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snoopyloopy · 10-31-2007, 02:06 PM

I had a 0.00% (in other words, no finance charge) for purchases during the first three months. Now my finance charge is 17.7%! I can only afford to make the minimum payment, and I'm a college student so my income is limited. Can I transfer the balance onto a credit card that has a lower interest rate? How much does that cost? My balance is $4,500. I really regret getting a credit card...but it's too late, I have to pay this, I just want to maximize my options so that I don't end up paying a lot of interest.<br />I should have mentioned that I do not have a card with a lower interest rate; I only have one credit card, Visa, from Bank of America. I get offers in the mail all the time. I'm going to try and get another credit card with a 0% rate; will that rate still be in effect if I transfer my balance onto a new credit card?<br />

broker · 10-31-2007, 02:06 PM

Q. Can I transfer the balance onto a credit card that has a lower interest rate?
A. Yes, if you have one.

Q. How much does that cost?
A. For my card from Bank of America, it is 3%. It might be different for your cards, so check with the bank that issued the lower rate card that you want to use.

Wastedspace · 10-31-2007, 02:06 PM

you can do that. there are some cards that have into zero interest rates. be sure and always pay on time even if it is the minimum payment to make sure you don't hurt your credit score

newrussian · 10-31-2007, 02:06 PM

You really need to go here and read all on this site. You are going to have to pay this back and you might as well get all the info you can.

coolio · 10-31-2007, 02:06 PM

yes, you can transfer the balance to a card with a lower rate. HOWEVER.... read the fine print of the balance transfer form..... how long does this lower rate last? a few months? (you'd be back in the same situation you are now!) or "until you pay off the transfer"???

Depending on the terms, a balance transfer may not your best bet.

einstein · 10-31-2007, 02:06 PM

Try Unsecured Personal Loan for Debt Consolidation
A debt consolidation loan can help you eliminate many of your high-rate debts and be on your way to becoming completely debt free. Unsecured personal loans may help you consolidate debt into one easy payment.
You could eliminate many of your high-rate debts and be on your way to becoming completely debt free. Unsecured credit lines may help you consolidate several balances into one easy payment.

saver · 10-31-2007, 02:06 PM

usually they will let you transfer at the low rate..........Remember, no one will keep you at a low rate...........and you are stiring up some credit checks about you...........
you might want to bite the bullet..get a part time job(or an extra one) and learn the lesson.........

broker · 10-31-2007, 02:06 PM

Yes you should be able to transfer the balance, a few cards that are offering 0% on balance transfers right now are Citi Diamond, Citi Platinum Select, Citi Dividend, Discover More, and Discover Open Road. The term is for 12 months. I'd apply for them in the order I listed them. Not all at once though if you don't get approved right away. Once you get one, transfer the balance, pay it off before you get interest, and learn your lesson. You might also try talking to the card company about your status as a student, sometimes they may be able to offer you a lower interest rate, or the ability to "freeze" your card for a period of time where you can't use it, but it also doesn't accumulate interest, so you could save up and pay it off. Good luck.

10-31-2007, 02:06 PM	#1
snoopyloopy Greenhorn Join Date: Dec 2006 Location: Killa Cali Age: 24 Posts: 15 Rep Power: 0	credit card finance charges? I had a 0.00% (in other words, no finance charge) for purchases during the first three months. Now my finance charge is 17.7%! I can only afford to make the minimum payment, and I'm a college student so my income is limited. Can I transfer the balance onto a credit card that has a lower interest rate? How much does that cost? My balance is $4,500. I really regret getting a credit card...but it's too late, I have to pay this, I just want to maximize my options so that I don't end up paying a lot of interest.<br />I should have mentioned that I do not have a card with a lower interest rate; I only have one credit card, Visa, from Bank of America. I get offers in the mail all the time. I'm going to try and get another credit card with a 0% rate; will that rate still be in effect if I transfer my balance onto a new credit card?<br />

10-31-2007, 02:06 PM	#2
broker Greenhorn Join Date: Jul 2006 Posts: 39 Rep Power: 6	credit card finance charges? Q. Can I transfer the balance onto a credit card that has a lower interest rate? A. Yes, if you have one. Q. How much does that cost? A. For my card from Bank of America, it is 3%. It might be different for your cards, so check with the bank that issued the lower rate card that you want to use.

10-31-2007, 02:06 PM	#3
Wastedspace Greenhorn Join Date: Jul 2007 Posts: 22 Rep Power: 5	credit card finance charges? you can do that. there are some cards that have into zero interest rates. be sure and always pay on time even if it is the minimum payment to make sure you don't hurt your credit score

10-31-2007, 02:06 PM	#4
newrussian Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	credit card finance charges? You really need to go here and read all on this site. You are going to have to pay this back and you might as well get all the info you can.

10-31-2007, 02:06 PM	#5
coolio Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	credit card finance charges? yes, you can transfer the balance to a card with a lower rate. HOWEVER.... read the fine print of the balance transfer form..... how long does this lower rate last? a few months? (you'd be back in the same situation you are now!) or "until you pay off the transfer"??? Depending on the terms, a balance transfer may not your best bet.

10-31-2007, 02:06 PM	#6
einstein Greenhorn Join Date: Oct 2007 Posts: 13 Rep Power: 0	credit card finance charges? Try Unsecured Personal Loan for Debt Consolidation A debt consolidation loan can help you eliminate many of your high-rate debts and be on your way to becoming completely debt free. Unsecured personal loans may help you consolidate debt into one easy payment. You could eliminate many of your high-rate debts and be on your way to becoming completely debt free. Unsecured credit lines may help you consolidate several balances into one easy payment.

10-31-2007, 02:06 PM	#7
saver Greenhorn Join Date: Jun 2006 Posts: 34 Rep Power: 6	credit card finance charges? usually they will let you transfer at the low rate..........Remember, no one will keep you at a low rate...........and you are stiring up some credit checks about you........... you might want to bite the bullet..get a part time job(or an extra one) and learn the lesson.........

10-31-2007, 02:06 PM	#8
broker Greenhorn Join Date: Jul 2006 Posts: 39 Rep Power: 6	credit card finance charges? Yes you should be able to transfer the balance, a few cards that are offering 0% on balance transfers right now are Citi Diamond, Citi Platinum Select, Citi Dividend, Discover More, and Discover Open Road. The term is for 12 months. I'd apply for them in the order I listed them. Not all at once though if you don't get approved right away. Once you get one, transfer the balance, pay it off before you get interest, and learn your lesson. You might also try talking to the card company about your status as a student, sometimes they may be able to offer you a lower interest rate, or the ability to "freeze" your card for a period of time where you can't use it, but it also doesn't accumulate interest, so you could save up and pay it off. Good luck.

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