Cashola

The Cure for High Interest Credit Card Blues

To add to my lack of wealth, I have $900 worth of credit card debt compounded with a 21% interest rate. This is much better than where I was less then 2 months ago when I had a $2700 balance paying $75 dollars monthly to satisfy the minimum payment. I’ve had a long history with this card, it being the first one I got when I hit the ripe age of 18. Sentiment aside, I think it’s time to move on to bigger and better things…it’s time for a balance transfer! There are plenty of attractive Low or 0% APR Balance transfer credit card offers out there, you just have to choose which one is best for you. Here are a couple I have found:

1.) Discover More - No annual fee, 0% APR on balance transfers for 12 months with a 3% balance transfer fee with a $75 cap, 0% APR on purchases for 6 months.

2.) Citi Upromise Mastercard - 0% APR on balance transfers for 12 months with a 3% balance transfer fee with a $75 cap.

3.) American Express Blue Card - No annual fee, 0% introductory APR on purchases for up to 15 months, 4.99% APR on balance transfers with a 3% balance transfer fee with a $75 cap.

Ultimately, I think I will be going with American Express. The 4.99% APR on the balance transfer applies until you completely pay it off, unlike other cards that offer you the 0% APR balance transfer for an allotted amount of time. I plan on paying off this balance within 2 months regardless. The 0% introductory APR on purchases for up to 15 months just sweetens the deal (even though I will be sure to get in the habit of spending only what I can pay off in total at the end of the month). Lastly, the automatic enrollment in their rewards program with no annual fee is great. American Express is a great company known for their superb customer support which is important when choosing any service pertaining to your finances.