Money Tips: Balance Transfer Credit Card Offer?

Written by carnold
Posted On: January 16, 2007

Guest: Bae0wolf
Post subject: Balance Transfer Credit Card Offer?
Posted: Tue Jan 16, 2007 6:15 pm

Hello,

I was wondering if anyone had any suggestions about balance transfer credit cards. I’m at about $3k in debt on my Citicard (the only one i have) at a “promotional” 7.99% APR right now. I was considering the Discover platinum card which gives me a year to pay that all off w/ 0% APR w/ a 3% transfer fee, which would bump up my debt by $100 bucks.

A tricky part of my situation is that I am in between jobs right now b/c I’ve just graduated from school so yea, I was considering student cards, but i’m not sure if they apply anymore.

Thank you

Guest: LustfortheMoment
Posted: Tue Jan 16, 2007 6:42 pm

You should be able to find a 0% offer with either no fee or a cap of $75. I’d walk away from a BT fee of 3% uncapped…….

Guest: angelo21
Posted: Wed Jan 17, 2007 11:51 am

You have many options available to you. Amex, Chase and even Citi have products at 0%. The 7.99% promotional rate is the regular rate for some of these products after the introductory period.

If your between jobs you need to consider how it will effect your FICO. Employment history is a key variable in the FICO equation.

Your score will ultimately determine the final offer you’ll get (duration, rate, etc.). Also, make sure the BT fee has a cap.

Guest: hdporter
Credit Expert (100+ Posts)
Posted: Wed Jan 17, 2007 11:57 am

Quote:
If your between jobs you need to consider how it will effect your FICO. Employment history is a key variable in the FICO equation.

Not correct. FICO looks strictly at your credit history, not employment. Creditors may factor your employment history as well (plus salary, etc.) in making their credit decisions.

- Harry