Need help with finding balance transfers! (payments, charge, companies, cancel)
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Yeah private loans are a whole different ball game
Does he have any credit cards that he has a relationship with that he can maybe request a higher limit that may cover the total of the private loans and BT offer
what interest rate is he paying now if you don't mind sharing
He is paying 15% on his interest rates... yeah he is an idiot, he thought he was getting a deal... He could transfer to credit cards but he called some of them and he says they wouldn't offer him any kind of deal other than 0% for the first year and regular APR thereafter... I know there are some 5.99% and higher APR fixed for life (of the balance) but I was wondering if he could do better since I remember several years ago there was much lower interest rates... I told him to hold off while I investigated... if I am not able to find anything better than 5.99% than I probably advise him to go for a Prosper loan...
If I remember during my rate reduction marathon
Capitol one had an interesting BT offer
I think it was 6.99 for the first year then dropped even lower maybe 4.99 for the life of the balance plus there were no BT fees
Maybe call them to see if it is still available
Even if you were able to lock in at 6 or 7 % it is still half what he is paying now
another thing to remember is if he does go the CC BT route make sure he does not use more than 50 % of the credit limit or it will lower his score
He is paying 15% on his interest rates... yeah he is an idiot, he thought he was getting a deal... He could transfer to credit cards but he called some of them and he says they wouldn't offer him any kind of deal other than 0% for the first year and regular APR thereafter... I know there are some 5.99% and higher APR fixed for life (of the balance) but I was wondering if he could do better since I remember several years ago there was much lower interest rates... I told him to hold off while I investigated... if I am not able to find anything better than 5.99% than I probably advise him to go for a Prosper loan...
Uhhh, why not do the 0% for the year, and then look around again in nine months? He might be able to pick up another year at 0% and so on.
About four years ago, the CC companies kept offering me 0% loans with a max $75 transaction fee on my existing cards. Since I had a good size line of credit, I did the math to check things out. I took out a loan on an unused CC for all but $100 of my limit, immediately deposited the money in an Ing savings account at over 5%, set up an automatic repayment schedule for the minimum amounts plus $20 each month, and a final payoff that was $50 over (to cover those minimal gotchas that sometimes CC companies pull). I used online banking, and made $200 for the cost of a morning's work on the computer, plus, when the loan was paid off without a single late payment, it boosted my credit rating. I then took my other unused cards, rinsed, lathered, and repeated. By the end of the year, the CC companies had happily paid me over $1,000, made up of interest deals like this, cash rebates, and sign-up bonuses.
You have to be positively anol about your payment dates and credit to make what I did work, but your friend stands a chance of saving a fair amount of money.
I thought about that for my friend but he is one lazy butt... quite the opposite of me, who is always on top of things... I figure he will pay on time every time and not even notice the APR increased or know when to do the switch cards again... that's why I wanted something simplistic for him... he isn't good about managing his affairs but he makes quite a bit and is responsible, just not very motivated... I will like into the Capital One BT for him...
I have a friend who I have known for a long time and he has racked up a lot of debt at high APRs (which he pays on time every time). I would like to try to help him out by moving his debt to credit cards with low APRs that are fixed for life. I know credit cards that offer fixed interest rates for life but can't find any information about which one is really good. That's where I need your help, can you suggest any credit cards that have very low APR (Preferably less than 5% APR for life)? Thanks...
Hmm, I have credit card offers in the mail almost every day..0 percent interest for 1 year... I have a few cards and just do the 0 percent ones and then transfer it to another one until it is paid off. My credit score is about 719 or so and I get them all the time. I f he applies to one, he is bound to get more in the mail..
I got offers as Bette did for 3.99 for 4 years. Also Discover sends me a rate for 3.99 until it is paid off. I know Discover sucks lol but I wouldnt use it, only to use it for a balance transfer purpose.
We just received a 0% intro on balance transfers and purchases until September 2009 from Capital One Platinum. There is a transfer fee of 3% (found in the fine print... upsets me that they must hide it inconspicuously like thieves... not as bad as other cards, however).
Don't know if that helps, but it's something to look into. We just received it today.
But I have 3 new cards spread between biz cards and personal. I just got another offer for Citi for 0% on BT and purchases thru 2009.
To get these offers, one must have stellar credit.
I owe close to 4K on all cars at 0%
I also need a lot of work done to my home, I also just bought new underwear since 2007.
So, for one to get these great offers, one cannot be a typical CONSUMER
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Credit Card - Balance Transfers
