Pros and cons of consolidating credit cards dating site acronyms
If you’re approved, your new credit card company will pay off the balance for you and move that balance to the new 0 percent card.You won’t always get a high enough credit limit on the new card to transfer all your debt, says Rob Berger, founder of the personal finance site Dough Roller.He recommends starting with the Chase Slate card because there’s no balance transfer fee for transfers made within 60 days of account opening.
If you don’t want to close the old account, you might have to cut up the card, Berger says.The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars.However, we may receive compensation when you click on links to products from our partners. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.Cons: Most credit card companies charge an initial balance transfer fee.
About 3 percent of the transferred balance is standard.
On a ,000 balance, for example, that fee would be 0.