So I was just approved by Discover for a 2k line of credit via their Student card (much to my shock tbh). It's 0% APR for 6 months. I'm in need of some advice regarding consolidating my current CC debts...
My first credit card is at 20.74% APR, and I currently owe $1055.00/$1000.00 (financed an Apple purchase through Barclay, 0% APR ran out).
My second card through Wells Fargo (student card) is at 11.9% APR, with $1680/$1700
My third card (Cap One) still has a few months of 0% APR, then defaults to 20+ something APR. I owe $669/$750.
My fourth card is a store card that I never use and only use a few times a year around Christmas. $0/$300.
Currently, my utilization rate is somewhere around 88%; with the new card, I'll drop to around 59%, which is great. However...
I'm considering using this new card to do a balance transfer, but the fine print is confusing me. I read that is was 3% for balance transfers, but then I read this...
"* Intro purchase APR is 0% for 6 months from date of account opening ; then the standard purchase APR applies. Intro Balance Transfer APR is 10.99% for 6 months from date of first transfer, for transfers under this offer that post to your account by October 10, 2017; then the standard purchase APR applies. Standard purchase APR: 13.99% variable to 22.99% variable, based on your creditworthiness. Cash APR: 25.99% variable. Variable APRs will vary with the market based on the Prime Rate. Minimum interest charge: If you are charged interest, the charge will be no less than $.50. Cash advance fee: Either $10 or 5% of the amount of each cash advance, whichever is greater. Balance transfer fee: 3% of the amount of each transfer. Annual Fee: None. Rates as of June 30, 2017. We will apply payments at our discretion, including in a manner most favorable or convenient for us. Each billing period, we will generally apply amounts you pay that exceed the Minimum Payment Due to balances with higher APRs before balances with lower APRs as of the date we credit your payment."
Can anyone tell me if a balance transfer with this card is even worth it? If so, which card / cards should I transfer first? I was leaning towards Barclay and Capital One, especially since my wife is an authorized user on both of these accounts and it would nearly improve her score by 90 points.
Submitted July 21, 2017 at 08:37AM by olilollipop http://ift.tt/2uhISwa
