balance trasnfers on credit cards?

Question

i have 2 credit cards and want to trasfer the balnce to another card its an average of 700 total with apr of 1.2 %. how much will it cost to put on the other card?

Answer 1

As the previous answer said, read the offer. Unless it's a special offer that comes in the mail, they want 3% up front to do this. But if it will save you from paying 15% on the balance to pay it off in a year, that would be a good deal.

So, if you owed $700 and your current interest was 15%, that would mean it would cost you $105 in interest in a year. If you transferred it at 3%, that would be $21, then you would have 1.2% the rest of the year $8.40 for a total of $29.40.

(The amounts would be slightly less in both cases because you would be paying payments every month too)

Answer 2

All banks allow you to transfer balances from more than one card. But check if all the balances will be charged at a lower rate.

For instance, if you opt to transfer the balances from three different credit cards to SBI, the bank offers a preferential rate only on one balance transferred.

Others are charged at the normal rate. Other banks charge a preferential rate as long as it does not exceed the maximum balance transfer limit permissible.

Generally, the maximum limit for the transfer is 75 per cent of the card limit. Again this depends on the type of card opted for.

A premium card might have a higher limit. For instance, the maximum limit on HDFC's Silver card is only 50 per cent while that on its Gold card is 75 per cent of the card limit. There is also a minimum limit on the balance transfer amount. It ranges between Rs 2,000 and Rs 5,000.
you can get all information about credit card at: http://www.card-city.com/

Answer 3

I have balance transfered in the past, but do your homework first. Sometimes there are transfer fees, sometimes there is a date in which the transfer is only good till (then the APR goes up), if you miss or are late on a payment the APR will go up. I have done quite well in the past, but read all the fine print and ask questions. :)

Answer 4

read the terms on the agreement first. They may have a stipulation that cash advances will be charged a higher fee and APR.