Transfer balance credit cards- good or bad?

whattodo? asked:


I have a pretty good credit score of 737- I have a balance of 1200 on one, the limit is 3000- the interest rate is like 14%- the other has a 1000 limit and a balance of about 600- interest rate 14%- would it be a good or bad move credit wise to transfer these to a 0% card to get them paid off much quicker? I’m not too knowledgeable about this sort of thing and I’ve read conflicting things so any informed insight would be appreciated- thanks!!!

Warren
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3 thoughts on “Transfer balance credit cards- good or bad?”

  1. Read all the fine print on that new agreement. Most have a transfer fee of about 3% . And you don’t want to ever be late as that will immediately increase your interest rate.

    Shifting debt isn’t a good idea unless you stop charging on all the credit cards. You should also work on paying off that 0% card before the offer expires. Take every penny you can squeeze out of your budget and throw it at the card. The faster you pay it off the better.

    Once you get all the credit card debt paid off, only charge what you can afford to pay in full every month. Save the interest and stay out of debt.

  2. For your cash flow and pay off as quickly as possible its best for your cash flow and does not reflex negatively on your.

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