Financial Information
Should I do a balance transfer or take out a loan from our bank to get lowest possible interest rate?
Question : Should I do a balance transfer or take out a loan from our bank to get lowest possible interest rate?
We have 2 capital one cards, both near the $ 10,000 range. 1 has interest rate of 12 and the other 11. Should we look to open another credit card and do a balance transfer if we can get 0% interest on it? Or should I consult my bank and take out a loan, pay the credit cards off and have a low interest rate with the bank?
balance transfer
Best answer:
Answer by Lucille T
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For most cards the 0% is only for a short time, then it’ll sky rocket. You could speak with your bank and tell them that you want to lower your interest rate and see what they can do for you. But this only works if you don’t charge the credit cards back up again (the biggest mistake most people make). When I took out a small loan to cut my interest rate (to less than half) I closed the card, that way I wouldn’t be tempted to use it again.