Wise use of credit?

I have a bank card that has a balance of 1,200 the anual interest rate is 26.24 percent anual percentage rate for this period is 36.28 I only get the balance this high around vacation time and then pay it off 200 or 300 at a month. I got a promotional mailing with balance transfer type checks that can be made out to cash at 3.9 percent. Would I be wise to write a check for the total balance of my account and pay off the balance currently at 26.24 then continue to pay off the resulting balace at 3.9 percent? Or just leave it alone and continue to pay it down. This would all be through the same card as I only carry the one.

Wise use of credit?credit cards

I don%26#039;t think that is going to work. Most credit cards will pay off the lower interest rates first. SO you will just end up where you are and include a 3% fee on top of that. If you have another card with a lower APR I would recommend to transfer the balance. There are usually transfer fees so call your other company and say you would like to transfer a balance but you don%26#039;t want to pay a transfer fee. Hopefully they will be helpful and say ok. I was able to do this with one of my cards.

Or you could go the long way around. Transfer the balance to another card. Make sure to do the transfer over the phone and request that there not be a transfer fee. Then you can use one of your 3.9% checks to transfer over back to the account. But there will be a 3% fee more than likely, so be prepared to take that into consideration when you calculate how much you will be saving and how long it will take you to pay off the debt.

If you make the check to cash make sure to pay the account before the check shows up on there. That would probably be the only way you could get the 3.9% because of the paying off of lower interest first.

Wise use of credit?

loan

The lower late would be good, but don%26#039;t close the account. The longer a account is in good standing the better your credit score. Also make sure that you balances is less than half this also increases you credit score.|||You might want to check the checks terms... most cards will not allow you to write a check to paydown their own cards... they are most often designed to get u to transfer from other companies... if there are no term objections to it then go for it... but somehow i doubt that they will give you that lower interest rate, afterall they are making big $$$