Tuesday, August 09, 2005

Trying the balance transfer trick...

Over the course of the last couple weeks, I've suddenly rung up almost $1800.00 in credit card charges. This is disappointing to me, after having worked hard to pay them off, but none of the purchases were frivolous, and as mentioned in the previous post, most of them were to help my parents out.

I was dreading paying the interest charges again, as there would be no way I'd be able to pay the whole balance off this month.

Then it occurred to me, I have a brand new credit card on its way to me which is offering 0% financing for a full year and free balance transfers. So I'm going to try something that I've only been able to read about others doing; I'm going to transfer that $1800 to the new card and save the interest until I can pay off that balance in the next few months.

I'll keep you posted as to the progress of this transaction, as mentioned, I haven't received the card yet, but I do know it is on the way and I know the credit limit I've been given.

6 comments:

savvy saver said...

Good luck! Just make sure you confirm with the company you are transfering the balance to that the rate is 0% (and get the term), as well as the $0 in fees. Sometimes, even though you applied for a certain deal, they don't always approve you for that deal.

Also, make sure you transfer within 30 days of getting your new card, often they only waive the balance transfer fees for the first month or two.

Savvy Saver

Jose Anes said...

Good luck paying it off!

Try to be quick.
It is easy to fall into the balance transfer trick and overdo it.

We all have done it. Most of the time it works fine. Banks count on it not working fine. They have some experience :)

Money and Investing

Monty Loree said...
This comment has been removed by a blog administrator.
Monty Loree said...

I guess it's okay to borrow if it's for your parents. After all they probably borrowed for you at some point. :-)

How long is it going to take you to pay off the $1800? Are your parents going to pitch in?

Best

Financial Maturity Blog

Anonymous said...

30.59% - that's the new default rate with the Fed Rate increase........SO DON'T PAY LATE!

Easton Ellsworth said...

Credit cards are such a strange part of the modern financial world! I say, if you can live without 'em, great. Of course, the proper use of credit cards helps your credit rating rise, but how many people curse the day they ever signed up for the cards whose balances are now maxed out?