Consolidating Credit Card Debt

[MichelleRC]

As much as I would like to avoid this, I really need to think about it now. I had the closing of my business last year as well as some medical expenses. The interest rate on my Capital One card is now 29%! They will not lower it at all.
Does anyone know of a card for balance transfer that does not charge a huge fee?

TIA!

[ellies mom]

That really sucks. Chase ratcheted our interest rate up like that but because it was our bank, they converted it to a regular loan with a lower interest and closed the credit account. It does affect your credit score because it changes the credit utilization ratio but it was substantially less money a month. Could you do something like that with your bank? Would Capitol One convert it to a loan?

[AbbysMom]

I used this site to find a good zero balance transfer fee card last year. Worked great. I think we used a discover last year.

http://www.mymoneyblog.com/best-pre-screened-no-fee-0-apr-balance-transfer-offers

[niccig]

We did this several years back. Transferred to card with 0% but never used the card, and just paid it off as quickly as we could. Some cards charge a fee for the transfer, so watch out for that.

Can you get a regular loan?

[dogmom]

Everyone will charge balance transfer fees, between 3-5%, so try to find one that charges 3% and will given you the longest 0% (12-18 mo) to make it worth while. Do you know your credit score? Your credit will determine a lot of this. You can also transfer part of the balance to one card and part to another if it is a large amount. This can work well IF you pay it on time, don't incur extra charges, and don't run up extra charges. We did a similar thing to help with my DH starting a business and me getting pregnant with my second and needing to cut back on my work for while.

[JElaineB]

I got a Citibank card recently. They have a couple of cards with a 3% balance transfer fee and 0% interest on balance transfers and purchases for 21 months https://creditcards.citi.com/credit-cards/view-all-credit-cards/?m=f&ref=c1 Platinum Select, Simplicity and Diamond Preferred were the three I looked at.

[MichelleRC]

Thanks ladies! I will check out the citibank cards and that mymoneyblog site. I have no intention of ever using the card, I just want to be able to work down the balances without incurring those !@#$& ridiculous interest charges.