Comments on: Use Low Interest Lifetime Balance Transfers To Pay Off Credit Card Debt

By: ava

ava — Mon, 15 Mar 2010 17:48:27 +0000

If any for you are with GE Money cancel you cards. GE Money is ripping people off. I have several cards with them and since the new Credit care Law. GE Money has raised my interest rate to 29.99% and then want work with you regarding payment date. I get paid at the end of the month and they told me to make to payment to catch up. If you are with them Cancel your cards.

By: Bill

Bill — Wed, 24 Feb 2010 20:36:04 +0000

Several years ago I transferred a bunch of higher percentage card balances to a smaller number of fixed rate cards.

I’ve been working on paying them off and making great progress. However, I have one card with a fixed rate of 2% and a balance of $8k.

The minimum payment is $114 monthly, of which $12 is interest, and the payment is automatically debited each month, so I never miss one.

So my question is, with the rate of inflation at 3% or more, should I look to aggressively pay off this balance, or just make minimum payments and let it ride?

By: MK

MK — Fri, 15 Jan 2010 01:02:03 +0000

@Melissa – Couldn’t you just have them calculate the interest rate by the amount of interest you were paying? It should be obvious enough if the difference is that big and they should have some record of finance charges billed.

By: Melissa

Melissa — Fri, 08 Jan 2010 09:16:48 +0000

I will try to keep this long story short. I had a credit card with Bank Of America, it had a high balance but low interest rate. Payments were always significantly more than the minimum and the card had been paid off twice already with no late payments. In May they added an annual fee that put me over limit by $4.00, which in turn raised my interest rate , as well as adding an over limit fee. Unfortunately I had asked them prior to the annual fee charge to close the account, as they would soon be selling to Barclay Bank, and I was not interested in them switching my account to a Mastercard. They of course had no recollection of this call and said I would now have to use the 27.74% interest rate. I hung up called back, got a new customer service rep, and the new rep kindly took away all fees and lowered my rate to 5.24%. I have been paying off the card now for several months, and have now received a new statement from Barclay’s, the new owner of my balance, that effective almost immediately my new interest rate will be 29.99%. This is still with no late payments and on a closed account. It is crazy what they are doing to the people who pay their bills. They told me they made a computer error on the interest and they would not charge back interest on anything charged from May to November. Duh……because there was nothing charged the account has been closed since then. They acted like they were doing me a favor. They said their last record before B of A sold to them was my interest rate of 27.74%, so theirs is only a little higher. I explained that if they had that then they should have my conversation with them, as well as the opt out info, and notes about all the returned fees they had to do when they noticed their mistake. Of course they didn’t though. So now they tell me to mail them a statement that proves I had a lower interest rate. Can’t do that though, because I got estatements from bank of america, and didn’t save them all. Anyway, if I can give anyone advice about either of the banks/businesses do not get a card with them, and if you have one, save every statement, and take detailed notes on every converstaion. Maybe even record it, like they always say they are doing. Neither company is to be trusted.

By: Palik

Palik — Wed, 16 Dec 2009 05:51:06 +0000

Susan, you might want to start by looking at MSN, Money, Credit Cards. The second and third entries are okay but they’re at 7.25%. You might also want to log into the news sites that involve Finances and see if they have anything on credit cards.

By: Susan

Susan — Thu, 10 Dec 2009 03:44:00 +0000

After spending several hours online and sifting through the mailers that we get each week. I am more confused than ever and no closer to finding the “right ” credit card to pay off a loan balance for my daughter from college. Article was great. Any thoughts on a private loan vs. a credit card to ado this. I plan on setting up an automatic $100. weekly payment as the minimum payment.

By: Carolyn

Carolyn — Wed, 09 Dec 2009 03:19:09 +0000

I too would be interested in locating a low fix interest rate card. I have searched and have not found one myself. Thanks in advance for any info.

By: Palik

Palik — Sat, 24 Oct 2009 02:44:02 +0000

If you are having unfair dealings with these Banks and Credit Card Companies, Call or file a complaint with the Better Business Bureau (BBB) at http://columbia.bbb.org/

If they substantiate enough cases, they will fine them and if it continues, they eventually shut them down.

Palik

By: elizabeth

elizabeth — Fri, 09 Oct 2009 16:52:31 +0000

Hi all -
I’m in $17K of debt, newly divorced, newly relocated across the country,
single mom of special needs child and now caretaker of dad w/alzheimer’s.
No time for a job, however taking piano students as I can. Don’t have much income currently.

My husband having left, plus need for food/heat/medical caused massive
debt this past year (about 80% credit cards).
How should I handle this??? Attorneys don’t advise
bankruptcy as my divorce is still pending. (Not sure if much $ is to be gleaned there.)
AAH! I need to take action, but what should I do??? Ideas???
Thanks

By: Jeff

Jeff — Wed, 19 Aug 2009 20:06:13 +0000

Just wanted to post that even on the fix rate life balance transfers you have to be careful. I had one and resently they up my rate. Said they send out a notice of changes of terms and if you didnt refuse them (If you can even understand them) they increase your rate even if you have always paid on time and never late.

By: carlos benavides

carlos benavides — Wed, 12 Aug 2009 19:06:26 +0000

Hi I have a question. If you have transferred an amount and added some purchases to your card, are you able to pay the higher interest part of your credit card? I have some transfers at 3.99 and some purchases at 14%. I pay over the amount due every month but it just goes straight to the lower interest part of the credit card. Any thoughts?

By: Jd

Jd — Tue, 04 Aug 2009 12:53:33 +0000

Hi there I would like to find out more about these cards? I tried going to the card sites and can’t seem to find them any where? I am most interested in the low interest life of the loan/transfer. Please email with any help…..Thanks

By: BigJack

BigJack — Sat, 01 Aug 2009 21:53:51 +0000

What are the alternatives to using 0% balance transfer cards whether for life or just for a period of 12 months or more? I’ve heard about so-called balance transfer alternatives like p2p loans through online peer lending companies like Lending Club, Prosper – are they legit?

By: fassd.com

fassd.com — Sun, 26 Jul 2009 09:24:42 +0000

Most high interest credit cards are usually easy to get and really the interest rate only matters if you roll over your balances from month to month. People that have had bankruptcies, judgments or just have a bad credit rating, for what ever reason are the most common applicants for high interest credit cards.

By: Robyn

Robyn — Mon, 13 Jul 2009 18:08:03 +0000

I would also like to know about credit cards with low (below 5% preferably) interest for life on transferred debt. I have about $30,000 of debt to take care of and an excellent credit rating.