Credit Card Balance Transfer: Worth It or Not?

by Lynnae on July 19, 2007 · 3 comments

We have credit card debt of $2000 on a 0% APR MasterCard. The APR is set to go up to 13.99% next month. My dilemma. Do I got to CreditCards.com and hunt down another 0% APR card and transfer the balance?

The pros: I won’t have to pay interest, and thus will be able to pay off my debt faster.

The cons: My credit score will take a hit. It’s a pain to fill out the application and transfer the balance.

We aren’t looking to buy a house or car in the near future. I think our credit score will recover before we need it for anything. I think we’ll do it. I hate paying interest.

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{ 3 comments… read them below or add one }

1 MInTheGap July 19, 2007 at 11:23 am

This is what we did– we transferred everything to one card as part of a motivation to get out of the debt. It’d probably bad to keep moving it, though interest is terrible!

Do it with an eye towards not doing it again!

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2 Lynnae July 20, 2007 at 11:55 am

Thanks. I think that’s what we’re going to do. And I definitely never plan on having to transfer my balance again. After this is paid off, I never plan on even having a balance again!

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3 Leroy Brown July 26, 2007 at 7:49 am

I’ll second that. Even though 13.99% isn’t a bad rate for a credit card, 0% is infinitely better. Definitely do the transfer and don’t look back.

Once it’s paid off ( interest free ) you’ll be banking all that extra money every month. No reason to give more to the bank than you need to.

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