Has anyone here ever done a balance transfer on a credit card? I did recently, I have a balance of $3400 on a card and the monthly minimum is $100 and I always pay over, I pay $150+ a month.... Then the next month I see I'm paying an interest charge of $50 a month, which really sucks because at that rate I'll never pay it off. I know it's my own fault, but I recently transferred that balance over to a new card with 0.00% interest for 15 months. Hopefully by then it will be paid off....

Just wondering if anyone else has done the same, and is there any hidden fees I should watch out for? Thanks

 

I have heard of cards charging back all the interest from the "free" months if the balance isn't paid to zero in the time frame. So make sure you read all the fine print.

 

Definitely read the fine print. Credit card companies don't want you to pay them off. All their profits are on service fees and interest. Also keep in mind that if you have an issue with any other creditor they will jack up your interest rates and fees.

 

I have done 0% Balance transfers but have always paid them off early and paid more than the minimum monthly payment. You do get charged 3% or 4% of the amount transferred up front. I did a 0% balance transfer check for $2000 for down payment for the stang. The thing is not to put any new purchases on the card until the balance is completely paid off.

 

That sounds like some good info, didn't even think of that.... Thanks Amy

Greg and Lou,thanks also for your input......

 

I'm looking to do this in the near future. I've only used my credit card a few times the past couple years for gas that I desperately needed. I get hit with about a $90 interest fee a month even thought I pay ~$50-$100 more than the minimum (which really means I'm not really making any leeway at all). The interest is raping me. I made the mistake of making a big purchase on my card then later selling that and using the money to get something else.

 

me to on a big purchase.....not really big but for a credit cards it's killing me.......

($2200) see sig below ..... a 1999 Z34 added to the family 8-19-11.... <!-- / sig -->

 

I'm in the process of trying to rebuild and clean up my credit now that all the fallout from my divorce is over. I picked up a book on credit repair and I've learned a few things. As far as credit reports and scores are concerned, not having a credit card is a major negative. I'm going to fix that soon. Using more than 20 percent of your available limit is also a major no no. The fees and penalties on a credit card can get out of hand in no time.