Juniper Bank Informative - Avoid balance transfer FEES!
MINNESOTA -- On Credit card balance transfers ….
NEVER transfer a balance from one card to another..
If you have a new card that you want to put your balance on.
Just start using the new card for everything that you would have used cash on.
Then just put that cash on the old card. This way you avoid the transfer fees…
ALSO I see people closing credit card accounts because they are mad at something the card company did.
WRONG! You need to keep the account open and put the card away! That way your credit score keeps going UP. If you close the card your credit takes a hit! The longer or older an account is the better your credit will be. But this would not be true for credit cards that charge a fee even with zero balance.
But on the other hand if your credit is bad. It’s better to pay the fee until you can get a non-fee card.
Oh and by the way… you should NEVER accept a credit card offer if there is a annual fee.
Once you start getting credit card offers, they will get better and better if you DON’T apply for all of them.
You need to wait until you start getting cards with out fees then save them up until the last week that you can apply for them. Then all at once apply on-line to ALL at the same time. Because when you apply for credit, your score will take a hit. If you apply all at once for many cards you will get many cards..
I did this last year and got over $3000 in cards, after filing bankrupts in 05.
Now a year later my scores are going way up! 11 points in just the last month.
Remember it’s ALL about your Credit score!