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Advice on Balance Transfer Credit Card Offers

Find more information about Balance Transfer Credit Card Offers at the best oniine resource site Teen Analyst.

Q: Does anyone know of any low interest balance transfer credit card offers in Canada?
I haven’t been able to find anything online for Canada… plenty in the US, even as low as 0%… but finding Canadian offers has been a challenge… anyone know of any?? Thanks!

A: Blue Cash from American Express®

This credit card issued by the credit card giant American Express has No annual fee. Coming to balance transfers, the Blue Cash from American Express has a low balance transfer rate. The APR for balance transfer is 4.99% fixed for the life of balance. Another good feature of the Blue Cash from American Express is that it is a 0 Intro APR credit card. It has a 0% intro APR rate for 6 months. The reward program of Blue Cash from American Express gives Up to 5% Cash Back with Unlimited Cash Rewards. This entitles the credit card holder to earn an unlimited cash back on his spendings. Apply online at: http://www.credit-card-gallery.com/American_Express.html

Q: Does anyone get credit card balance transfer offers with zero balance transfer fees any more?
Not zero interest rate, zero FEEs. I used to get those offers in years past, but no longer. My credit is perfect, but I am probably no longer a perfect customer from the POV of the cards, because I have high limits I don’t use, pay off my balances every month, don’t use most of my cards most months, etc.
PS – I have Amex, MC / Visa, Discover.
If you are getting them, can you tell me your gen credit profile, the card name, do you carry a balance, etc? Tx

A: I think most have gone to transfer fees. Even some of the 0 interest rules are changing. Now you have to make a charge every month, thus creating a new charge that will be billed at the regular interest rate.

Q: How the credit card balance transfer offers work?
I have received an offer from a bank to get 1.9% on balance transfers (for the life of the balance) if I apply for a new platinum credit card. I am going to apply for the new card and give them details of my other credit card asking for a $20k balance transfer, but the thing is that the balance of my other credit card is actually zero and I just want them to transfer the money so my existing credit card becomes in credit and then I take out the cash and do whatever I want with it with a 1.9% interest rate. Is this possible? Or they will check the balance of my existing credit card before transferring the funds?

A: you can’t ask for money on a transfer like a LOAN..it doesn’t work that way…you need to have a BALANCE left on one card to transfer that balance onto the other card. ( high rate goes to low rate)
You can’t ask for money that isn’t there…creative finance doesn’t work THAT creatively.

Q: Am I gonna save with this credit card balance transfer offer?
Ok i’m clueless as to how to do calculations for APR and all. So here goes: My current card has an APR of 10.49%. I want to do a balance transfer of $1300 to another card with a 0% APR for a year, but with a 3% balance transfer fee. Am I gonna save money?

A: If you pay if off and follow all of the fine print rules, then yes.

1300 x 1.03 = 1339 (your new balance after the transfer)

You will have to be able to pay 112 dollars a month to pay it off in 12 months, you might want to pay more than that each month to make sure you pay it off early (like at least 122 a month).

If you are concerned about your credit score, it will take a hit when you do the new card and the balance transfer. You might just want to set a pace for paying off the card you have right now. That is a low rate for a credit card and you could have that knocked out in no time.

Go to bankrate.com and play with their credit card calculator. If you tell it how much you can pay a month, the interest rate, and the balance, it will tell you how long it takes to pay it down. Or you can pick how long you want it to take and it will give you a monthly payment. Shows you your options.

Q: I have excellent credit and want a balance transfer. How and where do I compare credit card offers?
It’s confusing to sort out what the fine print really means and what’s really the best deal. I’m hoping to avoid balance transfer fees or at least minimize them. What’s a good way to research and compare the ones that have better offers for people with good or excellent credit?
Unfortunately, topfinusa4.notlong.com and ebiznus.com both look kind of spammy. Anyone else have a suggestion?

A: Given that you have excellent credit, you may be able to get a very low or zero percent introductory interest rate on a balance transfer credit card. Before you fill out your new credit card application, make sure you can afford the standard APR associated with the card. This will be your rate once the introductory offer expires. You should compare credit cards based on other factors such as annual fees and reward programs and can do so by visiting www.CardHub.com.

Q: Can I transfer a line of credit at a high interest rate to 0% balance transfer card?
I have a line of credit at a bank at about 16% APR. Can I transfer that balance to a credit card to get a lower APR, or even a 0% APR using a balance transfer offer? I have a credit score of 650 (which I have read on the internet is considered “very good”).

A: Well, maybe. Is your line of credit on a card, or is it an open line, or is it based on ownership of something (most lines of credit at banks are open lines based on a mortgage or ownership of a vehicle). I would say call the credit card you’re considering using for the transfer and ask them. If they don’t know, go and talk to the bank. Tell them the interest rate is too high, and you would like them to lower it because you have decent credit, you’ve been making regular payments, you have a job, etc. If they refuse to lower it, tell them you are considering taking out a cash advance on the credit card (another option you have) to pay off the entire balance, so they won’t be earning ANY interest at all. If they still won’t change the interest rate, take out the cash advance off the credit card (it should also have a low or 0% interest rate) and pay it off. There will be a fee to do it from the credit card company, but then you don’t have to deal with the bank.

Q: Where can I apply for low balance transfer credit card for life good credit?
I’m trying to find those 6.99% for life balance transfer APR offers but can’t find any.

can you help?

