Money Tips: Need Advice on Credit Card Balance Transfer Offer

Posted On: March 6, 2006

Guest: JoyJoy
Post subject: Need Advice on Credit Card Balance Transfer Offer
Posted: Mon Mar 06, 2006 8:20 pm

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).
_________________
J~J

Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 06, 2006 8:22 pm

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

Guest: JoyJoy
Posted: Mon Mar 06, 2006 8:36 pm

Thanks Mouse, using a check seems the best way to go if you have multiple accounts to pay off.
_________________
J~J

Guest: JoyJoy
Posted: Tue Mar 07, 2006 8:15 am

Ok…..it does pay to contact customer service and ask to waive the fee or to just read your credit card agreement (lol). I applied for and received a 0% balance and purchase transfer online from HSBC and the introductory APR for ONLINE balance transfers is currently a fixed rate of 0% and expires 3/20/07! No fees period.
_________________
J~J

Guest: Board Monitor
Board Monitor/ Administrator
Posted: Tue Mar 07, 2006 8:32 am

Congrats JoyJoy! Now that’s something to be joyful about.
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314

Sign up for our free monthly e-mail newsletter!

Guest: usmsci
Credit Expert (100+ Posts)
Posted: Tue Mar 07, 2006 2:34 pm

what about moving some money from a HELOC to a 0% CC until 2007???

Guest: JoyJoy
Posted: Tue Mar 07, 2006 8:59 pm

[quote="Board Monitor"]Congrats JoyJoy! Now that’s something to be joyful about. [/quote]

LOL! Thanks Mr. Arnold….I really like this board!! I am learning so much and sharing the information with my friends and family. Nice people here too that are willing to help you and no question seems dumb! Or atleast no treats you like you’re dumb LOL
_________________
J~J