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Answered 2007-02-12 02:29:08

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.

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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.


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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?

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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.


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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.


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Why does a person keep transfer credit card balance to another before it catches up with him?

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Do banks have automatic balance transfers?

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Does paying off high balance credit card help your credit?

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Which is better one credit card with a high balance or 5 low balance cards?

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