Credit Cards!!!?

Question

I have a credit with about 1,000.00 charged on it. My interest is around an extra 20 bucks a month. My friends suggested that I do a balance transfer so I can get 0% interest and pay it off sooner while saving money. I have good credit so getting a new card is not the problem. I just can't decide which to go with because there are about a million to choose from. Any suggestions or website I should visit to help me make a decision?

I do have excellent credit but the card that had the high charge on it is one of the first I ever received when I was trying to build credit. I havent charged anything on this card in over 5 months. I usually try to pay at least 100 or 150 a month. Getting a PT job is not an option either because I already work 6 days week.

Answer 1

I got a card through Amazon.com, you will benefit with 3% off every purchase from Amazon.com (Chase), they offered me 6 months of 0% interest on balance transfers. My limit is for 1,000, but if you only owe 1,000 and have good credit they might give you higher limit credit. Another Good choice is Discover (Novus) you always get1% cash back (after you have accumulated $20 in cash back credit) depending on what you choose you can double it up (by getting for example a gift card to the sharper image store) Also, from time to time they have 3% to 5% cash back offers for a 3 month period. (For expenses such as gasoline, tuition, apparel, restaurants, etc)

The best about this two Credit Cards is there is no annual fee and low Interest rate. It is your choice. Do your research first.

Answer 2

Stop using the credit card because every purchase you make instantly gets charged a finance fee because you have a revolving balance.

1) Get a second card at 0% and transfer the balance to it.
2) Use the first card only for items you will pay off that month. This way you never get charged interest on this card.
3) Pay off the second card (with the balance) quickly.

$1,000 is not much. You should be able to pay it off very quickly. Pay $100+ a month and it will be gone within a year.

Either get a part time weekend job or cut out needless expenses from your budget, like coffee, soda, candy, ice cream, clothes, movies, etc.

Answer 3

If you just have $1000 charged on it, get an additional source of income, such as a PT job and take all of your earnings and apply it to the balance on your credit card. I think that will be easier and save you money in the future. Otherwise, you might start charging both cards and end up in more credit card debt. What would you do then, get a 3rd card to transfer your balances to? You should pay as much of the balance as you can each month (more than the minimum). The credit card company wishes that everyone would just pay the minimum balance,because they will make a lot of money in interest, but it's in your best interest to pay all of it off ASAP.

Answer 4

No moving money to your Capital One card won't help you just yet. You just need to pay as much as you possibly can towards your Bank of America card every month and do not use it at all. Clip coupons, downgrade your cable or cell phone package, eat mac and cheese a couple nights a week. You'll be surprised how much extra money you will have to put towards your credit card bill. That's the best way to pay it down. About the Avon account. It's time to talk to your mom. Tell her you need her to pay that off NOW it hurting your credit especially if they are calling you b/c she is late paying. You can also call Avon and see if you can be taken off the account you may need your mom's permission to do this but if you can you should and soon.

Answer 5

There are all kinds of cards that allow a percentage of what you buy to act as a benefit in doing something else - I have a milesone card for travel, for example, that basically banks up miles that I can apply to any airfare ticket I purchase. There are a lot of other cards, though so it will depend a lot on your lifestyle and things that you want to buy or do, but could use a little extra help in obtaining. Narrow down that list to about three items then do comparison shopping to determine what company is giving you the best deal. You should NOT have to pay an annual fee for the card, for example - watch the interest rate and if they can dump it if you're ever late with a payment, and see who else they partner with to make your dream a reality.

Answer 6

Go to the Smart Money website. They off a really cool search engine.

By the way, I thought I had excellent credit because my scores were over 700, but a couple of the companies also want to see a current card with a minimum limit of $10,000. My highest limit is only $8,800, so I wouldn't qualify for their Platinum Card...

Answer 7

The key is to pay off the credit card. I know it is not what you want to hear but it is what you need to do.

You can transfer the balance to another credit card but that doesn't solve to problem.

You would be better off taking some part time extra work and put the entire paycheck onto this Credit Card.

Answer 8

Honestly,
your best bet would be to go to citi bank,
http://www.citi.com
they have GREAT cards for balance transfers,
and most of thier cards have 0% intrest on Balance Transfers AND Purchases, the best part, you also earn rewards, almost every card citi has, gives you bonus points where you can get a $100 gift card when you get a credit card with them.
hope i helped. if not, sorry.
Good Luck.!

Answer 9

Getting a new card is very dangerous and the quickest way to be $2,000 in debt instead of $1,000. My suggestion would be to call the credit card company and try and get them to drop your intrest rate. If you go to the Motley Fool website, www.fool.com they have a bunch of tips on how to do this. Your first priority should be paying off the debt as soon as possible. I wish I did.

Answer 10

I would try to pay down the balance before you transfer the balance. It sounds good to be able to just transfer your debts from one card to another (with lower interest) but as far as your credit score and credit report its not a good idea.