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Speaker 1: Hey ba fan, Welcome back to the show. Welcome to

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Speaker 1: the BAQA. This is where I take your questions and

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Speaker 1: I give you, like a lowercase A answer. When we're

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Speaker 1: getting these salt shakers out, I should honestly get a

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Speaker 1: Brown Ambition theme salt shaker at this point. This is edutainment.

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Speaker 1: I am giving you my best idea of what I

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Speaker 1: think could work for you. But at the end of

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Speaker 1: the day, I am not your financial planner, your investment advisor.

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Speaker 1: I am your financial bestie, I hope, one of your

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Speaker 1: financial besties and someone that you feel like you can

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Speaker 1: chat to and be honest with about what's going on

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Speaker 1: in your life. I want to inspire y'all to take

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Speaker 1: charge of your finances and your career and all of it.

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Speaker 1: But let's not get a twisted. This is not a

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Speaker 1: replacement for someone who is in the weeds with you,

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Speaker 1: understands your entire financial situation and can give you really

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Speaker 1: deeply personalized advice. I also thank y'all for trusting me,

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Speaker 1: and if you'd like to get your question answered on

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Speaker 1: the podcast, it is so easy. Hit me up. I'm

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Speaker 1: Brown Ambition Podcast at gmail dot com, or you can

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Speaker 1: slide into my DMS directly. I'm Brown Ambition Podcast on

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Speaker 1: IG and I would love to hear from y'all. You

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Speaker 1: can remain anonymous. You can ask me a question about

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Speaker 1: a friend, about your family, about your finances, your career,

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Speaker 1: whatever you want, and I will do my best to

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Speaker 1: deliver for y'all as always. Today's question comes from listener Tina,

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Speaker 1: who is trying to pay off some debt like so

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Speaker 1: many of us are, the year is winding down. Here's

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Speaker 1: Tina's question. Hey Mandy, please call me Tina. You've been

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Speaker 1: doing a great job on the podcast since Tiffany moved on.

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Speaker 1: Thank you, Nita. I miss hearing her, but you're doing

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Speaker 1: a phenomenal job, so keep up the great work. I

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Speaker 1: miss hearing from her too, even though I just talked

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Speaker 1: to her a couple hours ago. Hey Tiffany, thanks for

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Speaker 1: talking to me for an hour while you were on

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Speaker 1: your brick City cot Girl freezing weather walk. I love you.

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Speaker 1: Tina says you recently spoke about transferring credit card balances

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Speaker 1: and I wanted to know what should I look for

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Speaker 1: when considering this. I have a two two hundred dollars

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Speaker 1: balance on my only credit card and I want to

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Speaker 1: transfer this balance to a zero percent interest card for

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Speaker 1: at least eighteen months, if possible. What places do you

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Speaker 1: look for when searching for credit card companies? What should

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Speaker 1: I be aware of when looking at this option, and

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Speaker 1: is there anything else you think I should know. I've

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Speaker 1: been looking for a job for one and a half

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Speaker 1: years and I'm trying to reduce this debt, but money

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Speaker 1: is extremely tight. Thanks for all of your help, Tina.

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Speaker 1: First of all, thank you for the kind words, and

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Speaker 1: I just want you to know two hundred dollars in

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Speaker 1: credit card debt, you can absolutely get a handle on that.

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Speaker 1: At the same time, when you are out of work

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Speaker 1: looking for that consistent income for a year and a half,

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Speaker 1: cash flow is going to be tight. And I completely

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Speaker 1: understand why either you have had to turn to credit

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Speaker 1: cards to or this credit card in particular, to pay

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Speaker 1: for some expenses you may not have had cash for.

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Speaker 1: Or maybe this is just some credit card debt that

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Speaker 1: you had previously before you were out of work and

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Speaker 1: you just haven't been able to make the payments on it.

