Is this a good move or not?
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Is this a good move or not?
| Thu, 12-30-2004 - 11:09am |
We got an offer in the mail for a Chase MasterCard with 0 percent on balance transfers through March 2006. I wouldn't want to use the card for purchases at all, but I'd love to tranfer the $6,000 on our Sears card (at 22.9% interest) over to this card, and also the balance on our American Express "Sign and Travel" extended payment account ($2,700 at 27% interest) over to this new card, then work at paying it down/off before March 2006.
Does that sound like a reasonable plan? Should we then close the Sears account (we never use the card anymore) or keep it open because it's our longest-open account (about 18 years).
Any guidance would be appreciated.
Thanks.
Elizabeth

Hi Elizabeth - great questions!
All my best,
Danni
Obviously, the final decision is yours.
I personally would just at the offer of a 0% interest c/c until March 2006. We had $40K in c/c. I transferred it to a 0% interest c/c. We saved alot of money in interest. Our balance now is a little over $19K.
As for closing the other c/c, it's up to you. I can't comment on that. I haven't closed any of my older c/c. But that's my choice. I don't use them either.
MYM
That's pretty much what we did, and it has made an ouotstanding difference.
When I finally figured out that the companies didn't care WHO paid the bill, just THAT it got paid, I started looking for cards with a 0% rate. I was able to surf a few balances over and have been pounding away on them steadily ever since. I did cancel all the cards that the balances came from, even our oldest card. For us, it was because the credit cards were just too easy to go back to using.
As long as you're careful about not using the high interest cards again, I'd say,"Surf's Up!"
Lisa