0% Balance Transfers a good idea?!
Question: 0% Balance Transfers a good idea?
Answers:
Making a habit of shifting credit card debt from one card to another is not a good idea. But in your circumstances, it makes sense to shift the balance on that now closed, high interest account to the special 0% offer.
Be sure that you pay at least the minimum payment on time every month and don't go overlimit. Otherwise, you will lose that special interest rate. Try to pay off as much of that balance as you can.
Instead of closing that card, you should have done the balance transfer and just left it open. They may have sent you a special 0% or low interest rate offer in about a year. Credit card companies only offer lower interest rates if you don't have a balance.
BD
Have you spoken with the current cc account holder to see if they will decrease the interest in exchange for closing the account to new charges?
Generally, transfers are only a good idea if you can pay them off within the stated time period of the lower rate.