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Speaker 1: That being said, a year and a half's a long

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Speaker 1: time for interest to be accruing, and you'll know these

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Speaker 1: interest rates. Even though the Fed us this week has

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Speaker 1: reduced interest rates by what a quarter percentage point? That

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Speaker 1: should start to you know, we should start to see

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Speaker 1: almost instantly some impact to our credit card aprs and

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Speaker 1: other you know, variable debts that can impact our interest

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Speaker 1: rates and bring them down a little bit. But it's

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Speaker 1: not that much, right. Credit card interest rates are still

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Speaker 1: on average well over twenty percent, very very expensive debt

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Speaker 1: to be carrying. And then of course each month, your

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Speaker 1: bank is going to add the interests that you've earned,

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Speaker 1: that you've accumulated onto your credit card balance, and if

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Speaker 1: it remains the same the next month, you're just going

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Speaker 1: to be adding even more interest because now the bank

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Speaker 1: is calculating that interest on the bigger balance from last

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Speaker 1: month's interest or cruel so you can see how it

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Speaker 1: can quickly become this snowball affecting it bigger and bigger

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Speaker 1: and bigger. Which is why I love talking to y'all

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Speaker 1: about options to start whittling down that debt that maybe

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Speaker 1: you haven't thought of. And I do often talk about

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Speaker 1: balance transfers, so just as a recap, a balance transfer

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Speaker 1: is when you apply for a new credit card, and

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Speaker 1: credit cards have these promotional balance transfer offers because why.

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Speaker 1: Because they're greedy in the end, and these banks want

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Speaker 1: new customers, and they know one of the best ways

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Speaker 1: to get new customers is to say, hey, that Chase

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Speaker 1: credit card that you have, they're charging you twenty six

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Speaker 1: percent APR. Why don't you give us that balance. We're

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Speaker 1: going to take that off your hands. We're going to

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Speaker 1: offer you a eighteen month zero percent promotional APR on

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Speaker 1: that balance, which means you bring that debt over to

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Speaker 1: us and we're not going to charge you any interest

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Speaker 1: for the next eighteen months. Now, this is a situation

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Speaker 1: where it's kind of like you scratch my back, I

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Speaker 1: scratch yours. It's good for the banks because why because

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Speaker 1: they're going to get a new customer. And even though

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Speaker 1: they're not going to be charging you interest on that balance,

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Speaker 1: what they do to do often with balance transfers is

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Speaker 1: a charge an upfront balance transfer fee. This is typically

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Speaker 1: between three percent to five percent of whatever balance you're transferring.

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Speaker 1: And also they know that there's a good possibility that

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Speaker 1: even though you're transferring the balance over to them, that

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Speaker 1: you may still be unable to pay it off in full.

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Speaker 1: So all they have to do is wait eighteen months

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Speaker 1: and then bada being Bada boom. Now they have a

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Speaker 1: little cash cow. Now they can charge you interest on

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Speaker 1: that balance, and they can start making that twenty six

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Speaker 1: twenty plus percent whatever the APR is, you know that

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Speaker 1: you have on that account at the time. On the

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Speaker 1: other hand, it can benefit you, especially if you're disciplined

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Speaker 1: enough to say, I'm going to transfer this balance to

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Speaker 1: a new credit card with a zero percent introduction APR,

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Speaker 1: and I'm going to make a plan to pay this

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Speaker 1: off before that introductory APR expires. There's a lot of

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Speaker 1: benefits to this. Obviously, when you have a zero percent APR,

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Speaker 1: every dollar that you make toward paying that credit card

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Speaker 1: down is actually going to go toward the main principal balance,

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Speaker 1: right if you were keeping if you continue to pay

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Speaker 1: the card that you have at that twenty something percent interest,

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Speaker 1: you potentially are making a payment that could start to

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Speaker 1: whittle down your principle. But it may just be that

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Speaker 1: you're able to make a minimum payment, which is almost

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Speaker 1: not even enough to cover your interest payment sometimes, Right,

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Speaker 1: So if you get that balance transferred over to a

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Speaker 1: zero percent balance transfer card, then you know every dollar

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Speaker 1: I am putting toward paying this down is actually a

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Speaker 1: drop in the bucket, it's actually going to be moving

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Speaker 1: the needle. Okay, there are some things to watch out for. Again,

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Speaker 1: you want to take into consideration that you know, let's say,

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Speaker 1: in your case, you have a twenty two hundred dollars

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Speaker 1: credit card balance you want to transfer over. Let's say

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Speaker 1: that you do get approved for an introductory balance transfer

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Speaker 1: credit card with a different company, and they are able

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Speaker 1: to approve you for let's say three thousand dollars for

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Speaker 1: a credit card, and they're going to charge you a

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Speaker 1: five percent balance transfer fee when you transfer that money over.

