Credit Tips: 0% Balance Transfer on Credit Card

Posted On: March 1, 2006

Author: Inquiring Mind
Posted: Thu Mar 04, 2004 10:40 am
Post subject: 0% Balance Transfer on Credit Card

Hi, I’ve read a bunch of posts and I see this has been partially addressed.

My question is this: Is opening a new CC account annually to play the 0% BT shuffle going to hit my credit score?

If my wife opens a card instead, will that avoid this problem?

Author: Ira
Posted: Thu Mar 04, 2004 11:24 pm
Post subject: 0% Balance Transfer on Credit Card

Everything you do affects your credit score. If you get a traffic ticket it can affect your score. What you are probably talking about is the myth that “too many inquiries will lower your credit score.” Well that’s technically true, but you have to understand that only 10% of your score results from number of inquiries. A week or so ago someone complained that he had made ten quick inquiries and his score went down by 15 points. Considering that if you have decent credit and no bad marks your score will probably be in the high 600s or low 700s, a few inquiries might lower your score by 5 points. Meaningless. Nothing to worry about. On the other hand, if you have bad credit and an extremely low score, that few points can hurt you.

Sorry to be so long winded, but there’s your answer.

Credit Tips: 0% Balance Transfer on Credit Card

Posted On:

Post subject: balance transfer
Author: daphne
Posted: Tue Sep 21, 2004 10:52 am

Can anyone suggest a credit card with a 0% on balance transfers that doesn’t require a min. payment of 2%? I need to transfer one card with an $11,000 balance A payment of $220.00 doesn’t work for me. I keep getting invitations in the mail but they all require 2%. I don’t think my credit will be a problem(It might become one if I don’t get this resolved) Please help

Author: Ira
Posted: Tue Sep 21, 2004 11:03 pm
Post subject: 0% Balance Transfer on Credit Card

Just keep looking. 0% interest, 0% balance transfer fees keep popping up all the time. However, be advised that the balance transfer fees are usuall capped at $50.00, so on an $11,000.00 transfer, $50.00 isn’t so bad, considering what you’re saving overall.

Author: Board Monitor
Posted: Wed Sep 22, 2004 4:13 am
Post subject: 0% Balance Transfer on Credit Card

Welcome to the board daphne! Ira, she was actually talking about the minimum payment, not BT fees. I am not aware of one that has below a 2% minimum payment. Try perusing our “Card Reports” section, though:

http://www.cardratings.com/cardrepfr.html

Let us know if you find any. Would be interested in knowing…
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314

Author: Ira
Posted: Wed Sep 22, 2004 10:58 am
Post subject:

Thanks for the correction, Curtis. I do happen to know of such a card because I have it - Sharper Image card from MBNA.

I managed to combine several other MBNA cards into this one to take advantage of a one year 0% interest, 0% fee offer. My limit is $26,000. I did a $25,800.00 balance transfer several months ago. My minimum monthly payment is, and you’re not going to believe this, only $15.00!!

I don’t know how they’re making any money on this, but that’s not my problem.