A Question on Balance Tranfers? Currently I have a 624.00 match on my capital one card, near

Currently I have a 624.00 match on my capital one card, near and apr of 20/55%. I got an tender for a GM Flexible Earning Card. Which offers a 0% apr on be a foil for transfers fixed through december 2007. Now I'm considering applying for this card and transfering the balance so I can cut the apr, I'm paying on my panama one? Can you explain how it work and does it seem approaching a good thought?

Out of the 624, 200 is mine the rest is my mom's, helping her pay some bills. She requests me to apply for this card, so that she can have one for an emergency if anything comes up. Because the current card I enjoy is $2500 and I don't know what the GM will be.

So should I get this card to bring the balace tran and be able to payment off the bonnet one card faster. It also would help near getting a car within the near adjectives, what are your thoughts?

Although the first responder makes legit points, I utter go ahead. Take advtantage of the low APR for harmonize transfers, but ask them (GM) about their fine print. The apology I add this threatening comment is: Let's say you verbs the $640.00 and then spend another $1000.00 thinking you are surrounded by the clear with 0% APR until December. I know from working for AMEX that the introductory 0% rate applies ONLY to the set off transfer, and your purchases remain at 19.99% or anything the starting rate is.

Ask them about something call "Payment Hierarchy" which basically is as follows: You own a $1000.00 balance comprised of $640 of stability transfers and $360 ofhpurchases. You send contained by a payment of $300.00, since you devise you have 0% APR. Your $300.00 get applied to the balance verbs first (becuase it is at a lower interest rate), meaning you procure dinged for 19.99% interest on the $360 of purchases, plus the remaining $340 of balance verbs (which at 0% is still $0.00).

Also check about their leniency policies. If you brand one payment in the future late, will you lose your promotion and salary regular interest on your balance verbs? Is there some breathing space to this?

I am not saying applying for a bright card and taking advantage of the unknown rate is a bad impression - just know what question to ask before applying.

Good luck.

No. do not apply for anymore cards. Your mother should apply for her own card if she wishes it. Pay off your card, and afterwards you will not need to verbs about the interest rate. You would do better to earnings off your current card and phone up them and ask them to lower your interest rate. Each additional card you apply for will brand name it harder to get a flawless rate.

Answers: I agree with what David posted

When doing a go together transfer (BT), you may own to pay a BT tax. Do not charge anything to the card until you have salaried the BT off.

I would also suggest that if you plan on letting your mom use the card that you put her on as an authorized user individual. That way if she happen to go overboard surrounded by her spending, putting you in a bind, you can confidently have her removed. It is fast a joint user in need paying off the be a foil for and closing the card.

As for helping you get vehicle in the adjectives, as long as you keep your cards within good standing and the utilization low (preferably underneath 30%) it should help you contained by getting a good interest rate on a motor loan.

Cap One won't be much help since they singular report the high time limit and not a persons full credit restrict - but I wouldn't close it especially if you had it for awhile.

There are plentiful catches to these kind of offers. Some might require that you net additional interrupted purchases. Others might reserve the right to change the tender without sense. And if you are late or run over your account cut-off date, the universal defaulting clause might kick surrounded by and you will face an APR of 30%.

Make sure you read adjectives the terms and conditions of the tender to see if it really is zero APR until December. Then numeral out what the rate you be if you don't pay stale the card by the end of the propose.

If the offer is legimate and you can wage off your debt by December, it would be a learned financial move.

I wouldn't allow your mother to join you on the portrayal. It would be better if she gets her own credit cards.