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Speaker 1: So let me just do a quick calculmul calculmum. Let's

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Speaker 1: see I would do two thousand, two hundred times five percent.

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Speaker 1: That is one hundred and ten dollars that they're going

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Speaker 1: to charge you when you transfer that balance over. So

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Speaker 1: you just need to make sure that when you transfer

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Speaker 1: the balance, that's the best case scenario that you are

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Speaker 1: approved for a balance transfer credit card that can more

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Speaker 1: than cover the balance you want to carry over. Now, unfortunately,

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Speaker 1: let's say you're only approved for a credit card that

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Speaker 1: has a thousand dollars limit on it. Now, that means

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Speaker 1: you're not going to be able to transfer over the

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Speaker 1: full two thousand, two hundred dollars, you'll only be able

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Speaker 1: to transfer one thousand dollars. But in that case, you'll

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Speaker 1: actually be able to transfer less than a thousand because

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Speaker 1: you have to account for that five percent fee, which

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Speaker 1: I think will be what fifty bucks one thousand bucks

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Speaker 1: times five percent, Yeah, fifty bucks. So that'll leave you

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Speaker 1: with some money on the other credit card. I mean,

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Speaker 1: you could argue that something is better than nothing, but

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Speaker 1: I'm just trying to lay that out as a situation

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Speaker 1: that could potentially happen. So bear that in mind. Now

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Speaker 1: you ask, like, where do you find these balance transfer offers?

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Speaker 1: Google is your friend? And I only say that because

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Speaker 1: it's going to bring you to the top you want

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Speaker 1: to get on when you're looking for a balance transfer

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Speaker 1: credit card. Those offers and deals can change quite frequently,

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Speaker 1: so you always want to be up to date on

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Speaker 1: the latest offers. You may be getting letters in the

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Speaker 1: mail from banks. I mean you can take those with

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Speaker 1: the grain of salt. Sometimes they will offer you, you know,

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Speaker 1: decent intro APR offers from you know, let's say Bank

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Speaker 1: of America or Chase. You may have got those letters

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Speaker 1: in the mail with some checks attached saying we have

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Speaker 1: an eighteen month or twenty one month promotional APR credit

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Speaker 1: card that's yours. If you want it, just apply here.

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Speaker 1: But don't just take that and let that be the

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Speaker 1: only offer that you consider. The key to making smart

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Speaker 1: financial choices and choosing products carefully is compare, Compare, compare.

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Speaker 1: There's three great sources to compare and contrast balance transfer

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Speaker 1: credit cards today that I would recommend, one being bank rate, bankgrade,

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Speaker 1: dot Com, another one is nerd while and third is

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Speaker 1: credit Karma. These are three. There are more out there,

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Speaker 1: and I say the more information the better. But credit Karma,

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Speaker 1: bank Rate, and what was the third one, nerd wallet

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Speaker 1: are three of the ogs. I mean for as long

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Speaker 1: as I was a business journalist covering credit cards and

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Speaker 1: business finance and personal finance, I means since twenty since

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Speaker 1: twenty eleven, these three have been around and been in

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Speaker 1: the game. And I also was the senior I was

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Speaker 1: the what was I content director for one of the

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Speaker 1: big competitors called lending Tree, And when it came to

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Speaker 1: really understanding our competition and other people in the game

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Speaker 1: that we're doing great work. These were the three that

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Speaker 1: we would constantly be competing with, so just putting that

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Speaker 1: out there, you want to compare and contrast. So let's

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Speaker 1: take one of those. I'm on nerd wallets right now,

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Speaker 1: and they have a whole article on credit cards where

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Speaker 1: you can pay up to no interest for up to

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Speaker 1: twenty one months. And what you'll find on these websites

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Speaker 1: usually what I like about them is they have a

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Speaker 1: nice visual comparison tape. Well, I'm looking at this on

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Speaker 1: nerd wallet right now. I see Chase Freedom Unlimited card

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Speaker 1: has a zero percent intro APR for fifteen months with

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Speaker 1: a zero dollar annual fee. That's nice. City Simplicity again

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Speaker 1: has another offer, there's only for twelve months. Wells Fargo

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Speaker 1: reflect discover It City double Cash. Pretty much every major

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Speaker 1: bank has some card where they're offering you a zero

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Speaker 1: percent introductory APR. Another common pitfall or kind of thing

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Speaker 1: to look out for when you're doing a balance transfer

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Speaker 1: and to understand is that if you have your credit

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Speaker 1: card and it's a Chase credit card, you're not going

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Speaker 1: to be able to take out another Chase credit card

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Speaker 1: and do that balance transfer. There's just not much in

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Speaker 1: it for the bank. Why would they offer you zero

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Speaker 1: percent when they're making mad money off of you. Right now,

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Speaker 1: you're going to have to go to a different credit issuer.

