planning to switch my balances from 3 cards into another one..this card says 1.9 on balance transfers. ok now do i get charged intrest evry month after this? i have 0% apr for 8 months. do ii get charged a one time fee?
2007-02-08
14:01:32
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7 answers
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asked by
justsomeone
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in
Business & Finance
➔ Credit
is the fee per card its trasfered from? meaning 3 cards = 3 fees? also i it simpler to have them on one bill evry month and then pay it of in large sums.
2007-02-08
14:09:05 ·
update #1
You are going to have to read the fine print. Sometimes the low interest rates are for the life of the loan. Some indicate a time frame such as your 8 month offer - after the 8 months is up you will then have to pay interest. Some cc co's charge a balance transfer fee - I would personally avoid co's that charge a transfer fee. Make sure you look at the rate you will be charged once the introductory rate is up...be careful. Also, make sure you are never late on a payment - you will lose your low APR and be stuck with a high interest rate.
2007-02-08 14:09:58
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answer #1
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answered by Jennybobenny 4
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YOU MUST READ THIS!!!!
I got into a little money trouble a few years back. So let me share some good advise with you..
I would strongly suggest that you contact the card you are transferring to and ask them ALL the fine print details..
BUT THE MOST IMPORTANT THING IS THIS:
DO NOT USE THE CARD YOU DID THE BALANCE TRANSFER TO!
This got me into bigger trouble than I had started with. this is what happens:
It's like you have 2 accounts on that card, One is the balance transfer amount, and 2 is the daily charges. if you use this card what happens is this.. the payments you make will go to reduce the zero interest, and leave the daily charges balance accruing at some ridiculous rate like 16-23%..
So the balance transfer is a good idea to get out of debit , but maybe its time to cut up all the credit cards you have till you get your head above water.
Happy to say, I am out of debt , out of trouble and happy to help!
2007-02-08 22:25:55
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answer #2
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answered by Zelda 2
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Do not do this unless you can pay the balances off before the introductory period expires. Also, you will likely be charged a percentage charge for each balance transfer. This can negate any savings you might have received by transferring the balances. Read all the fine print.
2007-02-08 22:06:13
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answer #3
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answered by Anonymous
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Read the terms. Often there IS a one time transfer fee of 3% of the amount you transfer. But I have found that companies will waive this fee if you call and ask them to.
2007-02-08 22:06:15
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answer #4
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answered by Dennis H 4
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Read the fine print. Every offer is different. It's been my experience that it really was the lower interest for whatever period of time they said, and it was a very good deal. However, it is null and void if you are late even one day, so don't take that chance. I was never charged a one time fee, but every offer is different. Read the rules!
2007-02-08 22:08:13
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answer #5
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answered by Momma Jo 6
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Every card is different, and you will have to read the fine print in the agreement terms to find the correct answer.
2007-02-08 22:07:40
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answer #6
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answered by Brian G 6
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It depends on which credit card company, there is usually no one time fee.
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http://www.bestcreditrates.net
2007-02-08 22:37:52
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answer #7
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answered by Anonymous
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