Question by mcgavinchase: Can I do a balance transfer of my wife's CC & mine onto 1 new card w/ a 0% transfer rate? My wife and I both have our own credit cards from before we got married. If one of us gets approved for a new card that has a 0% balance transfer rate on it, can we transfer BOTH of our cards onto that new one at the 0% rate? Since we're married I would think so, right? Any suggestions for this? Best answer for Can I do a balance transfer of my wife's CC & mine onto 1 new card w/ a 0% transfer rate?:
Answer by Glennroid
You should be able to. Check with the new company first. Most companies are scrambling for new clients and if you're approved, they'll be glad to get your business. Be aware though that the 0% doesn't last forever. Most companies limit that to 6 months or so. I highly recommend you talk to them. The cardholders agreement you get is hard to read (on purpose). Be sure you know exactly how long you'll have to pay with no interest.
Answer by Mike J
I think the answer would be yes! When you fill out the balance transfer part of the application it just asks for credit card numbers and amounts.. I do not believe they even care where the transfer money comes from as long as you owe them instead of somebody else. I say go for it and save $ $ .
Answer by Angela B
Absolutely. I recently applied for a Chase card with this same intent. I got approved and then called them up to work with them about transferring some o ther balances (not just my own) to this new card. They were all under the 0% balance transfer, also. If you can get approved for a 0% balance transfer card, it's definitely in your best interest to get those higher interest cards moved onto it. It's a very easy process. Also, if you have a decent credit history with those cards you're transferring the balance(s) FROM...don't cancel them right away. I learned that from a credit counseling site.
Answer by alexa dion
Earlier, it was very easy to find credit cards which allowed to transfer balances without any fee what so ever. These credit cards came with 0% intro APR for a specified period like 6, 12, or 15 months. This was used as a goldmine by those with large outstanding balances. They would simply transfer their balances to such credit card and get rid of existing high APR's. The 0% intro offer would then be exploited by them. Just by paying the minimum balances they would stay in the good books of credit card companies, and when the 'golden period' of0% intro APR was nearing its end, voila they shifted their huge balances to another credit card with similar offer. So, this resulted in loss of revenue for credit card companies in terms of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts. A major issuer of such no fee balance transfer credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdrew all such offers. Now they decided to take a certain percentage on balance transfers. To counteract such measure the credit card companies now have a different APR for balance transfer, this includes credit card with 0% intro APR. Raedmore about balance transfer at: http://www.credit-card-gallery.com/credit_card_balance_transfer.html
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Balance transfer credit cards are those that make an excellent choice for transferring balances from one card to the other. The main purpose behind transferring balances is to remove debt from a card with a higher interest rate to one with a lower interest rate. In this way, the consumer can save money by reducing or even eliminating finance charges. When looking for the best balance transfer credit cards, it is important to look at a variety of factors.
The Annual Percentage Rate (APR) is one of the first factors a consumer should consider when looking for the best balance transfer credit cards. Credit card companies are hoping to steal your business away from other credit card companies. As a result, they often make special introductory offers with lowered interest rates for balance transfers. In many cases, this APR will even be 0.00%. Be sure to find the balance transfer credit card offering the lowest APR, and then only use that card for your balance transfer. Don't use it to make any purchases. This is what the credit card companies are hoping consumers will do so they can assess finance charges on the purchases they make with their card.
The length of the special introductory APR varies from card to card. Sometimes, the length is also dependent upon the applicant's credit history. It is important to be sure how long this period lasts and to set goals to have the balance paid in full once the introductory period is complete. The best balance transfer credit cards will keep the special introductory rate in effect on the card for the life of the loan. In other words, the APR stays the same until it has been paid off entirely. For consumers that will not be able to pay off the balance within the introductory period, this is certainly the best way to go.
Most credit cards assess fees when making balance transfers. These fees are generally determined as a percentage of the total amount of funds transferre d. Most commonly, balance transfer fees are 3% of the amount transferred. Many balance transfer credit cards will, however, waive these fees during the introductory period. It is best for consumers to choose these balance transfer credit cards. Otherwise, they may be paying large amounts in fees, negating the savings in finance charges.
Some balance transfer credit cards require initiating balance transfers at the time of application for the card. Yet others allow balance transfers to be completed throughout the duration of the introductory period. The best balance transfer credit cards are the former, simply because they allow for more flexibility. Consumers who are sure they will not need to transfer balances later may, however, be happy with a credit card that only allows transfers to be made at the time of application.
Some balance transfer credit cards place restrictions on the types of balances that can be transferred. For example, some business cre dit cards only allow business expenses to be eligible for introductory rates. It is important for consumers to be sure to understand what type of balances can be transferred before applying for a card to ensure it meets their needs.
Many balance transfer credit cards also have special rewards programs. Consumers need to compare the programs before deciding on a credit card so they can choose the card with the rewards program best suited to their lifestyle. In addition, some balance transfer credit cards do not count the funds that are transferred toward the points system used in the rewards programs. To get the most of the card, consumers should find balance transfer credit cards that do count the transfers toward their rewards programs.
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