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Speaker 1: So you're going to have to look at Bank of America,

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Speaker 1: we Wes, Bank City, one of these other providers to

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Speaker 1: get that balance transferred. Something to keep in mind now,

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Speaker 1: the big, big, big scary thing about balance transfers, well,

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Speaker 1: other than the fact that often when people do balance transfers,

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Speaker 1: they don't actually make any payments because it feels like

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Speaker 1: a payment holiday. Well, who, I'm not paying any interest,

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Speaker 1: so why make a payment that obviously just puts you

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Speaker 1: in the same predicament twelve to eighteen months down the

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Speaker 1: line when that APR introductory rate is up and you're

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Speaker 1: gonna have to be in the same situation again looking

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Speaker 1: at a new balance transfer or this is a big

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Speaker 1: one dealing with deferred interest charges. So in some of

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Speaker 1: these agreements for balance transfer credit cards, and you want

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Speaker 1: to read them carefully, just do a control f for

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Speaker 1: the agreement and find the words deferred interest if they

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Speaker 1: have a deferred interest clause. What this can often mean

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Speaker 1: is even if you leave as little as one dollar

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Speaker 1: left on your balance once that intro period is up,

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Speaker 1: they may slap you with interest as if you always

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Speaker 1: work throughing interest on your original balance. So definitely watch

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Speaker 1: out for that. And I'm not saying that that should

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Speaker 1: you know that that has to stop you from taking

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Speaker 1: advantage of the balance transfer. But you're gonna want to

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Speaker 1: set a calendar reminder for at least two months in

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Speaker 1: advance to remind yourself this intro APR expires in a

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Speaker 1: couple of months. Make sure the balance is paid in

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Speaker 1: full before then. And if you have some balance it's

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Speaker 1: going to be left over and you're not going to

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Speaker 1: be able to pay it, then you need to definitely

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Speaker 1: make a game plan to apply for another balance transfer

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Speaker 1: card and get that balance transferred over before you are

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Speaker 1: slapped with that deferred interest. All right, Tina, I really

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Speaker 1: appreciate your question. I wish you nothing but luck and

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Speaker 1: your job search, and wish you some piece when it

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Speaker 1: comes to paying off this debt. I know it can

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Speaker 1: be really stressful. At the same time, I know you're

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Speaker 1: fully capable of paying that down and as you get

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Speaker 1: if you get that zero percent intro APR, definitely make

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Speaker 1: a game plan to be putting something toward that each month.

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Speaker 1: Looking for additional streams of income sources of income so

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Speaker 1: that you can start whittling that down, just so that

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Speaker 1: you get it off your plate. And your credit score

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Speaker 1: can improve, your credit history can improve, but most of all,

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Speaker 1: your mental health can improve, because y'all know, when you're

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Speaker 1: carrying that debt, it can just weigh on you so

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Speaker 1: so heavy. So I really empathize sympathize with you, Tina,

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Speaker 1: and just want to say good luck, happy holidays. Thank

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Speaker 1: you so much for your question. Hey, fam, that's it.

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Speaker 1: I put on a red lip for y'all, a little dark,

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Speaker 1: little vampy red lip today and showed up for y'all

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Speaker 1: because I care that much about this community that we're building.

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Speaker 1: Stay tuned from exciting updates on Brown Ambition in twenty

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Speaker 1: twenty six. I will see y'all one or two more

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Speaker 1: times before the holidays. But I hope that you are

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Speaker 1: taking care of yourself, not getting too swept up in

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Speaker 1: the holiday rigamarole, and taking some time to do some

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Speaker 1: deep breaths, fule meditation. Little time for you, little hot

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Speaker 1: girl walk you know something, to get back to yourself.

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Speaker 1: Love y'all so much, Take care, Talk to you soon. Bye,