credit questions

**moving-target** · 12-28-12, 11:27 AM

never heard anything bout cap one but i've heard of BoA i use them for my checking account now thats about it but a while back when replacing a debit card they asked me out credit i had told them i was 1500 and 300 in the hole they said theyd give me an 1800 limit and i could balance transfer it over to the BoA card which would save me interest think the best bet to give me a little bump is to pay off the 300 card and cancel it just gota try and build up extra $ to do it

**su-san** · 12-28-12, 11:53 AM

you know there's a fee to transfer right?

**Phyrelight** · 01-02-13, 10:47 AM

they charge around 3% for transfers. Based on the amount you said you are in the hole $1800 across two cards, unless your interest rate is really high on both of those cards and BofA is offering zero interest for 6 months -year then it may not be in your best interest to pay the transfer fees (~$54). Sometimes there is also wording in the deal that if the transfer isn't paid off during the zero percent grace period then interest is due from day one of the transfer. So if you can't pay it off in the grace period (ie 6 months) or you won't save more than $54 in interest then its not worth it.