Archive for the ‘cash’ tag
Options Mastercard Interest Rate
balance transfer and getting cash loan?
i have about $4,500 balance on my credit card that needs to get paid. the APR is 10%. i am deciding whether it is a good idea to transfer this balance to another credit card? i have 3 options: 1) 0% APR on purchases, no transfer fee but 5% APR monthly on balance transfer and 11% after november 2008. 2) 10% APR on purchases, 3% transfer fee with minimum $10 and maximum $75 (so basically $75), 0% APR on balance transfer until may 2009 but after that 10-12.5% APR. 3) $4500 check/cash loan with unknown fixed interest rate?
also, my credit card now is mastercard. options 1) and 2) are visa cards. do they make a difference? is mastercard better than visas?
hi efflandt. i’m just wondering if it would be a good idea to do a balance transfer to another card to avoid the finance charge that i am having to pay right now? i pay just the minimum about $100.
The answer depends whether you can afford to make payments of $500, $800, or $1000, or just minimum payments.
Their goal of course is for you to rack up charges that you will not be able to pay off before the teaser expires. So you should make sure a card has no balance before using it for balance transfer, and put that card in the back of your wallet until it is paid off. Use other card(s) for day to day purchases that you can pay off completely when due.
There is no significant difference between VISA or MasterCard, except due to card policies, pay-at-the-pump at some gas stations cut off VISA at $50 and MasterCard at $75 (if your gas tank is that big or price of fuel continues to climb).
What’s In The News: December 9th, 2010