or so. I haven't paid more than %3-4 interest on a credit card for years. I only keep 2 credit cards, one of which I NEVER use (only for emergencies), and I usually pay off my balance every month.
Are there any disadvantages to switching credit card companies every few months if it means getting a %0-2.9 interest rate?
I hope that this an appropriate question to be asking on this site. If not, please let me know if there are more appropriate resources on the web for me to direct this question to.
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: Thu Jan 13, 2005 3:28 pm
Post subject: Will Balance Transfers Affect Credit?
Board Monitor
Date: 5/8/2000 5:48 pm CDT
Jessie,
Thanks so much for your post! Transferring balances in the manner that you describe is a common practice called "card dumping". If you haven't already, check out our "Balance Transfers" page. We rate balance transfer offers.
In answer to your question...transferring balances will not adversely affect your credit report. The only thing that you must be careful about is balance transfer fees. Always be sure to read the fine print and inquire about transfer fees. There are plenty of card issuers that don't charge for transfers (see our "Balance Transfers" page), but there are plenty of card issers that do.
In some cases, the fee is only nominal and the potential interest savings far outweighs the transfer fee. For example, AT&T offers a very attractive transfer rate of 3.9% for a full year. While they do charge a fee...the maximum fee that they charge is only $25. What's more...you get a free $100 calling card just for opening an account with them!
Hope this helps!
Regards,
Jackie Hughes
Board Monitor
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!
Posted: Thu Jan 13, 2005 3:27 pm
Post subject: Will Balance Transfers Affect Credit?
Jessie
Date: 5/8/2000 5:27 pm CDT
Hi there
I found your site through askjeeves.com, and I think I'm really glad you exist......
I have great credit. I don't use it a lot, and I don't need a real high credit limit. The highest balance I've ever had on a credit card was about $2-3,000 recently, when I got a new job, and went on a manic shopping spree. I had it paid off in 4-5 months.
I constantly get offers for introductory interest rates of %0-2.9 or so. I haven't paid more than %3-4 interest on a credit card for years. I only keep 2 credit cards, one of which I NEVER use (only for emergencies), and I usually pay off my balance every month.
Are there any disadvantages to switching credit card companies every few months if it means getting a %0-2.9 interest rate?
I hope that this an appropriate question to be asking on this site. If not, please let me know if there are more appropriate resources on the web for me to direct this question to.
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: Thu Jan 13, 2005 3:28 pm
Post subject: Will Balance Transfers Affect Credit?
Board Monitor
Date: 5/8/2000 5:48 pm CDT
Jessie,
Thanks so much for your post! Transferring balances in the manner that you describe is a common practice called "card dumping". If you haven't already, check out our "Balance Transfers" page. We rate balance transfer offers.
In answer to your question...transferring balances will not adversely affect your credit report. The only thing that you must be careful about is balance transfer fees. Always be sure to read the fine print and inquire about transfer fees. There are plenty of card issuers that don't charge for transfers (see our "Balance Transfers" page), but there are plenty of card issers that do.
In some cases, the fee is only nominal and the potential interest savings far outweighs the transfer fee. For example, AT&T offers a very attractive transfer rate of 3.9% for a full year. While they do charge a fee...the maximum fee that they charge is only $25. What's more...you get a free $100 calling card just for opening an account with them!
Hope this helps!
Regards,
Jackie Hughes
Board Monitor
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!
posted by CardRatings.com at 5:29 PM
0 Comments:
Post a Comment
<< Home