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Answer:
If you are looking to consolidate debts amounting to $5,360, you will need to get a credit card that offers a balance transfer option and a substantial credit line. However, in order to get approved for a high limit balance transfer card, you first need to have a good-to-excellent credit history. Also, if you have been late on any of your accounts for more that 60 days, then you might not be able to able to qualify. If you have a high FICO score and have no late payments in your name, consider the following balance transfer cards: More® Card – Clear and American Flag both offer a 0% introductory APR on balance transfers for 12 months, a 0% introductory APR on purchases for 6 months, no annual fees and unlimited cash back rewards. The only difference between them is the American flag design on the second card. True Earnings® Card from Costco and American Express also offers an attractive deal on balance transfers, but it has a low introductory APR for 6 months. Their cards also feature a cash back reward program that applies to gasoline, restaurant and travel purchases. Before you apply for any of these cards, make sure you have a reasonable debt-to-income ratio. If you already have too much debt, the card issuer might consider you a poor risk for paying back what you owe. |
