Should I Transfer My Balances To a 0% Credit Card?

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[imthevictorr]

I transfered it interest free for 12 months. Divided the amount transfered by 11 and paid it off a month early.

[randallhoover]

Ask what the transfer fee is. :) Interest is one part

[IntensePeppers]

$500 is $500. Why would you pay more when you have the option of not? It's a no brainer

[ntmn]

For people watching this video...realize that the guy had a low interest rate and the difference is not much. But he is saving, of course! But for someone in a similar situation that’s got a credit card with a balance, and that credit card has a high interest rate of 15%+, if you can transfer that balance to another credit card that offers you 0% APR for x months it WILL save you a lot of money. But! The key here is to stay focused. As Dave said, you’re only moving the debt, so you still have to do what you can to pay it down. The 0% interest is only going to help you get there quicker. It does help to see that number actually going down, down, down when you’re fully committed to paying off your debt.

[TheMeganExperience]

The only issue is... can he actually get approved for a 23k credit limit? I'd say there's a 99.9% chance it's a NO. If it was a smaller amount that he owed, it would make sense but it's not. Banks do not hand out credit limits that high on credit cards anymore. The average approval I saw was about 5-6k when I worked at a bank and the highest I ever saw was 25k and that was for a gentleman who made over 500k per year. The only thing he's going to do is get another credit card with a 6k limit which would be useless as he could only do a partial transfer. He also needs to take into consideration the balance transfer fee which is usually 3-4%.

[katherinebernadette]

Balance transfer is only a good idea if there's no balance transfer fee.

[Taj-Mahal]

i didnt hear the xfer fee...which most cards charge at least 3%. any money saved would be lost there.

[alishaschlipp]

Plus if you don't pay it off within the time frame you will be paying 30% backdated from the day you put the balance on there.

[bettyhourigan]

Thought I liked Dave but maybe not. I'm sure you would save more than $500 with balance transfer. Probably take yrs to pay off like it is.

[principlellc]

they're probably gonna charge him 4% to transfer the money anyway... so why bother.

[Candlelight]

It's actually saving around 1000$.

[Revampreel]

you can, if you already debt snowball your debt, and say ur in a 1k per month budget now to clear off bigger debts now, with say 4.5% interests, then thats when you can take advantage of the 0% promotional balance transfer.

[Babugee]

So he accepts this "$500 saving" but when people want to use their cars, pay it off every month, and pocket the $500 from cash back he says some line about millionaires and how that money doesn't matter.

LOL

[ericd]

The 8.9% is monthly, thats 1035 a month

[tomskinhenderson]

Legitcard0 is a trusted and reliable vendor. Just bought another working credit card & did a high PayPal money transfer too. You can try em out too..