Yes, this would work. On the application for a new card there's an area to fill out an existing CC# for a credit transfer.
Having said that, I would recommend it under only one circumstsance - that you use that 0% interest to *actually pay off the card* instead of just piling more debt on.
Credit cards are EVIL, people. Use them as a convenience only! They will absolutely bury you. I learned this lesson the hard way (as young as I am...) and now I only use them for convenience, not extravagance.
And to anyone who is wondering "what does it take to get good credit" - simple. Apply for any shitty old card, including secure (pre-paid) cards, and deal with the high fees they give you. Consider it a price to purchase a credit history. Just make sure you are responsible with your payments (i.e., you always pay off your balance) and you should be in good condition within a year or 18 months. When you have a decent CC history built up you can then move to a cheap car loan and get an installment loan that will beef up your credit score further. With one installment loan (car) and 2 low CC accounts I was able to have a credit score higher than 700 when I was 22 years old.
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Originally Posted by Lwang9276
I just had a question on how balance transfers work. I have around 2k in debt on my CC and I just pay the minimum. I heard of getting a new CC and xferring the balance over where the new CC has 0% interest. So how would this work? Any thoughts or help is greatly appreciated.
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