my low APR has expired-i had it for 6 months-now I want to transfer my balance to another low APR credit card-is their a waiting period? I don't want to be penalized
Penalized? How? By who? It's a competetive market. If someone doesn't want your business, you don't want to give it to them. The lender who gave you a temporary low rate did so to attract your business. They make their money on people who then still have a balance after it ends. If they want your business long term, they need to make their terms attractive long term. Any lender who you transfer to wants your business. That is why they specified the terms of that transfer. For a very short time, your FICO might blip up, during the period when it might show a balance on both accounts, depending on the timing of the balance transfer relative to the reporting to the CRAs. But the next month, it will go back down, based on correctly showing your total outstanding debt.
If your outstanding debt is going up, you need to look beyond transfers from account to account. You need to look at increasing your income, decreasing your expenses, and reducing your debt.
If you have been making on time payments call the CC and ask if they can make the low APR permanent or for another 6 months or so. If not kindly tell them that you are thinking of transferring the balance to another CC company with x% apr.(see if you can find one first before you call). See then if they budge. Good luck! Sincerely in Christ, leesac Eph2:8,9
