Money Tips: Want to Get Credit Cards Under Control

Posted On: September 19, 2007

Guest: awwc
Post subject: Want to Get Credit Cards Under Control
Posted: Wed Sep 19, 2007 1:58 pm

Wife and I has a come to Jesus meeting about the finances. Essentially, we’re done with managing them half-assed. After spending some time educating ourselves we have a few immediate steps to take.

We have 3 credit cards with balances that need to be moved to a lower APR.

Two of them are at 17% APR and one is at 27%. I know. UGH. I don’t think the 27% started off at that APR. We were struck by a case of $2,000 in fraud charges. I’m assuming Chase bumped the rate after we called to have the charges disputed and froze the card. Not sure though, just an assumption.

So after a handful of research hours I came across PENFED’s 5.99% lifetime APR on the transfer balance with no fee. I’d love to jump on that but I want to make sure there isn’t a better solution?

Thanks for the help..

Awwc

Guest: multiplierx
Senior Credit Expert (500+ posts)
Posted: Wed Sep 19, 2007 6:55 pm

It depends on how long you think it’ll take you to pay off the balances. There’s better BT rates out there but not “lifetime”.

You might take a look at some of the 0% BT offers out there. It’ll only be a year but that’s a year of 0% and you very well might find another 0% at that time if you still have a balance.

Guest: Ira
Board Monitor
Posted: Thu Sep 20, 2007 12:23 am

You might want to take a look at this site which has a number of 0% intro rate cards:

http://www.balancetransfer.cc/creditcardblog/btcc.htm
_________________
Do not let what you cannot do interfere with what you can do.

Ira

Guest: awwc
Posted: Thu Sep 20, 2007 1:47 am

thanks guys. I’ll take a looksie.