Personal Finance

Best Credit Card for Balance Transfer

  • Last Updated:
  • Feb 4th, 2015 8:19 am
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[OP]
Sr. Member
Nov 15, 2009
553 posts
206 upvotes

Best Credit Card for Balance Transfer

Hello all, first time poster in this area.
We have a high interest(19.75%)credit card and are looking to do a balance transfer to save some interest. Whats the best option out there.

Also if I transfer the balance out of TD into CIBC for example, does the TD acnt automatically get closed down? Or will the balance go to 0 and remain open
3 replies
Deal Fanatic
Aug 3, 2014
5292 posts
3086 upvotes
vdubber wrote:
Feb 3rd, 2015 10:01 pm
Also if I transfer the balance out of TD into CIBC for example, does the TD acnt automatically get closed down? Or will the balance go to 0 and remain open
It's the same as paying your credit card using a bank account. You don't have to transfer all of your balance, or you can transfer more than what you owe and have negative balance.
Deal Guru
User avatar
Feb 24, 2008
14387 posts
5284 upvotes
Gatineau
vdubber wrote:
Feb 3rd, 2015 10:01 pm
Hello all, first time poster in this area.
We have a high interest(19.75%)credit card and are looking to do a balance transfer to save some interest. Whats the best option out there.

Also if I transfer the balance out of TD into CIBC for example, does the TD acnt automatically get closed down? Or will the balance go to 0 and remain open
MBNA has their 0% for 12 months (1% Balance Transfer Fee charged immediately). If you are not able to pay it off in 12 months, apply for a new account, rinse repeat.

Or you maybe better off applying for a Line of Credit.

djino

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