00:39 My Balance Transfer Mistake 03:25 General Balance Transfer Rules 04:45 Wells Fargo Platinum Credit Card 05:17 Eligibility 06:04 Balance Transfer Fee and Annual Fee 07:31 Payment Application 08:44 Other traps

That’s the biggest mistake anyone who uses this for purchase when they have a balance transfer on the card. Never use the card for any purchase just only for balances transfer.

@ValeDelgato

Жыл бұрын

Unless the Purchase APR is also zero percent

the card that you transfer balance to DON'T use this card just pay off your balance transfer monthly until you paid it off

👍Good job,thorough explanation! After watching about 20 videos, I've found one that covers all the bases.

Such a great informative video

Very interesting info! Thank you.

@FFGGuru

4 жыл бұрын

Glad it was helpful!

Thank you - Awesome presentation 🏅

@FFGGuru

Жыл бұрын

Glad you liked it!

Very useful, thanks for this

@FFGGuru

Жыл бұрын

Glad you think so!

Thx for the information,. Just subscribe ❤️

@FFGGuru

3 жыл бұрын

Thank you for watching and your support!

Thanks.

@FFGGuru

Жыл бұрын

You're welcome

Read your T&C again, it supposed to be "Payment EXCESS to your MINIMUM PAYMENT will go to highest APR. Excess is the keyword. So, if your minimum is $2000 all of that payment will cover the lowest apr only. Only the excess will go to the highest APR.

Great Information Thanks

I'm looking to transfer a little over 7k of debt from 3 credit cards and pay them off within a year. What is my best option?

What if you made two tranfers to the same card, and they are both at 0% to be paid off in 10 months if we make extra payment where would that extra money will be applied? Will it go to the one with highest balance.

The worse thing about balance transfers is sort of stealth and most people do not notice. So you get a new card, would you like a transfer, great, send us the account numbers and address and we will mail the check to the other bank today. So far, so good, but, big butt coming here, a week to 10 days later it post to the other card. The daily interest started the day the check was printed, and you just paid daily interest for 7 to 10 days on both cards at the same time. So you paid 2 companies for the same money. Happens every day and nobody ever notices. They can do better, but they want, after all, when you bill pay with your checking account, most credit card payments post in 1 to 2 business days, but not going to happen with a balance transfer in most cases. 1

@confusedzentradi

5 ай бұрын

If 0% there is no interest at that point.

@mace422004

5 ай бұрын

@@confusedzentradi If you are the 30 percent that pay it off in the zero interest period, but if you are the 70 percent that don't, than all interest for the zero trial period accumulates and kicks in, if the balance is not paid in full.

@confusedzentradi

5 ай бұрын

@@mace422004 Actually that’s incorrect. Interest is 0% for the stated period and does not accumulate. Once the 0% period is over, interest begins at that point in time based on the current balance.

@confusedzentradi

5 ай бұрын

@@mace422004 Actually that is incorrect. No interest accrues during the 0% period. Once that period ends, interest accrues based on the current balance. There is no accumulated interest. That’s why it’s called 0%.

Bank of America is offering me 0% Apr and Balance transfer for 18 months on the Bal. trans, it doesn’t say a fee, nothing. Is it a good idea to take it?

@confusedzentradi

5 ай бұрын

Look for the fees and disclosures. That section will have the balance transfer fee, usually between 3% and 5%.

So were you using your balance transfer card for day to day or your primary card?

@FFGGuru

2 жыл бұрын

I was using my balance transfer card for day to day,. That was a mistake

What is the best credit card for balance transfers No transfer fee?

@FFGGuru

4 жыл бұрын

We are not aware of such credit card, you might be able to get a credit line with low APR without the fees, but it won't be 0%

@snozy4936

3 жыл бұрын

@@FFGGuru so this business credit with 0% apr is a whole facade.

@KR-nm6wm

3 жыл бұрын

Excellent video. Thank you for the information.

@peartfaldo

2 жыл бұрын

Kemba Finacial Credit Union has one 12 months 0% with no transfer fee.

@cupcakepatrice8418

2 жыл бұрын

Wells Fargo

Existing cards will often offer zero balance offers.

@FFGGuru

3 жыл бұрын

That’s kind of the issue, as soon as you take it- you can’t use the card for the daily purchases

@dougp7934

3 жыл бұрын

@@FFGGuru okay, but I have several cards. I keep a few for potential balance transfers. Also, in the US, they are required to apply the payment towards the highest interest rate first.

@teeeff8337

2 жыл бұрын

@@dougp7934 is that true? they are required in the US?? My company says they will apply the minimum payment to the lowest interest rate first and if you pay over the minimum payment, they will apply the overage to the highest interest rate.

Should you just get a whole new credit card instead rather than transfer ????

@FFGGuru

2 жыл бұрын

Transfer allows you to lower the interest on existing balance and it can be done both on the brand new credit card and existing one. Obviously better to do it on the new credit card that don’t use for anything else

@peartfaldo

2 жыл бұрын

20 months 0% for US Bank Platinum card

Thanks for deleting my comments. Can’t let me speak the truth?

@ashcelebi9301

2 ай бұрын

If he keeps doing that; people will always be misinformed, regardless of what company they're in.