How to Use a Credit Card Balance Transfer
Author: JoyJoy
Posted: Mon Mar 06, 2006 8:20 pm
Post subject: How do you use your card for Balance Transfers?
I was reading an article regarding balance transfers and it stated "The best way to take advantage of a balance transfer offer is to make only one transfer." It stated if you make multiple balance transfers with transaction fees of 3 to 5% then the transaction fees can quickly undermine your savings. I can understand this but if one has three credit cards and wants to pay all three cards off, why should that be a problem? Wouldn't the fees still cost less than paying interest every month for 12 months? (0% BT).
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Author: mouse
Posted: Mon Mar 06, 2006 8:22 pm
Post subject: Re: How do you use your card for Balance Transfers?
JoyJoy wrote:
I was reading an article regarding balance transfers and it stated "The best way to take advantage of a balance transfer offer is to make only one transfer." It stated if you make multiple balance transfers with transaction fees of 3 to 5% then the transaction fees can quickly undermine your savings. I can understand this but if one has three credit cards and wants to pay all three cards off, why should that be a problem? Wouldn't the fees still cost less than paying interest every month for 12 months? (0% BT).
Only "IF" there is a FEE per BT
You can sometimes get a check and deposit it in your checking account at the same rate
MBNA lets me BT to my checking account for just $75 and I can pay like 5 or 6 accounts for that same $75 from my checking account
Last edited by mouse on Mon Mar 06, 2006 9:35 pm; edited 1 time in total
Author: JoyJoy
Posted: Mon Mar 06, 2006 8:36 pm
Post subject:
Thanks Mouse, using a check seems the best way to go if you have multiple accounts to pay off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Mar 06, 2006 8:20 pm
Post subject: How do you use your card for Balance Transfers?
I was reading an article regarding balance transfers and it stated "The best way to take advantage of a balance transfer offer is to make only one transfer." It stated if you make multiple balance transfers with transaction fees of 3 to 5% then the transaction fees can quickly undermine your savings. I can understand this but if one has three credit cards and wants to pay all three cards off, why should that be a problem? Wouldn't the fees still cost less than paying interest every month for 12 months? (0% BT).
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: Mon Mar 06, 2006 8:22 pm
Post subject: Re: How do you use your card for Balance Transfers?
JoyJoy wrote:
I was reading an article regarding balance transfers and it stated "The best way to take advantage of a balance transfer offer is to make only one transfer." It stated if you make multiple balance transfers with transaction fees of 3 to 5% then the transaction fees can quickly undermine your savings. I can understand this but if one has three credit cards and wants to pay all three cards off, why should that be a problem? Wouldn't the fees still cost less than paying interest every month for 12 months? (0% BT).
Only "IF" there is a FEE per BT
You can sometimes get a check and deposit it in your checking account at the same rate
MBNA lets me BT to my checking account for just $75 and I can pay like 5 or 6 accounts for that same $75 from my checking account
Last edited by mouse on Mon Mar 06, 2006 9:35 pm; edited 1 time in total
Author: JoyJoy
Posted: Mon Mar 06, 2006 8:36 pm
Post subject:
Thanks Mouse, using a check seems the best way to go if you have multiple accounts to pay off.
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 7:40 PM
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