I would appreciate any help concerning my balance transfer question?

Question

On my main credit card i have some normal debt (about 20%APR) plus i've recently done a balance transfer onto my main card at 0%. If i wanted to do another balance transfer onto a new card from my main card could i transfer just the normal debt(20%APR) ????

Answer 1

No. I'm sure if you read your contract, all payments go to pay off the lowest interest rate first. Pretty standard.

Answer 2

That's a good question and the answer is probably not but it depends on the policy of the card issuer. This is a big problem I have with credit card companies...most likely your contract will state that not only do your regular payments get applied to paying down the lower interest debt first but any balance transfers are taken from the lower interest debt first and then from the higher interest debt. It's really not fair but that's why people need to read the fine print when signing up for credit cards. Your best option is to try and find a card that will offer you a line large enough to transfer the entire balance at 0%.

Answer 3

If you get another card with 0% it would be better to transfer everything from the 20% card and not use it again.

try some of the links below for more 0% deals

Answer 4

Yes, you can transfer whatever you want. The 3% fee is still cheaper than the 20% APR.

Balance transfers were one of the best financial moves I've ever made.