[marsel]

10 important questions before getting your Balance-Transfer Credit Card, Don't find your self with unexpected hight credit card interest rates that will get you in debt or even bankruptcy!

1. How long does the rate last?
2. What are minimum requirements to keep low rate?
3. What's the interest rate for new purchases?
4. Is there a balance-transfer fee?
5. How is average balance calculated?
6. What will the rate be when it changes?
7. What's the difference between a cash advance and a balance transfer?
8. What's the best way to transfer a balance?
9. How are convenience checks treated?
10. Do you qualify for the lowest rate?

No Links please...

[Hedwig]

Much of this is good, common-sense advice. As in any business transaction, you need to read the terms and conditions of the offer and make sure they make sense to you, and that the offer fits your situation.

It is often hard to judge if you will qualify for the lowest rate until you apply, if it's something like a new card with multiple rates being offered. It never hurts to call and talk to a customer service rep before applying.

On balance transfer offers on existing cards, you will normally qualify if the offer was sent to you, unless your credit has drastically changed since the offer was made. As I mentioned, on new cards you may not know until you apply.

I often apply for the card, and after I receive it, if the terms are favorable, I will call and request the BT.

[need2restore]

Does anybody know of any good bank that will offer balance transfers? My husband and I both have about 4 cards with balances all under $1000 but the interest is piling up along with late payment fees.

Can you transfer a balance when the card is closed? We closed our cards, even though it's not good for our credit but every month we were getting hit with overlimit fees and late fees. We are able to make some payments on the cards but cannot catch up.

Is a balance transfer even a possiblity for us?
thanks for letting me post this on this tread, I figured it was easier then posting another one.

[centex]

Originally Posted by need2restore

Does anybody know of any good bank that will offer balance transfers? My husband and I both have about 4 cards with balances all under $1000 but the interest is piling up along with late payment fees.

Can you transfer a balance when the card is closed? We closed our cards, even though it's not good for our credit but every month we were getting hit with overlimit fees and late fees. We are able to make some payments on the cards but cannot catch up.

Is a balance transfer even a possiblity for us?
thanks for letting me post this on this tread, I figured it was easier then posting another one.

If you are getting hit with OL fees, then your util% is probably killing your score, which makes it difficult to get a card with a good BT offer.

In this situation, your better bet is likely to go to your small local bank who you SHOULD be doing business with on a regular basis and seek out a consolidation loan. Yeah, the APR will probably be 10% or so, but you won't be getting fee'd to death every month. A $4K loan structured across a year can be repaid at roughly $350 a month...just don't run the other cards back up. Once the situation is more stable, then start looking for better cards with good terms...