This is something I've been thinking about, and I can't make a decision, so I'm hoping I can get some opinions...

I have two credit cards. One with a high interest rate, from Old Navy. I know it was a foolish thing to do, I signed up for it when I was younger and more careless, and I've got it almost paid off. There is less than 300 dollars left to pay, and I plan to have it paid off in 2 or 3 months. 

My other credit card is from Capital One, with a low interest rate. I ran it up to the whole credit limit (again, I know it was stupid) and am paying it off. I still owe about 1650 dollars on it. 

I'm wondering if I should use the Capital One card to pay off the Old Navy card, so I could pay a lower interest rate on that 300 dollars left on it. I don't know if there is a point with such a small balance... would I actually end up paying the interest twice if I used one to pay the other?

The thing that makes me hesitate is that I would run my Capital One card almost back up to the 2000 dollar limit if I did this, and I feel more comfortable having money free on that credit card for emergencies, since my emergency fund isn't very good at all right now. 

What do you think? 

 The no vote is becuse it will take you so long to pay the $1650 off you will end up pying as much or more interest

if you have to pay a fee to use one credit card to pay the other (like a cash advance transaction fee) then add up the amount of interest (on the hi % card) verses how long to pay that much - you said you'd have it paid in only 3 months: example: a 3% transaction fee for $300 = $9.  How much interest are you paying on the 300 right now? will you pay more than $9 in the 3 months?  Just remember thats 9 more dollars added to your debt with nothing to show for it (at least you have some cute clothes for your old navy debt!!)  Is there anything that would keep you from being able to pay it off in 3 months?  Can you work hard to pay it in only 2 months? - that would be the best choice, but  if you can do it without a fee then it might be a good idea, otherwise pay minimum on the low interest and knock out the hi % card ASAP then go after the low interest card.

oh - just read about your lack of emergency savings - that is a big factor, if there is any possibility you'll need that credit cushion for an emergency then don't waste it on old navy! - I too use my CC as my emergency fund so I know that feeling of dread...you'll feel a lot better about using CC's as emergency when you don't have a big balance on the CC's - I did that to pay off my car loan and finally did it (paid it off in 2 years instead of the 6 the loan was for), freeing up 250/month in my budget - that feeling of relief lingers - keep at it and you'll have that too!

And when going into a store think: "If I can't eat it, I don't need it."

Use every spare dime and dollar that you can to get rid of the Old Navy card as soon as possible, then use that monthly payment to agressively pay down the other card. You'll be surprised at how fast it will disappear if you hunker down and get it paid off. Then like Walt said, put it away and don't use it unless you absolutely have to. If you need clothes, pay cash or do without. Need to give a gift? Make it, give of your time as a gift, or plead poverty. Right now your main focus is getting rid of debt. Then afterwards you should have the spare cash to buy nice things.  Edey

Kim_150:

would I actually end up paying the interest twice if I used one to pay the other?

I voted "no" for all the reasons expressed by the other members, but also because Capitol One is known for its somewhat sharkish tactics. If I were you, I'd be very careful about putting any more on that card. 

Edey:

Use every spare dime and dollar that you can to get rid of the Old Navy card as soon as possible, then use that monthly payment to agressively pay down the other card. You'll be surprised at how fast it will disappear if you hunker down and get it paid off.

This is exactly what I've been doing. I'm snowballing the payments for all my debts until I get to the big student loan, and can start tossing a huge monthly payment in that direction. The Old Navy card has already been shredded and thrown away, and the account is closed. I just need to pay the balance down.

Now I'm a little worried about my Capital One card. I've had it for 4 years with no problems at all, even using it in other countries. I always thought their service was great and I wasn't aware of any unethical things they've been doing.

Kim_150:

Now I'm a little worried about my Capital One card. I've had it for 4 years with no problems at all, even using it in other countries. I always thought their service was great and I wasn't aware of any unethical things they've been doing.

My daughter had a Capitol One credit card and forgot to make a payment so it was due the day she remembered. Since they offer payments by phone, she called them and they charged $10 for the call.  The $10 put her over the limit and they charged her $35 for that. She had lost her job so she asked to lower her interest rate, they wouldn't talk. They then added some mysterious "service fee" in the amount of $75. They then added $15 every month for unasked for "credit protection" and life insurance (which they would collect!). She had to fight to get them to remove it.

She didn't use the card for quite some time, but was making regular payments. They sent a letter than if she used her card, her account would be considered "active" but when she tried to close the account, they refused to until the balance was zero. They were not cooperative in any way. 

After that, I went looking and discovered that this is normal procedure for them. If you really want to know, go to Google and type in "Capitol One credit card complaints." Here's one: Capitol One - Low Limit, High Charges

Good grief! Those are some scary stories, Pat.

Joyous:

Good grief! Those are some scary stories, Pat.

I neglected to say that I found an article on a finance site that pointed out Capitol One as having "strong arm" tactics. I can't remember the name of the site where I found it, though.