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Credit Card Applications » Questions » User Questions » Other » Is there a credit card I can obtain only to transfer a 19,000 dollar balance? I don’t want to spend ...

Is there a credit card I can obtain only to transfer a 19,000 dollar balance? I don’t want to spend on this card, just to pay off my balance without incurring incredibly high (26%) finance charges. Thanks, Karen

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There are many people who have credit cards and find that their interest rates have gone above what is acceptable. Although you are tempted to do without your card, it is not wise to close off a credit card just because you cannot cope with payments, especially if it is one that has been open for a long time. If this card with a large balance and a high interest rate is a really old one then you should not completely close the account as it can affect your credit scores to do so. The wiser option is to look for a balance transfer.

The hike in interest rates may happen for a number of reasons, sometimes it may be that you missed out on a due date or overcharged on the available balance. At other occasions people have also found that the rates of interest change for no reason as well. This can be rather difficult to deal with however it is important that you check the terms and conditions well before you sign up for a credit card. In any case since the rates have been increased, what you can do is to find a card which will have a low interest or no interest for a certain teaser period. In most cases 0 balance transfer cards are available to help consumers deal with paying off large balance amounts without having to pay interest rates. The teaser period is however limited.

Make sure that when you opt for a balance transfer you check that the new interest rate which is low or zero is for just a limited span of time. This will help you make your payments and close off the outstanding balance amount. Thereafter you need to be careful you do not accumulate large balances on the old card and also do not miss out any more due dates. New credit card rules have put a ceiling on the interest rate and penalty fees that can be imposed, so check with your provider on this matter as well. Since you plan to only pay off what you owe and not spend on the new line of credit, it is ideal to opt for a 0 balance transfer deal.

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