OUCH!! Just realized how much interest
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OUCH!! Just realized how much interest
| Mon, 11-01-2004 - 9:51am |
I'm paying per month on my highest balance credit card - $102.27. My minimum is $117. I think I'm going to wait for a 0% offer from the card I'm paying off next month and transfer the balance. At least I won't be wasting $100 per month.
Does this sound like a good plan?
Sam
Signatures On
| Mon, 11-01-2004 - 10:01am |
I think it's pretty common to have the minimum set just above the amount of interest accrued each month. A zero percent offer is good, as long as you read the fine print. Some offer 0% and then after a few months (or if you are ever late on a payment), they hike the interest rate to 23.99% - which is fine if you can pay the balance in full before the interest rate goes up and you always pay on time. Some charge a fee for transfering the balance - which is fine if it's a lot less than you'd pay if you didn't transfer. Sometimes they charge 0% for balance tranfers, but a high interest rate on purchases, and they always apply payments to the low interest balances first - and that is fine if you are going to transfer the balance and not charge anything on the card. What you don't want to do is transfer and end up paying more in interest than you would otherwise have had, because you charged on the card, were late on a payment, couldn't pay the balance in a few months, etc.
| Mon, 11-01-2004 - 4:01pm |
Go online to Capitol One. They have a 0% for transfers for a long time, then 8.9% fixed.