A: i don’t know about the 6.99% but i got a balance transfer from bank of america and it was 0% interest for 1 year

Q: Can I use my Credit Card’s 0% Balance Transfer offer to free credit on a Current Account?
or can I only use it to transfer balance on store/credit cards?
Thanks for the advice.

Just called Egg. With their service Balance Transfers include transfers to current/bank accounts. The amount must be over £100 and can be no more than 95% of your credit limit. It is subject to a 2.5% service charge.

So if you have a credit limit of £1000, you can move £950 to a current account for the duration of your 0% promotional period, for a fee of £23.75.

If my maths serves me correctly. Happy days!

A: Read the fine print of your offer (they vary from card to card…) …odds are that you can only do a balance transfer from other cards. If you get a new card, transfer your existing balance, and don’t purchase anything new on that new card, you can get the 0% for however long the promotion lasts. Just make sure you’ve paid it off by then and put new purchases on your old card. That way you don’t end up paying sky-high interest on items you thought you were paying off… it’s “lowest interest first” on every credit card I’ve seen, which means that you don’t make a dent in new purchases until the 0% is paid off.

Q: does anyone know what is going to change as far as credit card interest/balance transfer offers go when Obama’?
I am wondering is it better to apply for a card this moth,,(before) or wait..when it might get a lot harder to be accepted.. thanks

A: Apply now. You can avoid all the nonsense by paying your bill in full each month.

Q: Which credit card offers the best 0% balance transfer offer?

A: Hey Itap,

Nearly all of them have the first 6 months for free. It’s the next 6 months that will kill you!

Chase,
Chase,
Chase,

For me at least! I pay less % in interest than my millionaire bosses credit line!

James

Q: can you transfer a balance from someone else’s credit card to your own credit line?
please only answer if you KNOW the answer! I want to help my mom out by transferring her credit card balance which has a higher APR, to my new credit card which offers 0% on balance transfers. Is this possible or can I only do that between my own cards?

A: Yes, this is possible and relatively easy. There are two ways to do it:

1) Call your credit card company and request the transfer. You’ll need to know the account number of your mom’s credit card along with the address she normally sends payments to.

2) Use a convenience check. Often when you get a new credit card you’ll receive a handful of convenience checks that will are linked to your credit card. These checks can be written out either directly to your mother or to your mother’s credit card company and mailed in with her payment slip. If your mother’s credit card is with the same company as your new card you’ll have to make the check out to her and than have her pay off the card herself. You can’t make a transfer directly from one account to another with the same credit company.

Remember that while you may have a 0% APR there will most likely be a 3% transaction fee that you will be charged. Additionally this debt now becomes 100% yours regardless of what happens in the future.

Q: How can I get my credit card company to offer a low balance transfer offer?
This is weird….

I have two accounts with Capital One. Both have $5000 limits. For one account, I always get offers for 3.9% (lifetime) transfer offer… but the other one I never do. Why is that?

The one they keep offering the 3.9% has already been used so I want the 3.9% on the other so I can transfer balance from a higher rate card.

A: did you give them a cal and request it!!!

Q: Should I transfer my credit card balance?
I have 5 credit cards carrying a total balance of $4600. I got a credit card offer for 0% on balance transfers until January 2009. Should I transfer 1 or 2 of the other cards balances to take advantage of the 0%? Or will it be worse for me to be opening another account? I was not planning on closing any of the credit card accounts, b/c i figure it would be better for my credit to have the older ones on there. Does this sound ok?

A: retain the oldest card, cos it may be helpful for your credit checks. grab the new card that is offering 0% bal trfrs, but try to get rid of your three cards otherwise you end up 6 cards

keep the oldest and another card that u might think u need and the new card and cancel other three.

Q: Does it affect your credit score to transfer the balance of a credit card to another card……??
There is a little more to my question than that. Is it bad to transfer a balance to another credit card once the promotional period ended on your current card? Here is my scenerio:

Had Mastercard, transfered balance to Visa for 0% 6 months. Would it be bad to then transfer the remaining balance of the Visa back to the Mastercard with a new Balance Transfer offer?

A: I think this depends on if your balance is getting higher and higher or not. Mine got high and when I went to transfer onto a 0% interest card, they only took about half of it – then I had TWO credit cards to pay on! And there wasn’t a thing I could really do about it.

Q: Should I pay off a bank loan with higher interest with a balance transfer offer from a credit card. (lowerINT)
I have an adjustable rate loan for a track of land. The interest is now 8.5%. Should I transfer the balance to a credit card that is offering 5.9% interest until paid off? The balance is about $7500.00

A: Credit card debt is an inevitable reality for most of us. Unless born with a silver spoon in the mouth, we find it pretty much difficult to keep up with the credit card repayment schedule, and the result is a good hefty credit card debt. Things go worse if the credit card debt is attracting high interest rates and causing further burden. Paying the monthly minimum is one of the options which we all find shelter in and this makes things even more disastrous. Is there a way out? Definitely yes. If you haven’t already heard of credit card balance transfers, read on.

Credit card balance transfer is a process by which we can transfer our outstanding balances on a credit card (which are generally at high interest rates) to a low interest rate credit card.

Balance transfer has some good advantages let us look at a few of them.

Balance transfer is one of the best methods to get rid of that credit card debt. When you transfer balances all your outstanding balances are wiped out and transferred to new credit card.

Depending on what deal you get on the balance transfers the new interest rates on transferred balances could be 0% or a low rate for a particular period. The ideal situation should be to get all the balances cleared within this low interest rate period. Read More from: http://www.credit-card-gallery.com/credit_card_balance_transfer.html

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