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Have you done balance transfers?

I got an offer to do a balance transfer for 0% interest for 1 year. Our credit card debt is moderate and I have heard that it's a good idea if you can get a good interest rate. Has anyone ever done a balance transfer and how was your experience?

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ajbrownies

Asked by ajbrownies at 3:23 PM on Aug. 30, 2010 in Money & Work

Level 13 (1,135 Credits)
Answers (7)
  • It's definitely a good idea. I've done it. Saved me a ton on interest.
    arouthier

    Answer by arouthier at 3:24 PM on Aug. 30, 2010

  • I've done balance transfers between my accounts online. Probably not the same thing. But it's free and my experience is since it's all within the same bank it is done as soon as I hit the transfer key.
    tryin2BGOOD

    Answer by tryin2BGOOD at 3:26 PM on Aug. 30, 2010

  • Most of those charge a fee for the transfer. Make sure to consider the fee when calculating what you will be saving with a lower interest rate.
    andrea96

    Answer by andrea96 at 3:26 PM on Aug. 30, 2010

  • Sometimes it is a zero percent interest, but then they charge you a 3 or a 5% fee. Other cards will do a zero % balance transfer but if you don't pay it off in the allotted time then they start charging an outrageous amount of interest.

    That being said we have done it. And while it has saved us money, it hasn't saved us that much. The best way to avoid paying high interest is to stop charging and pay off the card. I know that's a duh, but sometimes we forget that it's not the interest that's the problem, it's the debt. =)
    Erica_Smerica

    Answer by Erica_Smerica at 3:27 PM on Aug. 30, 2010

  • Yeah... not the same thing.
    tryin2BGOOD

    Answer by tryin2BGOOD at 3:27 PM on Aug. 30, 2010

  • No, never done it. We pay ours off monthly so there's never any balance to transfer.
    .
    FootballMom85

    Answer by FootballMom85 at 4:28 PM on Aug. 30, 2010

  • We've done it and saved tons of money, even if you have a 3 or 5% fee to pay, that's usually less then the interest that was carried on the original balances anyway. Plus you're able to pay off the balances without interest.
    how_reb

    Answer by how_reb at 7:37 AM on Aug. 31, 2010

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