I need your opinions. I have about $2000 saved up. I want to use this money to pay down one of my credit cards which should I choose? Card A: $4480 Balance...$5000 Credit Line....The majority of the balance is at 24.99% and the rest is at 9.99%. The thing is that the bank applies payments to 9.99% first so the rest of the balance is accruing finance charges at the higher rate. Card B: $15510 balance.....$17900 credit line.....22.99% APR (may go down to 19.98% in a few months) Which should I use the money towards? Should I work on lowering Card B because it is a higher balance at a high interest rate? Or should I work on Card A first since it is a higher rate? Thanks in advance for your suggestions.
Re: On which card should I concentr No brainer. You want to keep as much of your balance as possible at the 9.99% rate. Pay the other one. Pay the 9.99% rate LAST.
Re: On which card should I concentr I would apply the $2000.00 to card A. Transfer the remaining balance to card B. Wait a month or 2, and see what rate card A will give you on a balance transfer. If they come back with 9.99, transfer $5000.00 back to card A. Good Luck! tix
