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Mom Confessions Mom Confessions

if you have 6 credit cards (quick question about balance and transferring)

Anonymous
Posted by Anonymous
  • 39 Replies
I have 6 credit cards.
1. Is paid off at $2000.00
2-6 I owe $300-$700 on them. Like Walmart CC, Belk, Capital One, Amazon, etc...

Should I transfer the balances to the $2000.00 credit card so then I only owe the one card?


Oh I'm not struggling to pay them. I only asked because my $2000.00 credit card asked me at the bottom of my balance if I wanted to transfer my other credit cards balances.
Posted by Anonymous on Mar. 31, 2014 at 11:42 AM
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Replies (1-10):
Anonymous
by Anonymous - Original Poster on Mar. 31, 2014 at 11:43 AM
Please bump if you don't know.

I almost feel like I should transfer the balances to my $2000.00 credit card so I stop getting hit with all the interest fees. They're in between $5-$15 interest fees.
TurtleMomma82
by Barbie on Mar. 31, 2014 at 11:45 AM

Most cards charge a 3-4% fee to transfer balances.

Anonymous
by Anonymous - Original Poster on Mar. 31, 2014 at 11:46 AM
So then it basically wouldn't be with it? I've never done it before.

Quoting TurtleMomma82:

Most cards charge a 3-4% fee to transfer balances.

Anonymous
by Anonymous - Original Poster on Mar. 31, 2014 at 11:48 AM
Bump
TurtleMomma82
by Barbie on Mar. 31, 2014 at 11:49 AM

It would be if you can pay the one monthly payment.  I'm just letting you know they charge a fee to lump them all in one credit card.  But if you are struggling to pay them all, might be worth it for you

Quoting Anonymous: So then it basically wouldn't be with it? I've never done it before.
Quoting TurtleMomma82:

Most cards charge a 3-4% fee to transfer balances.


ElevenEleven
by Silver Member on Mar. 31, 2014 at 11:49 AM
I always heard it's better to pay the minimums all all but one and pay that off then pay the next biggest one..

I don't know for sure because I don't do credit cards, so this is more of a bump.
Anonymous
by Anonymous 2 on Mar. 31, 2014 at 11:50 AM
2 moms liked this

It would depend on the interest rate for each of the cards. You'd need to calculate what you're paying separately and what you're paying together.  Is your credit in a bad spot?

Look in your area for a free credit counseling service. They can assist you in looking at your options and seeing what migth be the best choice. Also, be proactive with the original card companies and communicate clearly with them, sometimes they can help.  And, please don't get any more cards! good

ARACMOM
by Gold Member on Mar. 31, 2014 at 11:50 AM
If it puts you closer to your credit limit on that card, it might adversely affect your credit score
Anonymous
by Anonymous 3 on Mar. 31, 2014 at 12:00 PM

Why do you have 6 Credit Cards?

Anonymous
by Anonymous 4 on Mar. 31, 2014 at 12:03 PM

I am of no help.. We do not have credit cards.  Either we have the money to pay for it or we don't.  We want something we save.  

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