Does anyone know how Balance Transfers work on credit cards?

I'm trying to save some money on vet bills that I've had to charge. I have two credit cards that are close to being maxed.

Credit Card A has about 200 dollars with a 20%APR.

Card B has 450 and is only 10%APR. Card B also has a "promotional" 4.5%APR on balance transfers through May....

I really don't feel like sitting on hold for hours trying to get an answer to this, so I'm hoping someone here knows the answer to this. If I pay 200 off of B, and transfer the balance from A onto B, does that mean that 200 dollars has an APR of 4.5% until it's completely paid off? Or will it go back to the normal 10%APR in May when the promotion expires?

Any help greatly appreciated!
Thanks!

Im really not sure but even if it goes back to the 10% that is still better than the 20%!

Sorry I have no idea

It will depend on the fine print in the offer Most likely it does mean that the balance transfer "promotional" int rate will end in May.

The other thing you need to look for (and this is what convinced me NOT to transfer my balance) is the Balance Transfer FEE, which can be a set amount, OR a percentage of the transferred balance - sometimes as much as 6%!!! Find that fee and figure out how much it's going to COST you to transfer that money.

In either case, I'd say you're still better off paying off the higher-rate card first. Every debt-counseling author I've every read would tell you the same thing.

Sorry, I know this doesn't really clear up anything for you, but just read as much of the fine print as you can. If you get confused, maybe post the EXACT wording and we'll help you decipher it that way. . .

You have the read the fine print. Does it say that the offer to transfer at 4.5% is good until May, or that the rate remains until May?

I used to work with credit cards for about 10 years and helped compuse some of the verbiage that goes on statements. I know how maddening it is!!

I agree that there are no hard and fast rules. Judging by the ba-zillion credit card offers I get in the mail, the length of time the promotional rate is in effect varies from a couple of months to a year to however long it takes to pay off the transferred balance.

I like playing musical credit cards, I'm good at it. Transfer stuff around all the time.

Okay so if you take the bit of debt and transfer it to that lower rate, then on your statement, it oughta say, "balance transfer (or promotional item) at 4.5%".

IF it says it will have the 4.5% til the transfer is paid off, then, that's what it means. That chunk of money, that transfer, will be listed separately from 'new purchases' and other stuff on the card, which will carry different interest rates.

Either way, 10% is better than 20%. I wish my debt was as low as yours darlin! I keep pushing stuff of to 0% cards & then the rate goes up after a year and then I push it off somewhere else.

Debt is like a revolving door, one that smacks you in the butt right after you walk through it.

Thanks for the advice everyone! I decided to pay off the high interest cards now.

My mom said that I could use the leftover money from paying college tuition to cover Hans' bladder surgery bills from back in January. The only problem was that to get her to agree to the surgery in the first place, I had to lie about how expensive it was. I told her 200 dollars instead of 420

I asked if I could have 225 dollars to cover the cost of his prescription food, too..... Well, the outstanding balances on two of my other credit cards (one from my clothing expenses, and the other had vet bills from Merlin) actually totaled 215.... So.. At least I've paid off two out of three. I've barely made a dent in covering Hans' surgery. I still haven't gotten my income tax return, and my 21st birthday is coming, and everyone knows that as a college student, cash is the best gift they can give. I'm hoping I can come up with the 400 dollars to pay the dang thing off soon. At least it's only at 10.5%APR. I'd apply for another card with promotional APR, but with that much debt on a revolving account, I'll be turned down. It's happened once already, and I don't want to ruin my chances for the future.

Getting cash from your credit card could kill you with it's ridiculous interest.

I just have to sound a bit mother hen-ish here and say how it's very responsible of you to be concerned about eliminating your debt. Most people who have the same thoughts as you are talking about thousands or tens of thousands of dollars instead of hundreds. Good for you!

Thank you, Deb!

The truth is if it were up to me, I probably would max the cards out and then panic.

But if something happens to the cats, as it has before, I would have no way of getting them treatment. The credit cards are my emergency cat fund. The sooner they're paid off, the sooner I can sleep peacefully knowing that I can afford to have them treated for anything that might happen.

And yes, I know saving accounts are the way to go, but it seemed like the week after I put money in, there was an emergency and I had to take it all out. I won't jinx the cats anymore.

Your idea is good. There are many cards that are looking for transfer $'s as easy income, and give good deals on the interest.

don't, however, take the first offer to come in. shop around on the net. I think Chase (the american bank, I didn't see where you live) has good deals (4.5%, no fee) on transfers, and Bankone has about a billion cards they service.

Find one with a good deal, and see if you can't transfer the balance to save some $.

I found an offer online for 0% on balance transfers and purchases http://www.balancetransferscafe.com/citibank.htm , if you are interested. I got approved, and my credit rating is okay.

That site also has some great tips.