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Westgrl

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Should I transfer my balance?
I currently have a card with $7700 balance and $800 open credit limit with a 19% APR. My minimum payment is $159. I have another card with $700 balance & a 23.99% APR. The lower APR card sent me a balance transfer offer of 0% APR for 12 months with 3% transfer fee. I am not sure if it would be a good move to transfer the $700 from the higher APR card over.

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It depends on your financial situation, how long will it take you to get the $700 card paid off? The apr really isn't that much of a difference, you will incur a balance transfer fee, you will raise the utiliztion on the already almost maxed out card. You also need to be careful that the card you would be transferring to wouldn't eliminate your grace period due to doing the balance transfer, depends on the card company, but Chase will do things like that. The best advice here is to buckle down and just get it paid off without the transfer. Set a better budget, look for some additional work, sell things that you don't need.

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Thank you

Helpful to 1 out of 1 people

Thank you! Advice was very helpful! 

Top Contributor
6118 Contributions
1316 People Helped

You are very welcome! Glad it helped!

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