Credit Card Debt | Imamother

amother

OP ↓

Fri, Jul 26 2024, 12:55 am

I'm hitting 40. but still pretty clueless to business.... Up until now always paid full balance on CC...
business is doing badly and we suddenly have very high balances..
My husband gave me the job of transfering balance... I have been on the phone for hours with cc companies but either I'm not explaining myself well or not understanding them, but we are going around in circles ...
Can anyone please direct me? Banging head

amother

↑ OP ↓

Fri, Jul 26 2024, 1:02 am

amother Smokey wrote:

You’re trying to transfer to 0% interest cards? It shouldn’t require any phone calls, you just do it online.

but I need to combine from a few different cards
How do I know which company to go with or is it all the same deal?
can You post a link?
Thanks!!

amother

↑ Smokey

Fri, Jul 26 2024, 1:15 am

amother OP wrote:

but I need to combine from a few different cards
How do I know which company to go with or is it all the same deal?
can You post a link?
Thanks!!

Should be simple to do multiple balance transfers to a single 0% card as long as you get approved for a high enough balance. If the balance isn’t high enough on it to fit all of your transfers, then you can try applying for another card.

Each card has its own details. You should look for a card with a 3% balance transfer fee, some cards charge higher fees like 5%.

Also the length of the 0% deal is different for each card. Look for a card with a long period of time.

Some cards can have annual fees, avoid those.

Here’s an article from nerd wallet which compares some good 0% interest cards and gives you the details for each of them -

https://www.creditkarma.com/cr.....nsfer

Once you pick a card, apply for it, then if you’re approved, it’ll provide you with instructions for doing the balance transfer. It should be simple and done quickly online.

amother

↑ OP ↓

Fri, Jul 26 2024, 1:33 am

amother Smokey wrote:

Thank you so much for taking the time to write all this out for me(so clear)
Would you be able to explain what the the following is all about?

e: An introductory fee of either 3% of the amount of each transfer or $5 minimum, whichever is greater, for balances transferred within 60 days of account opening. After that, either 5% of the amount of each transfer or $5 minimum, whichever is greater.

amother

Aquamarine

Fri, Jul 26 2024, 3:07 am

amother OP wrote:

It means that there is a fee for the balance transfer, even if there is a 0% APR. (meaning no interest)

So they will add to the amount of the balance transfer an additional 3%. I.e. if you transfer $1,000, they will put $1,030 on the card.

If 3% of the amount you transferred = less than $5, they will charge an additional $5 on top of the balance transfer amount. I.e. transfer $25, they will put $30 on your card.

If you transfer money AFTER the first 60 days of opening the account, just change that 3% to 5%.

amother

↑ OP

Tue, Aug 06 2024, 10:41 pm

amother Aquamarine wrote:

Thanks for all the information!
So I tried opening a card to transfer the balance but I was declined (I guess due to the high balances owed) So how does one go about it?
Anyone know how this works?
I want to do the balance transfer so I can pay down the debt I accumulated in the next year.
Due to the high balances doesn't seem like I'll be approved for any new accounts now
I believe I went from a 8 score to a 6