Debt Consolidation Forums Debt Consolidation and Debt Settlement forums
APR balance transfers- Does it benefit you financially?
Fri, 01/08/2010 08:37
I'm seeking advice in reference to transferring my 3 credit card balances to one card that has a 12 month introductory 0% APR/Balance Transfers (11%-19% after the 12 months). The card is the Cash Rewards Visa?? Platinum Card. "https://applications.usbank.com/oad/catalog/learnMore.controller?
I have about $7500 in CC debt, and the three cards are all but maxed out. The interest rates are 20%, 15%, and 8% respectively for my three cards, so even the post-introductory rate will be lower than what I have now.
I also want to purchase a home in the next 12 months, so I'm worried about my credit score for both the high debt/credit ratio and opening a new card.
According to an online calculator I could save about $1800 in interest over 12 months, since there is no BT fee if transferred in the application process. I really don't want to open a new card, but it looks like I could save a ton of cash. Is this a good idea?