Comments on: Best 0% Balance Transfer Credit Card Offers http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/ Money Management, Small Business, Career Wed, 23 May 2012 21:16:10 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: eharrast http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-45454 eharrast Tue, 31 Jan 2012 01:51:28 +0000 http://cashmoneylife.com/?p=1649#comment-45454 I saw one card - I think from Citi - which was "0" % interest on transfers for 18 months with the 3% transfer fee, but it had no late fees or penalties. I have never had a late pay or a penalty, but I feel uncomfortable enuf to give up 21 months for 18 months if there is no chance one of my checks will arrive late or a statement fails to arrive and results in a late payment and causes my interest rate to go from 0% to 12-20% for the remaining balance. Am I understanding this benefit correctly? I saw one card – I think from Citi – which was “0″ % interest on transfers for 18 months with the 3% transfer fee, but it had no late fees or penalties. I have never had a late pay or a penalty, but I feel uncomfortable enuf to give up 21 months for 18 months if there is no chance one of my checks will arrive late or a statement fails to arrive and results in a late payment and causes my interest rate to go from 0% to 12-20% for the remaining balance. Am I understanding this benefit correctly?

]]> By: Ryan http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-45348 Ryan Sun, 15 Jan 2012 03:10:00 +0000 http://cashmoneylife.com/?p=1649#comment-45348 Anna, there is a 21 month balance transfer card from Citi. You can transfer a credit card balance from a different company - in fact, one of the primary reasons the credit card companies offer these deals is to attract new customers. And if they come from competitors, then all the better in the eyes of the gaining company. So far as I know, the 21 month offer from Citi is currently the longest on the market out of the major card issuers. Anna, there is a 21 month balance transfer card from Citi. You can transfer a credit card balance from a different company – in fact, one of the primary reasons the credit card companies offer these deals is to attract new customers. And if they come from competitors, then all the better in the eyes of the gaining company. So far as I know, the 21 month offer from Citi is currently the longest on the market out of the major card issuers.

]]> By: Anna http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-45345 Anna Sat, 14 Jan 2012 13:53:07 +0000 http://cashmoneylife.com/?p=1649#comment-45345 I need to find a card with a higher transfer amount. I need to transfer 9000.o0 do you know any card like that with a longer period say 21 months. It is a Chase card that I need to transfer. I need to find a card with a higher transfer amount. I need to transfer 9000.o0 do you know any card like that with a longer period say 21 months. It is a Chase card that I need to transfer.

]]> By: Ben http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-34955 Ben Tue, 20 Sep 2011 21:03:59 +0000 http://cashmoneylife.com/?p=1649#comment-34955 Hi Alan, The answer to your question is yes, you can transfer from more than 1 card. If you get the 0% interest Citi card, they give you the option of sending checks to your other credit cards. You just have to watch your credit limit. For us, we have a $25k credit limit with Citi, which Citi is probably the easiest credit card to ask for increases on your limits. Ive never been turned down, every 6 months I ask for an increase and have always gotten it. Be sure to watch out for the transaction fees. I think its 3%, but that's normal on every card. I haven't seen a credit card transfer option that didn't have at least 3% fee attached to it. You also need pretty good credit to get these 0% balance transfer options. If you have decent credit you could probably get at least 6 months or 12 months no interest. The better your credit score the better the deals they will give you. I'd also watch out and not max my limits on any of my cards. Any balance over 30% of the total credit limit will cause your credit score to drop some. The higher the balance the more it will affect your score. (ie. - you have a $10k credit limit, anything over $3k charged on that card will start to affect your score). Hi Alan,

The answer to your question is yes, you can transfer from more than 1 card. If you get the 0% interest Citi card, they give you the option of sending checks to your other credit cards. You just have to watch your credit limit. For us, we have a $25k credit limit with Citi, which Citi is probably the easiest credit card to ask for increases on your limits. Ive never been turned down, every 6 months I ask for an increase and have always gotten it.

Be sure to watch out for the transaction fees. I think its 3%, but that’s normal on every card. I haven’t seen a credit card transfer option that didn’t have at least 3% fee attached to it. You also need pretty good credit to get these 0% balance transfer options. If you have decent credit you could probably get at least 6 months or 12 months no interest. The better your credit score the better the deals they will give you.

I’d also watch out and not max my limits on any of my cards. Any balance over 30% of the total credit limit will cause your credit score to drop some. The higher the balance the more it will affect your score. (ie. – you have a $10k credit limit, anything over $3k charged on that card will start to affect your score).

]]> By: Ben http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-34954 Ben Tue, 20 Sep 2011 20:58:39 +0000 http://cashmoneylife.com/?p=1649#comment-34954 We just took advantage of the Citi deal of 21 months no interest! That's the best deal on the market right now. It's helping us to pay down our debts while not paying interest on them. Back with the credit card crunch, they raised our interest rate to 29.99% even though we have 760+ credit scores. So be careful if you use their cards, watch out for their interest rates. We just took advantage of the Citi deal of 21 months no interest! That’s the best deal on the market right now. It’s helping us to pay down our debts while not paying interest on them. Back with the credit card crunch, they raised our interest rate to 29.99% even though we have 760+ credit scores. So be careful if you use their cards, watch out for their interest rates.

]]> By: Phil http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-32788 Phil Tue, 24 May 2011 17:49:24 +0000 http://cashmoneylife.com/?p=1649#comment-32788 Scott, that was true under the old credit card rules, but the Credit CARD ACT created a new law that makes credit card payments pay off the higher balances first. But it's still a good idea to avoid using your new credit card until you pay off the balance. And even then you should only use it if you can pay off the balance in full. You should only use these balance transfer credit cards as a tool - you shouldn't use them as an excuse to rack up more high interest credit card debt. Scott, that was true under the old credit card rules, but the Credit CARD ACT created a new law that makes credit card payments pay off the higher balances first. But it’s still a good idea to avoid using your new credit card until you pay off the balance. And even then you should only use it if you can pay off the balance in full. You should only use these balance transfer credit cards as a tool – you shouldn’t use them as an excuse to rack up more high interest credit card debt.

]]> By: Alan http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-32766 Alan Mon, 23 May 2011 15:04:06 +0000 http://cashmoneylife.com/?p=1649#comment-32766 I have several cards with balances. One is at 15.99% and two are at 19.99 and 21.99%. can you transfer the balances from more than one card? I have over $15000 in credit card balances and want to start over at 0% credit card interest with a new credit card. Please help with information. I have several cards with balances. One is at 15.99% and two are at 19.99 and 21.99%. can you transfer the balances from more than one card? I have over $15000 in credit card balances and want to start over at 0% credit card interest with a new credit card. Please help with information.

]]> By: Scott http://cashmoneylife.com/best-0-zero-percent-balance-transfer-credit-card-offers/#comment-32765 Scott Mon, 23 May 2011 14:58:49 +0000 http://cashmoneylife.com/?p=1649#comment-32765 Be careful with these balance transfer cards - if you make new purchases on your card then you will be paying 0% interest on your previous balance while the juice is running on your new charges. You will continue to accrue interest on the higher interest rate while all of your payments are going to your old balances at 0%. If you get one of these 5% balance transfer cards then be sure not to use it again until you pay off the balance. Be careful with these balance transfer cards – if you make new purchases on your card then you will be paying 0% interest on your previous balance while the juice is running on your new charges. You will continue to accrue interest on the higher interest rate while all of your payments are going to your old balances at 0%. If you get one of these 5% balance transfer cards then be sure not to use it again until you pay off the balance.

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