credit card transfer

[seadream]

I am looking to do a credit card balance transfer for my Mom as her credit card raised their interest rate. We have never done this before and we need some help..

When she transfers her existing balance on the old card to the new one is the old one then paid completely off?

Can she cancel the old card right away?


I think that is all I need to know for now..but any help or tips you have will be great..

Thanks

[SHOPGIRL]

Yes, your mom could cancel the old card right away. She may want to the keep the old card since often when you transfer a balance to a new card, the old card ends up sending you an offer for a better interest rate. Most likely the new card rate is temporary, then the rate will go up. So, your mom may decide she wants to transfer the money back. It all depends on how big the balance is and how fast she wants to pay it off.

[Telephus44]

When you do a balance transfer you get to choose the amount that you're transferring - usually people transfer the entire balance and yes, the old card is "paid off" and you can cancel it (if you so choose).

DH and I just did this and chose to keep our old account open to boost our credit score. We also did two separate transfers, since the limit on the new card was less than the balance that we wanted to transfer.

[guest7]

Originally posted by SHOPGIRL
Yes, your mom could cancel the old card right away. She may want to the keep the old card since often when you transfer a balance to a new card, the old card ends up sending you an offer for a better interest rate. Most likely the new card rate is temporary, then the rate will go up. So, your mom may decide she wants to transfer the money back. It all depends on how big the balance is and how fast she wants to pay it off.

It's a good idea to have a couple. but put them away, dah-gone-it!