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Advice on transferring balances on credit cards

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SIA



Joined: 18 Oct 2009
SIA's page
Posts: 62



2518 Magic Points

Subject: Advice on transferring balances on credit cards
 
Posted on Sun Oct 18, 2009 6:49 am  

I have two credit cards. I charge stuff on one credit card to get the rewards. Every other month or so I get "convenience checks" from my other card for a transfer rate of 2.9%. If I transfer from the "rewards" card to the 2.9% card using the checks, does that hurt my credit score?
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



356 Magic Points

 
Posted on Sun Oct 18, 2009 7:34 pm  

shouldn't as long as you don't close the account. when you close a card it lowers you available credit, that lowers your score.
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4246



81 Magic Points

 
Posted on Sun Oct 18, 2009 10:27 pm  

I think a lot of people actually do this. Good antured is right a s long as you do not close the card you shoudl be fine. Any card that has a good credit history (esp. the older they are) will be best left open/ We found a good rate on a discover card and are getting ready to transfer our Sears over to it. Since the Sears card has been opened for so long we will not lose it but will not charge on ti until the other is paid off.

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