2006-06-22 14:35:35 · 12 answers · asked by torishu 2 in Business & Finance ➔ Credit
Most of the time, there is a balance transfer fee of 3 to 5 percent. Some card issuers cap that fee at $35-75, so read the fine print. Also, if you do not pay that balance off when the 0% offer expires, not only does the high rate kick in, but it is retroactive for the entire period that the balance was on the card.
If you save more than the balance transfer fee and can pay the card off before the 0% offer expires, it's a terrific opportunity to save some money and end your debt. Otherwise, you might be better off either not making the transfer or finding a new card to transfer the balance to.
2006-06-22 14:58:28 · answer #1 · answered by VinTek 7 · 2⤊ 0⤋
Capital One is only a good company when you don't have any customer issues. And yes, many card companies offer 0% transfers because, statistically, those balances don't get paid off before the offer is up.
As was mentioned, read the fine print. You may be charged all the interest due on the original amount, not just the remaining balance.
Capital One is not a good company to deal with when credit issues need to be resolved. I cancelled mine after just six months.
2006-06-22 20:22:37 · answer #2 · answered by David H 3 · 0⤊ 0⤋
Capital One is a great company. It's probably a true offer but the APR will change after one year to a higher %. I have a card with them right now that I locked in with at 4.99%. I love Capital One.
2006-06-22 14:38:52 · answer #3 · answered by Dani Bo 2 · 0⤊ 0⤋
its great for that first year, but after that anything that is on the card will earn interest of whatever they currently have. They have to tell you what it will go up to. Sometimes if you are late on a payment it will automatically go to the APR if you miss a payment during that year of 0% (does that make sense?) They are good about that stuff, but difficult when you want to up your spending limit or lower the APR later. Capital One is great for starting out on credit.
2006-06-22 14:40:25 · answer #4 · answered by shortstf00 4 · 0⤊ 0⤋
it truly is definitely available, even however the banks does not supply it in the event that they did no longer make out ninety% of the time. you ought in the beginning a 0 stability and you could not can charge something extra on the cardboard, the way money are utilized is often to the backside pastime stability first (the 0 %) at the same time as you pays 18%, or extra each and each month on purchases. in case you flow and don't use the cardboard, sure it is going to artwork...It takes severe self-discipline. I have been given an supply for 2.ninety 9% till the stability is paid off...I transfered $20K into my decrease value expenditures account ( I earn 5.05% APR). i for my section earn 2.06% in this transaction. in case you examine the nice print you will locate that one late charge, or possibly a late charge that they %. up off your credit checklist ( which they pull oftentimes) will consequence interior the pastime leaping to the max.( around 26%). i'm constantly waiting to pay off my stability next month if mandatory. i'm very disciplined and watch my entire indebtedness flow down and my decrease value expenditures flow up each and each month. maximum folk do no longer try this and basically get extra in debt.
2016-10-31 08:03:35 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Well if you take advantage of the offer you need to keep a few things in mind, after the 1 year it will go to a non-intro rate thats based on your credit. If you take advantage of the offer, be sure to pay attention to your cycle dates, because the balance will need to be paid in full by the last day before that particular cycle ends so you can avoid finance charges.
2006-06-22 15:02:53 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It's legit. Capital One's strategy is to get you using their card - credit card companies make a percentage of everything you charge, so Capital One makes money if you switch and use a Cap One card instead of your old card. But if you are late on a payment, look out - they'll hit you with the financing charge, plus the late charge (which is another way they make money off this deal!).
2006-06-22 14:47:15 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It's not too good to be true, but chances are you won't be good enough to qualify.
The best deals are reserved only for the best credit risks, so you have to have a pretty high credit score to get it.
If you don't, they'll still probably have pretty decent rates, if you have a decent, but not high score.
2006-06-22 19:35:45 · answer #8 · answered by markmywordz 5 · 0⤊ 0⤋
Do a web search, read the reviews and have nothing to do with them. Based on the experience of a family member.
2006-06-22 14:40:12 · answer #9 · answered by James M 5 · 0⤊ 0⤋
read the fine print and find out what the interest rate is after the one year deal. Nothing is for free my friend, there is always a catch.
2006-06-22 14:38:53 · answer #10 · answered by Stacy R 6 · 0⤊ 0⤋