Best way to compare credit cards1/23/2024 Here are a few things to consider before choosing this strategy: The aim is to pay off all of your transferred balances on the new card before the low-to-no interest period closes. These are great tools for consolidating all of your credit card debt. If you have a good credit score, you might qualify for a balance transfer card, with a low to zero interest promotional period lasting anywhere from 6-18 months. Pay that off and repeat, until you've reduced all of your credit card balances to zero. This method will rid you of your balances slightly quicker than the snowball method, but the principle is the same: You calculate a monthly payment in the same fashion pay off your highest APR credit card, and then add that first card's monthly payment amount to the minimum payment due on the next card in line, to determine its monthly payment amount. Paying off your credit card with the highest APR first, and then moving on to the one with the next highest APR, allows you to reduce the amount of interest you will pay throughout the life of your credit cards.
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