Subject: Advice on transferring balances on credit cards
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?
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.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.