A few months ago I became sick of the only credit card I had because of the ridiculously high interest rate which caused me paying over $100 per month for interest alone! So I started researching online to find a low interest credit card or even a zero interest credit card. I planned to transfer all my balance of my old card to the new one.
So I searched the internet to find websites that could give me reviews of all the credit card options available that would give me a chance to compare credit cards without having to go to different websites at the same time. That’s how I found CompareCards.com. I found that the number of options were less than about a year ago but I was still able to find great credit cards out there that are offering 0% balance transfers.
After a careful research of the cards listed on their website, I chose one card and applied. When I applied, the process asked me to specify which credit card I was going to transfer my balance from and the new credit card provider took care of the rest. All I did was call my previous lender and closed my account there after the payment from the new credit card was received. It took about one week for the new card provider to initiate the balance transfer.
Since I switched credit cards, I have not paid a dime in interest nor credit card fees. This allows me to take the extra $100 which I had used to pay interest of my previous card and use it to pay towards the balance. It took me only about 2-3 weeks altogether for researching for a good deal, applying for a new card and then close my old account, and now I have accelerated my debt snowball payment by a little over $100 per month. When I applied for the balance transfer card, I had to pay a 3% fee. But compared to the 29.9% interest rate that I had to pay every month before, it was a very small price.
I don’t quite understand why but I noticed that the 0% balance transfer offers have decreased. It is most likely due to the tightening up of the credit market in today’s credit crunch. So if you are thinking of moving your high-interest credit card balance to a 0% offer, you should do it as soon as possible. This will not only help you save money on interest but also help you pay off your debt sooner if you use the extra money you have to pay towards the balance.
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2 Responses
Can I ask what credit card you went with? I am a student with currently a little under 10k of debt on my BOFA credit card. I recently had my 1st late payment in 10 years of opening the card and my interest went sky high! Im being charged over a hundred dollars in interest a month and I now need desperately to do something about it. I’m seeking a card that I can transfer my whole balance to, preferably with 0%Balance and APR. I use to get so many offers but I just didn’t want to hassle with it until now. I wish to try and get as much of my (all if possible) 10k balance transfered. Any advice as to how I can do this? I have excellent credit and am employed.
Thanks.
Posted on April 21st, 2009 at 1:21 am
There is no other easier way than to research and compare the cards that you find side by side. I went with Discover credit card to transfer the balance but if you go to this page http://www.comparecards.com/compare-by-category/balance-transfer-credit-cards/0-percent-balance-transfer-apr/ you will probably find something even better than the Discover that I went for. At the time, I didn’t know that the website above existed so I didn’t have the chance to compare cards like we can do on that site.
With 10k debt, you could also get debt relief help by filling out the form at the top of the right sidebar of MyLoansConsolidated.com.
Hope you can combat your debt very soon!
Posted on April 21st, 2009 at 8:07 pm
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