I have 3 credit cards but I just one to keep 1 (the one with the lowest rate), can I transfer my credit line from these 2 cards into the one I want to keep? If so, what are the steps for doing this? Or is it better to have different cards instead of only one?(I only use one). Thanks in advance for your info.
Yes, you can defintely transfer them. I used to do this all the time and it worked for me quite well. Take out a cash advance on the card you prefer to use, then go to the post office and use the cash to buy a money order (they are only 85 cents!) and then use the money orders to pay off the other two cards. Hope this helps and good luck!
NO! DO NOT take out a cash advance. The interest rate(& fees) for cash advances are much higher than the interest rate for purchases. I suggest you call the company you want to transfer the amount to & inquire about transferring your balances to that card. Also ask if their are any fees involved & what the interest rate will be on the balance transfer. Good luck!
Please don't take out cash advances to pay your other credit cards, the interest on cash advances is much much higher, sorry but that was terrible advice to give.
The other 2 posters are correct. Cash advances are not to your advantage, many creditors charge a lot higher rate for cash advances, but they also charge a lot lower rates for balance transfers. http://www.creditsense.com
No one has mentioned the fact that three cards are usually better than one, for at least three reasons: (1) You should never become totally dependent on one card, because that one card could have its terms changed almost overnight. If you don't have other credit, then you either have to accept a rate increase, arbitration clause, etc. or pay off the card immediately. If you do have other credit, your balance on each account is lower and easier to pay off, and you can quit charging on one of your cards more easily. (2) Three credit lines with good payment histories give you a better credit score than just one, no matter how faithfully you pay it. (3) You may want to keep more credit than you need, just to keep your utilization ratio low. If you cancel everything except for one maxed-out card, they think you spend every dollar of credit you have, and never want to give you more. The best way to do balance transfers would be to a fourth card, preferably with an interest rate lower than any of your current cards. Then you could cancel one of your cards, one with a high interest rate or a high annual fee. Wait for a really good offer to come in the mail, and in the meantime lower your balances and DO NOT take any cash advances.
No one has mentioned the fact that three cards are usually better than one, for at least three reasons: (1) You should never become totally dependent on one card, because that one card could have its terms changed almost overnight. If you don't have other credit, then you either have to accept a rate increase, arbitration clause, etc. or pay off the card immediately. If you do have other credit, your balance on each account is lower and easier to pay off, and you can quit charging on one of your cards more easily. (2) Three credit lines with good payment histories give you a better credit score than just one, no matter how faithfully you pay it. (3) You may want to keep more credit than you need, just to keep your utilization ratio low. If you cancel everything except for one maxed-out card, they think you spend every dollar of credit you have, and never want to give you more. The best way to do balance transfers would be to a fourth card, preferably with an interest rate lower than any of your current cards. Then you could cancel one of your cards, one with a high interest rate or a high annual fee. Wait for a really good offer to come in the mail, and in the meantime lower your balances and DO NOT take any cash advances.
