I want to apply for a new credit card because the CC I have now has a 0% Apr offer that is about to expire. I figure I just get a new CC and transfer the balance over (I am paying off the debt, maybe not as fast as I would like though.) where can I research to find the best CC for this.
You would be in better stead if you contacted your credit card company, explained your financial condition and worked something out with them. If your pay back plan is working with them, they might cut you a deal on the interest rate, even if it will not be 0%APR.
OTOH, you can shop for another 0%APR card, apply for it and hope your credit rating does not deny you the card, nor deny you transferring the debt to the new card.
Please explain how paying more than 0% places the OP “in better stead” than (not) paying 0%? Assuming you have good credit (which you do, or you wouldn’t have the original 0% deal) and nothing significant has changed about your credit situation, you are likely to be able to score another (and another, and another, etc). I’ve been floating 5-7k worth of credit card debt on 0-1.9% promotional deals literally for years, making the minimum or a bit more payment each month and rolling other debt into the “loan” when I renew the deal. Roughly 6-7 years so far. As long as your promo deals are relatively long in duration, and you don’t apply for lots of other credit cards in the meanwhile, your credit rating should be able to suffer the yearly new card application without dropping much.
When you transfer the balance and pay off the “old” card, close it. This will immediately trigger the “win you back as a customer” mechanisms of the bank, and they will start offering you low/no interest deals again. Another thing to try is, before applying for the new card, call the bank that currently carries your balance and explain that you plan to close the card and transfer the balance to the new deal. They will transfer you to the “retention” department, also known as the people who can cut you the best deal. They may or may not agree to match the offer of the “new” card, and if they do, you get to extend your deal without having to put a new credit application on your credit record.
There are numerous sites that list various deals and compare them. I imagine someone will be along shortly with some recommendations. I’m currently floating my balance with Citibank, and previously with Chase.
i do have good credit (at least i assume i do). this leads me to my next question. i’ve heard that when you apply for a CC that you can get a copy of your credit report for free. how can i go about doing this?
I found this via quick googling:
- An expensive solution: http://palmsource.palmgear.com/index.cfm?fuseaction=software.showsoftware&prodID=51196
- A slightly less expensive solution: http://www.palmloyal.com/modules.php?name=News&file=article&sid=1717
keyphrase: “windows media” + “palmos”
ARGH. I posted that in the wrong thread. Mods, please delete.
The deal is, if you are DENIED for credit, you are entitled to a free report from whatever agency provided the info that they used to deny you. Also, if you suspect fraud/identity theft. Also some other misc reasons. Basically, it’s not hard to get a free credit report, but you might have to fib a little.
Here’s Transunion’s page:
http://www.transunion.com/content/page.jsp?id=/personalsolutions/general/data/FreeReportCriteria/FreeCreditReportCriteria.xml
And Experian
http://www.experian.com/credit_report_basics/check_your_credit.html
And Equifax
https://www.econsumer.equifax.com/consumer/sitepage.ehtml?forward=elearning_credit14
What you should NOT do is fall for one of the third-party companies that offer to sell you your credit reports and/or credit score. They will provide you with much less useful info than getting the report directly from the credit bureau. All three bureaus have online mechanisms for correcting inaccurate info, which unfortunately is extremely common.