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Credit card balance transfer question

BrianBrian 7,618 Posts
edited February 2006 in Strut Central
Hi, I just have a quick question since I don't know shit about any of this. I have an offer for 0% APR on transfers until next year and I read everything that came with the form and the only drawback is a 3% charge of the balance transferred. Beyond something I would find on the form itself, are there any drawbacks to transferring a balance from one card to another? Thank you.

  Comments

  • mylatencymylatency 10,475 Posts
    Lots of things to consider, including when the new rates kick in and what rate your additoinal purchases are charged at. There might be a 0% on the transfer amount but a stiff fee for the purchases.

    That said, it's a great way to ease some of the pain.

    MSN has a great Money section that I use almost daily for research:

    http://moneycentral.msn.com/content/Banking/creditcardsmarts/P120484.asp
  • BrianBrian 7,618 Posts
    Cool, looks like I'm straight on everything. I can pay off my balance now but I figure 3% of my balance is a very small price to pay for delaying my payment of my full balance for a year. Thanks.
  • sabadabadasabadabada 5,966 Posts
    you need to make sure that 0% is the rate that YOU are eligible for, not just "the rate."

    predatory lending
  • hcrinkhcrink 8,729 Posts
    YES! I live for posts like this!
  • Otis_FunkmeyerOtis_Funkmeyer 1,321 Posts
    Be careful, I had an offer like that and in the fine print it said if you are even ONE day late on a payment, your rate shoots up to what it would be after a year, immediately.
  • BrianBrian 7,618 Posts
    you need to make sure that 0% is the rate that YOU are eligible for, not just "the rate."

    predatory lending
    Oh, I read everything they gave me and shit is straight but I just wanted to double check. I haven't paid a dime in interest on credit cards balances yet and I don't plan to start anytime soon. Thanks all.
  • SoulOnIceSoulOnIce 13,027 Posts
    One thing to be careful of, that happened to me -
    they may not transfer the full balance, only part, and you will be stuck
    making monthly payments on the old card, AND the new one...
    it will still ease the debt of the original card a bit, but
    it kinda sucks to now have 2 monthly payments instead of
    one interest-free one...take it from me...
  • GrafwritahGrafwritah 4,184 Posts
    Another thing to be careful on...

    while most decent cards offer you 0% on balance transfers AND purchases for the period, what some do is this:

    You transfer your balance on it's on your card at whatever percent.

    Then you buy more shit, but it's not at as low as a rate.

    So while you're paying your low-rate balance off, your higher rate is at the backend racking up interest - it gets paid LAST.

    This is how they do with the low-interest checks they send as well. Lesson to learn: if this IS the case, use it for balance transfers or checks ONLY - do not make a purchase with it.
  • SoulOnIceSoulOnIce 13,027 Posts
    This is the thing about google ads that freaks me out:



    I wonder if it does it for PM's?

    Did google pay Brian to start this thread??
  • GrafwritahGrafwritah 4,184 Posts
    Ads by Google
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    Now that's a combo.
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