Credit Card Zero Transfer Fees
Credit Card Advice! Pay one card with another?
Im 19 yrs old and really confused about this transfer balance thing! The reason im confused is because I hear that there are some fees to transferring balances. However, cant i just pay my chase credit card debt with my new wamu card that has 0% apr til march and isnt that still a balance transfer with NO FEE? Please help im confused. I only owe about $500 on the chase. I know thats nothing but I would like 2 know 4 the future plus i do have this new wamu zero apr card?
You cannot pay one credit card with another. If you try to, you’ll see that the only option you’re given to pay on your credit card is with a bank account.
If you were able to pay a credit card with another credit card, nobody would ever pay the balance transfer fee, and banks would lose some money.
If you’re interested in transferring your balance to Wamu, you’re going to want to read the fine print. Is it 0% APR on balance transfers, or on purchases, or both? If it’s only on purchases, than you’re going to be paying the full APR on the balance that you transfer over. Therefore, there’s really no point in transferring the balance. Also remember that the balance transfer fee is 3%.
Balance transfer promotional offers are great. I once transfered a balance of $2000 from Capital One (with an APR of 22%) over to CitiBank, with a promotional APR of 0% (on balance transfers AND purchases until August 2009). Even though it cost me $60 to transfer the balance, it saved me about $440 over the course of a year.
0 Balance Transfer Credit Cards