Well, I’ve gone and done it. Last night I went and applied for a second credit card! I’ve only had one for the last 10 years or so, and as of October, it doesn’t have any accrued balance. But as you’ll note from my debt listings, what I do have are 2 loans, one of which just got raised to 10% and that I’m going to transfer to my new 0% for 12 months Discover card. I only received at 5K limit - I have to call in today and speak with someone to see if they will raise the limit. There is a 3% interest transfer fee, but with no annual charge and no interest, it is definitely in my best interest to get it.
Once I find out my limit (in case I can talk them higher), and I receive the card and activate it within 1-2 weeks, I will transfer the full amount to my card from my personal line of credit (making sure to leave enough room for the transfer fee!). So I’ll transfer at least 5K which will leave 10K in the loan. I will then apply all extra money for debt repayment straight to my personal loan, which will be the highest rate debt that I have.
It’s strange to be excited to get a credit card!
Original source: http://debtmaven.wordpress.com/2008/11/14/new-credit-card/
