I'm 23 with good credit so far and I don't want to screw it up. I'm very responsible with my bills but I was out of work for a month and I got really behind with my rent, car payments, insurance, cell phone... etc. that I only was paying the minimum amount due. I have a loan and another credit card that has the whole "NO PAYMENTS FOR 6 MONTHS" (then the interest is super high) and I haven't paid a dime on them and the time is coming. I was wondering if I could use my store credit card to pay those 2 bills off. I would rather pay the lower interest rate on 1 card verses all three. Is this possible and how would I go about doing that? I have a low cash advance amount on my card otherwse I would just withdrawl it from an atm and put it in my bank account. Somebody please help!
2007-08-03 14:33:18 · 4 answers · asked by xojanelleox 2 in Business & Finance ➔ Credit
My store card is a Visa
2007-08-03 14:55:05 · update #1
Is your store credit card actually a Visa or Mastercard? If so, you can probably transfer the loan and other credit card balance, provided you have sufficient credit limit.
If it's just a store credit card, it's only good in that particular store and you won't be able to do a balance transfer.
By the way, when the 6 month's is up, you are going to be billed interest for the whole six month's. The only way to avoid all that high interest is to pay them off in full BEFORE the 6 months.
It also sounds like you should rethink your spending habits. If you make a major purchase, pay it off before you finance another one.
2007-08-03 14:43:32 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Call the 1-800 number for your store credit card and ask them how to do a balance transfer from your other accounts. They love to help you give you them money (you'll be paying them interest now). Also make sure you ask them what the interest rate for balance transfers is and any fees they will charge.
You may also find this information included on the back of your original offer or in your original agreement. Credit card companies are required to put standard information regarding rates and fees on the back of the offers they mail to you.
Also please note that you often have to pay off the lowest interest first, and balance transfer rates aren't always the same as your purchase rates.
2007-08-04 01:37:46 · answer #2 · answered by Arry 2 · 0⤊ 0⤋
I understand your predicament, I constantly advise conserving basically a million substantial mastercard. consult from the economic employer and he or she if the underwriter will make the exception to allow you hold it open, this is accomplished. the undertaking is that the economic employer would not choose that danger which you may in basic terms spend yet another $10K and than somebody could desire to now gets a commission. If the economic employer nonetheless won't permit you, ask in the event that they could experience extra sensible approximately it if to procure the decrease decreased on the cardboard. Than they may well be ok. you could constantly ask discover for a upward thrust at a later time.
2016-12-11 09:37:02 · answer #3 · answered by meran 4 · 0⤊ 0⤋
It may get you ahead a bit but not by much...you still will have to pay for it...
2007-08-03 14:45:43 · answer #4 · answered by kadnil 3 · 0⤊ 0⤋