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Advice on transferring balances on credit cards

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Archie



Joined: 09 Nov 2009
Archie's page
Posts: 57



37 Magic Points

Subject: Advice on transferring balances on credit cards
 
Posted on Mon Nov 23, 2009 1:02 pm  

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?
fireyone



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



132 Magic Points

 
Posted on Tue Nov 24, 2009 2:30 am  

Archie, I am not the wisest person when it comes to credit cards but I do know a bit. I would not see how this would effect you since both cards are active and open. By transferring debt it shows you are paying off things on one card and purchasing on another. Now hopefully on the card you keep transferring debt to you are making more than just the minium payment to keep from falling into the credit card trap. I would like to ask how you found a card with such a low interest rate;just out of curiousity. Mu hubby has excellent credit and has not secured such a great rate. I woudl be willing to transfer if we could get a rate like that.

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