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Is it better to pay off a low balance low APR card completely or part of a high balance high APR card?
Wiki User
∙ 17y ago
It depends on the size of the outstanding balance on each card and what the interest rate is. There's no hard and fast rule, you have to do some math to figure out what each approach will cost based on your particular circumstances. I agree that you need to work out the math, but as general rule, the better course will be to pay off the higher interest rate loan as fast as possible.
Wiki User
∙ 17y ago
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Is it better to have a credit card with a high interest rate or low interest rate?
If you carry a balance, then it's better to have a low interest rate. If you do not carry a balance, then the interest rate doesn't matter at all.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
What are some hints on paying off a high balance on a Visa credit card?
There are a lot of credit consolidation groups, who can help an individual pay off a high balance on a Visa credit card. It is also better to pay off a credit card with a higher APR% first, and also to potentially transfer some of your debt on a higher APR% card to a lower one.
Which of these credit card features would be best for customers who want to pay off the balance on a high-interest credit card?
Low fees for balance transfers
Which one of these credit card features would be best for customers who want to pay off the balance on a high-interest credit card?
Low fees for balance transfers
Is it better to have a credit card with a high interest rate or low interest rate?
If you carry a balance, then it's better to have a low interest rate. If you do not carry a balance, then the interest rate doesn't matter at all.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
What are some hints on paying off a high balance on a Visa credit card?
There are a lot of credit consolidation groups, who can help an individual pay off a high balance on a Visa credit card. It is also better to pay off a credit card with a higher APR% first, and also to potentially transfer some of your debt on a higher APR% card to a lower one.
Which of these credit card features would be best for customers who want to pay off the balance on a high-interest credit card?
Low fees for balance transfers
Which one of these credit card features would be best for customers who want to pay off the balance on a high-interest credit card?
Low fees for balance transfers
If a person has a high credit card balance is it possible to transfer the balance to two different credit cards as in splitting the balance up?
Yes, as long as the issuing bank(s) of the credit card(s) getting the balance is/are not the same bank as the one losing the balance.
Can you pay your credit card bill by another credit card?
Yes you can pay your credit card bill by another credit card. It is called balance transfers, you can transfer the balance of another credit card that has a high interest to a credit card that has a low interest. Hopefully this answers your question.
What are some good hints on how to pay off a high Visa card balance?
One can pay off a high Visa card balanced by starting to add up all your net monthly income from all sources. Another good tip is to paying off the credit card with the lowest balance first, this is much easier and quicker to do than paying off high balance credit cards.
Why does a person keep transfer credit card balance to another before it catches up with him?
To transfer from a high interest credit card to a lower interest credit card
Is it better to have a low or high PH balance?
It depends on what plants you wish to grow.
When a credit card has different balances and interest rates can you choose which balance to pay?
Probably not, unless you can find something in your contract that will allow you to do this. The card issuer is going to apply all payments to the low-interest balance and let the high-interest balance continue to make money. It's best to use those low-interest special offers only your card has no balance and then don't use the card for anything else.
Can you do a balance transfer from someone else's credit card?
Yes, balance transfers are commonly used to move balances from a high APR to a lower rate. But the transfer will impact the credit of the cardholder receiving the balance.
