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Credit card balance transfer to lower interest?
I am trying to balance my budget and figure the best way to pay off my credit card. Currently working side jobs, just enough to pay the bills and then some. I've got a PayPal Plus Mastercard charging me 23.99% interest. Currently having $1,600 on the card, I am looking for the best way to reduce interest and pay the thing off.
It stupid enough of me to have racked up $1,600, and even worse of me to have the card.
Any suggestions would be great. I've already slapped myself for this problem.
Definitely called Capitol One and got set up with a new card of 0% interest for 15 months.
They added 3% interest to the transferred amount, but I'll be able to pay the card off within the allotted 0% interest time.
Thank you much for the suggestion.
I am a member of a Credit Union, I do not use banks anymore.
Any loans that I do need, I definitely get through them.
Thanks again for the help and advise.
4 Answers
- ChrisLv 41 decade agoFavorite Answer
Do you qualify to join a credit union? If you can become a member and open a small savings account ($100) You can then look to open their visa or mastercard. even if it has a $1,000 limit, the interest rate is more likely to 7%-10% annually with no fee. Reducing this interest rate would save you over $250.00 annually.
- Anonymous4 years ago
All mastercard companies are at the instant elevating expenses of activity whenever you get a sparkling hit on your credit checklist. That has continually been genuine yet now the banks are strictly implementing their rules. Going to a distinctive financial business enterprise won't help considering that they are going to see the credit hits on your checklist.
- Go with the flowLv 71 decade ago
Capital One No Hassle is offering one with 0% balance transfers and no interest for 1 full year.
(but I think you have to have amazing credit - not sure).
Also Chase freedom has a 3% balance transfer, and no interest for 6 months.
Go to Bankrate.com http://www.bankrate.com/credit-cards.aspx
Click on Credit cards - best for balance transfers.
Also google Money magazine credit card for best balance transfers.
http://money.cnn.com/galleries/2009/moneymag/0904/...
Sounds like you have learned your lesson.
After you pay your cards off in full don't close your oldest credit card unless it carries an annual fee.
Length of credit history is a whopping 15% of your fico.
For best scores:
Use your cards for something you need like gas only and pay in full each month...
- STEVEN FLv 71 decade ago
The interest rate is NEVER the primary issue. FIRST you need to make sure you have STOPPED spending more than you make. Once you commit to getting out of debt, you are talking about LESS than $400 TOTAL interest. If you can't pay of $200/month, you are NOT committed to getting out of debt.
Once you have STOPPED digging the hole, the first place to start is to call your CURRENT card issuer. Tell them you are considering transferring your balance to another card, and ask for their BEST offer to keep your business. Wait three days, call back, tell them you have an offer for whatever they said before, and ask if they can beat it.
