Hi everyone! scrolling through this sub and reading about things I never even heard of- I need basic basic help..I have a MACU cash back visa platinum card that I’ve maxed out at 3000. 15.9 APR. It’s been a goal of mine for what feels like ever to get this paid down, at least below the 30%. I’m really good at not using it for purchases, but even still it seems like the interest is eating me alive. I can’t get myself out of this hole. My first and only thought was to get another cc with 0 APR and pay it off that way ASAP. Obviously within the card limits. Is there other or better options to tackle this??? AND if this is the best way, how should I go about choosing a bank/credit card to go with? TIA
Relatively small debt that I’ve spent 2 years trying to pay off
byu/Motor_Dragonfly4214 inCreditCards
Posted by Motor_Dragonfly4214
3 Comments
you could try to get a 0% intro offer on a balance transfer card but that’s only if you can get approved. Are you making the minimum payments on your macu card? have you missed any payments? Even if you get a balance transfer card you will likely pay 3-5% to make the transfer.
Your best bet is to buckle down and pay off the card ASAP. pick up extra shifts/ a second job for a while or something. 3k is not much in the grand scheme of things, you should be able to knock it out in 2-3 months.
Been there with this kind of cycle, it’s so frustrating when you feel like you’re making payments but the balance barely moves. Balance transfer to 0% APR card is definitely solid option if you can qualify for decent limit – just make sure you actually pay it off during the promotional period because the rate usually jumps up after that.
You could also look at personal loans since sometimes they have lower fixed rates than credit cards, might be easier to budget for too. Before applying for anything though, try calling your current card company and asking if they can lower your rate or put you on some kind of payment plan. Some of them will work with you if you explain the situation, especially if you’ve been good about making payments on time
The key thing is whatever option you choose, don’t let yourself use that original card again or you’ll just end up in deeper hole. I learned that lesson the hard way few years back when I thought I was being smart with balance transfer but then racked up debt on both cards
There are cards with no balance transfer fee and 0% APR for 12 months, including Fairwinds Preferred Cash Back Visa Signature® Credit Card, Skyla Credit Union Visa Platinum, and BECU low rate credit card.