Comments on: Best 0% Balance Transfer Credit Cards Updated March, 2010

By: MoneyNing

MoneyNing — Thu, 04 Mar 2010 06:24:20 +0000

The numbers can certainly work out for you, but with one caveat: that you actually pay them off too.

Much of personal finance is psychology. If having a higher interest makes you be more conservative and end up saving more, it may work better than consolidating even if the numbers don’t work out.

You know yourself best, so only you can answer this question. Whichever you decide though, good luck!

By: Cindy

Cindy — Thu, 04 Mar 2010 02:32:45 +0000

I have 4 credit cards that are now all closed & have been cut up. So there will not be any “New Purchases”. The lowest interest rate I have is 12.24% & the highest is 15.24%. I am researching the idea of combining these into two different 0% transfer balance cards with 3% balance transfer fees. Will I get them paid off by the end of the promotion?…No, but at least I will be paying 0% interest for a year, then maybe look for another promotion when these end. Just looking for some feedback.

By: Kimberly

Kimberly — Tue, 09 Feb 2010 02:35:00 +0000

Hi DB,

I applied for a Capital One credit card to transfer my balance. They had a 12 month 0% interest Balance Transfer. It’s pretty effortless to transfer the balance through them, however, they gave me a pretty low line of credit. I was pretty surprised, as I have a good credit score, just bought a house and paid off in full a loan. When I called to ask why so low they literally said there was no rhyme or reason as to who gets what-just that because of the economy, banks are not giving out high credit loans as they had before. (Not sure if I by that but ok.)

Anyway, I was told through my credit monitoring agency that you should never use more than 50% of a card’s credit limit. Anything over 50% of the limit will effect your credit negatively. Because the balance I wanted to transfer was higher than the amount I was approved for, I end up transferring a small balance monthly and pay that off on my Capital One card each month (to keep that balance under 50%.) The monthly balance transfer serves as the minimum payment on my card with the high balance. Given the 12 month 0% period, I can do this until the balance on my other card is paid off in full.

Hope this helps!!

By: Lady C

Lady C — Fri, 05 Feb 2010 22:19:22 +0000

I checked out the American Humane Society Card offer and like Skye, I called and asked about the offer. The web page terms and conditions said “0% bal. tran. APR for 6 billing cycles AND 0% bal. tran. FEE with this application.” The Rep. I spoke to told me that she had the 0% Bal. Tran. offer available but didn’t have the 0% Balance Transfer FEE available to her. She advised me to try applying online then doing the bal. tran. but I was a little wary. Has anyone gotten the card and done a Bal Tran after applying? Was there a fee? Here’s the link to the terms and conditions. https://applications.usbank.com/oad/begin?locationCode=9584
P.S.- It said “This information is accurate as of 02/2010 and is subject to change after this date.”

By: MoneyNing

MoneyNing — Fri, 05 Feb 2010 06:23:55 +0000

I do not believe you can just apply for a new one and roll over to another Citi platinum card for another 12 months. You may be able to transfer it to a Citi card with another person’s name (for example, from your card to your wife’s) so maybe that would work.

You can also look into Discover cards for 6 months and then transfer back to a Citi card after you canceled the card. Of course, doing so will affect your score and may affect your ability to apply for the card successfully.

By: DB

DB — Thu, 04 Feb 2010 20:52:52 +0000

Thanks MoneyNing for reading my comments.

I am new to your blog. I am googling for any ideas and came acroos your blog.

My O% offer on my Citi Platinum Card is ending March 1, 2010. Can I transfer my 0% balance right on over to a anothernew Citi Platinum Card at 0% for a new 12 month period? My wife and I are really scrambling for ideas here. Everyone else such as Discover ect…. are only 0% for 6 months.
Thanks for your reply!

By: MoneyNing

MoneyNing — Fri, 15 Jan 2010 18:23:44 +0000

If you’ve been up to date with your payments on all those debts, moving everything to your 0% balance transfer credit card probably won’t improve your credit score.

Doing this will help you save more money in the long term, thus help you pay off more of your debt and that will in turn improve your score but for most people, 6 months is too short for this to work in your favor.

I hate to say this but I would move your balances over to your 0% card and not buy any cars (used or new) for as long as possible.

By: April

April — Fri, 15 Jan 2010 18:11:12 +0000

This is great information MoneyNing! I was considering doing a balance transfer of three current debts from high interest rate credit cards to my 0% APR credit card. The 3 debts that I’m transferring are 1 short term student loan ($833) and 2 regular credit cards ($839 & $3507). Transferring these amounts will max out my credit limit on the 0% credit card. Do you know how this would affect my credit score since on one hand my credit report will show that I’ve paid off 3 debts, but at the same time, it will show that I’m at my credit limit on a credit card? I plan to purchase a new car within the next 6 months, so I’m wondering how this balance transfer will improve my 683 credit score. Any advice you have is greatly appreciated. Thanks!

By: Sheila

Sheila — Mon, 11 Jan 2010 04:43:57 +0000

I totally advocate the 0% strategy if you use it correctly. I bought my car using a blank balance transfer check they sent out.. In some cases you have to request these. The car dealership had never seen it before and asked for a cc to back it up in case the check didn’t clear. Yes it cleared no problem and I paid off each month for the first year and transferred to another 0% card the second year.
My advice for what it’s worth is once you do a balance transfer DO NOT CHARGE ANYTHING ELSE TO THAT CARD!!) Hide it, put it away but do not use it until it’s paid off in full as it totally messes up your APR and there’s all kinds of finance fees involved (Yes, I was caught once! but I learned a valuable lesson.) Also you cannot be an hour late on any payment so set up an ACH to automatically pay on your due date – otherwise you loose your 0%.
Kimberly, Take the 2k! . Take the 2k upfront and pay all towards your Card A immediately- think about it……you’ll be paying $2,000 at o% and the remaining $1,600 at 21% – this will radically reduce your minimum payment due on Card A.
Card B’s minimum will be less because it’s at 0% – so even the combined minimum of Card A and B should be less than your minimum payment now… If you keep your monthly payment the same as you are paying now you will be paying more than what’s required and pay both off even faster! I hope I’m making sense and this helps!
Yes it does count as a payment.. What you are doing in essence, is transferring money from card B to make a payment to Card A..

By: Kimberly

Kimberly — Sat, 09 Jan 2010 04:23:12 +0000

What would be a good strategy to use if the credit line I have been approved for is lower than the balance I need to transfer? I have a balance of $3600 with 21% APR (Card A) and I have just been approved for a 12 month, 0% interest on transfers, but the limit is only $2000 (Card B.)

Could I transfer $500 every month from Card A as long as I pay the balance in full (or close to it) on Card B with 0% interest? In other words, how many times can I transfer a balance from the same card, and will that affect my credit by only transferring a partial balance?

And, does transferring part of the balance from Card A to Card B count as making a monthly payment on Card A?

Thanks for all of your help!!