Should I transfer my high-interest Amex debt to my Navy Fed card?

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niverbmacky24

New Member
Here's a look at my current debt:

  • Navy Federal Credit Card: I've got $7,200 on this one. The good news is I'm locked into a 6.24% rate for both purchases and balance transfers, and there's no fee for those transfers. My limit here is $25,000.
  • Amex Platinum: This one has a balance of $17,500 with a much higher purchase APR of 24%. The limit is $33,600.

So, here's my big question: does it make sense to move most of that Amex balance over to the Navy Fed card, even if it means getting close to that $25,000 limit? The goal would be to take advantage of that much lwoer interest rate.

Right now, I can handle the minimum payments on both cards just fine. But I'd really like to avoid paying extra in interest if there's a smarter way to handle this.

Any thoughts or advice you have would be awesome!
 
Call your credit card company and ask if they'll keep that 0% interest rate for another six months. While you have it, stop eating out so much and use that cash to pay down your balance. Stash your cards somewhere safe and don't touch them until you're debt free.
 
The only way I'd do it? You stop using the cards. Get rid of that Amex.

A 24% interest rate? No rational reason for it. Zero balance? Even less reason to keep it. The temptation will just pull you back in. It's a cycle. A debt trap. That's the last thing you want.

I don't usually push balance transfers. But Navy Fed? Their rate is locked in. Much lower No transfer fees. Here, it makes sense. You've got just enough space to move the whole Amex balance over.
 
Hey, I'm pretty new to this stuff, but I wouldn't cancel that card with the high balance it'd really mess with your debt ratio. If you do a balance transfer, try not to max out that card, and I'd hang onto the other one even after it's paid off.
 
Consider applying for one or two cards that offer 0% APR for 12 to 18 months. You could transfer your balance and aim to pay it off during that period even if you can't pay it in full, you'll likely save quite a bit on interest.
 
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