credit card suggestion?

Question

I have a credit card with $9,000 on it (none available). It is closed, i am working on getting it paid off. I just got qualified for a credit card worth $2,000 that has 0% balance transfer for 18 months. Would it be paid off faster if i move 2,000 of the 9,000 to a second card since there is no interest and have 2 cards.. or just continue paying on the 9,000 card?

i would end up having:
card 1: $2,000 no interest
card 2: $7,000 yes interest

or leave it as:
card 1: 9,000 yes interest

if the better way would be get the second no interest card, would my monthly payment be about the same that it is with 1 card or more per month? unforunately i just had a baby and am not able to much more than my minimum payment either way

Answer 1

Sometimes there is a balance transfer fee (many times it is 3%). Also since you probably won't have the $2000 paid off in 18 months it depends on what rate you will pay when the 0% ends and what interest you are paying now. Do you know this information? If you don't know then don't make your decision yet.

Answer 2

Just paying on the minimum payment is going to take you years to pay off the debt because you are paying only a little priniciple and a lot of interest. Even if you can pay a few extra dollars off to the $9000 card, it will make a bigger dent to the principle and thus the interest.

I hate credit cards, I got so screwed by them in the past, I won't have one now. I only do loans for my home and vehicles and I try to pay those at a larger amount when I can also (had my car paid off in half the time)

I would steer clear of the 2nd card -- why did you get it? If you need it for emergencies, leave it clear, if you max it out, then you will have no available credit in case of an emergency.

Just my $.02

Answer 3

What rate do they charge on that after 18 months?

I would not do this. The amount of interest on that $2K is probably not worth the risk of slipping into issues and not being able to pay it off.

Also, you would then have TWO minimum payments due each month. If you can barely make one, how will you make 2?


To pay off the $2K in 18 months, you'd have to pay $111 per month to it (in addition to keeping up with your other card).

Answer 4

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Answer 5

Hello,

If you need help getting this debt paid off and you are barely making minium, consider credit counseling. They can negotiate lower interest rates.

Answer 6

This site has a card that has what you're looking for, plus a free cell phone

http://www.newcountrydj.com/credit/

Answer 7

Your playing credit card shuffle. Do whatever--you still have to pay both of them...