Comments on: How Much Money Can You Save by Transferring Your Credit Card Balance? http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Credit Card Chaser http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20300 Credit Card Chaser Sat, 07 Nov 2009 06:53:50 +0000 http://cashmoneylife.com/?p=1896#comment-20300 Exactly right - unfortunately too many people use a new credit card as an excuse to prolong bad habits rather than using a balance transfer offer to pay less interest as they get out of debt. Exactly right – unfortunately too many people use a new credit card as an excuse to prolong bad habits rather than using a balance transfer offer to pay less interest as they get out of debt.

]]> By: Ken http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20297 Ken Sat, 07 Nov 2009 02:04:27 +0000 http://cashmoneylife.com/?p=1896#comment-20297 Good points in your post. I'm currently looking to do this with a high interest card. I despise the high interest and am going to make a change. I think the key as mentioned earlier is to stop charging. Good points in your post. I’m currently looking to do this with a high interest card. I despise the high interest and am going to make a change. I think the key as mentioned earlier is to stop charging.

]]> By: Ryan http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20298 Ryan Sat, 07 Nov 2009 01:09:14 +0000 http://cashmoneylife.com/?p=1896#comment-20298 You hit the nail on the head, Ken. If you can stop adding new debt and continue making the same payments, you will make some serious headway on reducing your debt. You will see incredible gains if you are able to complete a 0% balance transfer. It's almost like compound interest in reverse! :-) Be sure to check out the list of best balance transfer cards in today's article. The Discover More American Flag card has 12 months at 0% (though it does have a 5% transfer fee). That's still a big opportunity for savings! You hit the nail on the head, Ken. If you can stop adding new debt and continue making the same payments, you will make some serious headway on reducing your debt. You will see incredible gains if you are able to complete a 0% balance transfer. It’s almost like compound interest in reverse! :-)

Be sure to check out the list of best balance transfer cards in today’s article. The Discover More American Flag card has 12 months at 0% (though it does have a 5% transfer fee). That’s still a big opportunity for savings!

]]> By: Craig http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20294 Craig Fri, 06 Nov 2009 18:13:56 +0000 http://cashmoneylife.com/?p=1896#comment-20294 How often can you go about switching? I am lucky I am not in that position, one people should not get themselves into in the first place. It seems like a last resort. How often can you go about switching? I am lucky I am not in that position, one people should not get themselves into in the first place. It seems like a last resort.

]]> By: Ryan http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20295 Ryan Fri, 06 Nov 2009 17:37:26 +0000 http://cashmoneylife.com/?p=1896#comment-20295 You can do it as often as you can get accepted for a new credit card or low interest balance transfer. It will depend on many factors including credit score, credit utilization, how much one is transferring, etc. It should only be used as a tool to help you get out of debt though, not as a regular transaction to enable more spending. You can do it as often as you can get accepted for a new credit card or low interest balance transfer. It will depend on many factors including credit score, credit utilization, how much one is transferring, etc. It should only be used as a tool to help you get out of debt though, not as a regular transaction to enable more spending.

]]> By: Megastar http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20293 Megastar Fri, 06 Nov 2009 14:58:59 +0000 http://cashmoneylife.com/?p=1896#comment-20293 Great information. A lot of people really don't know how much they are paying in terms of finance charges on their credit card balances. Educating people on the many options they have can help someone eliminate debt faster and become debt free. Great information. A lot of people really don’t know how much they are paying in terms of finance charges on their credit card balances. Educating people on the many options they have can help someone eliminate debt faster and become debt free.

]]> By: Ryan http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20292 Ryan Fri, 06 Nov 2009 14:15:42 +0000 http://cashmoneylife.com/?p=1896#comment-20292 If you were going to pay the money anyway, it makes sense to continue paying toward your debt. Balance transfers should be a tool to eliminate debt more quickly, not an excuse to put your debt payments on hold (unless you need a temporary stay due to unemployment or reduced income). If you were going to pay the money anyway, it makes sense to continue paying toward your debt. Balance transfers should be a tool to eliminate debt more quickly, not an excuse to put your debt payments on hold (unless you need a temporary stay due to unemployment or reduced income).

]]> By: Miranda http://cashmoneylife.com/comparing-balance-transfer-credit-card-offers/#comment-20290 Miranda Fri, 06 Nov 2009 13:27:45 +0000 http://cashmoneylife.com/?p=1896#comment-20290 I love the idea of figuring out how much interest you would have paid, and then adding it to your payment. What a great idea! Interest is awful, since you don't get anything for it, beyond the privilege of borrowing money. It goes straight into someone else's pocket, and you have nothing to show for it. I love the idea of figuring out how much interest you would have paid, and then adding it to your payment. What a great idea! Interest is awful, since you don’t get anything for it, beyond the privilege of borrowing money. It goes straight into someone else’s pocket, and you have nothing to show for it.

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