Credit Card Balance Transfers?
by Author on Sunday, August 8th, 2010 | 2 Comments
I want to switch Credit Card companies, does anyone know how this will work? I have 700.00 on a card and I want to open a new card and transfer this balance to it and close the other account. Can I do this and:
1. Will it hurt my credit score?
2. Can I close that account, or does it need to stay open?
I’m planning on paying off the balance soon, so it’s not going to be on there long. By the way, the transfer rate to the new company is 2.99%
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It is normally not worth the transfer cost if you are going to pay it off soon. I would open the new card but not transfer the balance, just pay it off. If this card has been open for a long time, keep it but don’t use it. Otherwise, just get rid of it.
Yes you can do that and once you transfer the balance from other you are automatically closing the other one. But definitely you can transfer the rate is probally lower. Once you transfer double check the account you want to close just to make sure it’s closed or even ask the new account rep. the questions about that.