Re: Transferring to a lower credit card

Posted by CardReport.Com on December 17, 2000 at 20:30:49:

In Reply to: Transferring to a lower credit card posted by Debbie on December 06, 2000 at 09:00:29:

This would probably *not* be an efficient way to
shift the balance over, since most/all credit cards
charge a percentage transaction fee (e.g. 2%-3%)
for cash advances. Also, cash advances will be at
the highest interest rate for the card, while
purchases, convenience checks, and balance transfers
may be at a lower rate (depending on the terms of
that specific card.)

Plenty of people keep their old card(s) when they
apply for new ones. Unless you already have several
different cards (more than, say, five, although it
may depend on your income), then it shouldn't be a
problem.

Some credit card issuers ask right in the application
if you want to transfer a balance from an existing
card (at a different bank), and there might not be
any initial fees for that first transfer, since the
whole point is to get your debt shifted over to the
new issuer so they can start earning interest from
you right away.

Check out our *Credit Directory* section (link is
at left) for some possibilities, with numerous
banks offering online applications.

Good Luck.

Follow Ups:

Post a Followup