2 Part Credit Card Question?

Question

I have a Cap one Card, with a 700 balance, I plan on have that paid off by this december. I also have an 1500 0% apr card, I was wondering if I could pay my cap one card with my 0% card, and avoid the apr. But I don't want do a balance transfer, I wanted to do it this way to avoid, the bt fee. Is it possible?

Next question, I need a few school supplies, books, dorm materials, I was wondering to use another card, knowing I would have it too paid off by december. About my books, I get a stipiend(spelling), I was thinking of buying the books ahead of time, and using the stipiend(spelling) to pay it off whent the bill comes in, Does this should like a good idea?

I also have to pay 170 for tution, that loans, and federal aid didn't cover, with my cc. I will have all this paid off my december, or january the latest. I'm positive of it. So what do you think?

Answer 1

Most cards will no longer waive balance transfer fees. The usual minimum is $50-$100, which is a waste of money on a $700 balance, since your 0% APR will eventually switch and you will have to transfer again.
Credit cards are bad news all the way around, and you could catch yourself in a very bad place. 2 years ago, cards offerred deals with no balance transfer fees. That is no longer the case. 0% introductory APRs could also go the way of the dinosaur, leaving you with high rates struggling to pay the interest each month.
Debt is a bad thing to have. Get a checking account and learn to go without when you hit zero. Starting a career upon leaving college without debt will allow you to save money and invest instead of starting "real life" digging yourself out of a hole.
You might have every intention of paying everything off by December. But life happens. A simple thing like a car breaking down, or having to purchase something essential and expensive can immediately kill your plans.
Credit cards can ruin lives. They are useful tools for emergencies, online purchases, and building good credit for the future, but they are dependent upon a certain future. And the one thing about the future is that it is never certain.
Good luck.

Answer 2

1- You can't avoid transaction fees. It ranges between 3 to 4% no max or $75 to $250 depends on the company.
2- How long that 0% last?
3- What interest rate on the Cap one. If you figure the transaction fee is still cheaper than payment to Cap one from now until Dec. then transfer the balance.
4- Any purchase on the 0% will have interest (some card have promo 0% on purchase) I don't know yours has that. Otherwise, payments will allocate to the low APRs before balances with higher APRs.
5- In your situation, avoid using the card as much as possible. Seems like you're one of the students that will head for disaster like all other students before you. Credit card is not plastic. It's real money with headache.

Answer 3

You can pay off the $700 Cap One card with a balance transfer. That is the only way. You will have to pay the fee which is probably 3%. Depending on the interest rate on that Cap One card, the transfer may still be cheaper.

Keep in mind that o% balance accounts have rules about how that 0% is used. Typically, you do a balance transfer and that will be at 0% but any additional charges will be at the regular interest rate. Your payments will be applied to the lowest interest rate first.

You may not want to have too many cards with balances being carried forward. The interest rates are subject to changes, particularly that Capital One card. Try not to carry balances on any of your cards. Only charge what you can afford to pay off in full at the end of the month. That way you'll stay out of trouble and build a good credit history.

Answer 4

I think it would be better to transfer the outstanding balance to the new card..the new credit card typically gives a deal on balances transferred in don't they??

If you didn't want to transfer , you would need to take out actual cash from your 1500 card and PAY the 700 off the old card. But then you would be paying interest on the 700 from the day you borrowed it with the new card.

How are you planning on paying these debts?? Using One credit card to pay another is always a very fast way to run into trouble.

Your plan sounds VERY shaky. Despite your best intentions, un less you start to PLAN now, on how you are goin to PAY your debt, STARTING today, what will happen is that you will run into a HUGE trap, where you will have maxed out BOTH credit cards, or More (since you said you have YET another card)

Answer 5

Since you are in a hurry, see if your parents will get you on their credit card for 6 months. They can order one in your name. Use it and pay on time. After the 6 months, ask for one in your name only. I did this with my sister years ago and had her taken off after 6 months. Alternatively, if you have a bank account or credit union, see about obtaining secured credit card with a set limit. I have not used them myself, but it has some information for you to look at. If all else fails, check out the link below. I have not used them but its a resource you can use.

Answer 6

It is important that you take steps to get your debt under control before you end up in serious financial trouble.

Find a Way to Get Better Rates

One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.

Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.

Eliminate Debts One By One

If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster.

Debt Consolidation

If you are serious about getting rid of your credit card debt once and for all, you may want to work on getting a debt consolidation loan. This method of elimination will help give you lower interest rates, a regular payment schedule, and you will only have one easy payment to make each month. This is a very easy and effective way to eliminate the credit card debt that has been causing you so much trouble. Read more from: http://www.credit-card-gallery.com/article/195,4_Tips_on_How_to_Eliminate_Credit_Card_Debt

Answer 7

Have fun with your creative financing, kid! Just make sure not to have more than a few thousand stacked up in debt. That will probably hurt you later unless you get out of school making the "big bucks" right away - not likely.

Answer 8

Capital One stinks. I believe they do creative accounting. Transfers will have fees attached, one way or another, be careful. Good Luck.