Credit card v's very

save_up_ya_pennies

Hi quick question I have a credit card with 34.9% Apr and a very account at 46.9% Apr is it a no brainier to put very balance on credit card? And of course close very account

Helvetica_Van_Buren

How do you plan to do that? Can you transfer a credit account to a credit card? I don't know that you can.

And anyway, it might not be once the transfer fee (assuming there is one) has been taken into consideration.

save_up_ya_pennies

Helvetica_Van_Buren wrote: »

How do you plan to do that? Can you transfer a credit account to a credit card? I don't know that you can.

And anyway, it might not be once the transfer fee (assuming there is one) has been taken into consideration.

It wont be a transfer it will be me paying off the balance by using my credit card therefore I think if I am right paying a lower APR over the year.

tallyhoh

Any chance of you getting a 0% card & paying both off, I wouldn't normally recommend getting more credit but it depends how strong willed you are

Helvetica_Van_Buren

tallyhoh wrote: »

Any chance of you getting a 0% card & paying both off, I wouldn't normally recommend getting more credit but it depends how strong willed you are

This was my next suggestion.

It'd be even better if you could get a 0% money transfer credit card; transfer the money you need to pay the account off.

OR

Pay it off with your current credit card as soon as you can and THEN try to get a 0% balance transfer credit card to move the amount to. Risks of doing this include:
- you might not get a 0% card,
- the minimum payments on the credit card might be higher than your Very account - have you allowed for this?

This only works if you don't take more credit - including from your credit card or the Very account.

save_up_ya_pennies

Thank you I am going to try for the 0% my aim is to hammer away at this debt very quickly it occurred to me this morning that I may be better off putting it on to a lower APR. Just wondered if that was the right thing to do or if there was something I hadn't thought about.