This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Transferring Balances In The New Year -- Important Things To Consider





AUSTIN, Texas, Jan. 30, 2013 /PRNewswire/ -- Balance transfers are a hot topic this time of year, as they promise to ease the post-holiday hangover of debt when opening those credit card bills and facing the sum total of December's financial indiscretions.  While it usually makes perfect sense to transfer balances from high-interest credit cards to the temporarily safe haven of zero percent interest, it's important to be aware of some caveats.  Before you take the leap consider these thoughts from the experts. Read the full post here: Balance Transfers

(Photo: http://photos.prnewswire.com/prnh/20130130/DA51084)

(Logo: http://photos.prnewswire.com/prnh/20090210/CCLOGO)

  1. Out with the bad and in with the good – unless the card from which you want to transfer debt has been in your purse or wallet for many years it's probably best to cancel it once the balances have found greener pastures with a new zero percent interest card.  Otherwise, the oldest card you own should be kept at all costs since it is the one reflecting your longest credit history at the credit bureau.  If that card gets the axe your history will plummet along with your credit score.  So, keep it paid off and in a drawer for emergencies.   
  2. Sometimes putting all your eggs in one basket can be a good thing, especially if those eggs are high interest balances.  If you have outstanding balances on several different cards (or even other types of non-card debt) on which you're getting charged high interest, it can help make life simpler (and less expensive) to consolidate to a single low interest card and focus on aggressively paying down the principal during the interest free introductory period.

About CreditCards.comCreditCards.com is the leading online credit card marketplace connecting consumers with multiple credit card issuers, including a majority of the 10 largest in the United States, based on credit card transaction volume. CreditCards.com, http://www.creditcards.com, enables consumers to search for, compare and apply for credit cards and offers credit card issuers an online channel to acquire qualified applicants.

SOURCE CreditCards.com

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,070.40 +46.34 0.26%
S&P 500 2,114.49 +6.20 0.29%
NASDAQ 5,016.9290 +11.5380 0.23%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs