Got my balance transfer done

iVillage Member
Registered: 01-25-2006
Got my balance transfer done
3
Wed, 02-08-2006 - 11:47am

Happy to report that I got my remaining CC balance (around $10k) transferred to a 1% rate until 11/06 w/a $75 transfer fee last night. This should allow me to easily pay it all off. I looked at opening a new Discover Card that would give me 0%/no transfer fee for 13 mos. but decided I didn't really need that long and didn't really want to open more credit. Now it's on to figuring out my taxes and continuing to work on selling a chunk of my Longaberger collection. Both things could substantially effect how soon I can be out from under this and my car payment. Still planning to hit the end of the year on both. Then it's on to the mammoth student loan....

Peg

Avatar for endomagazine
iVillage Member
Registered: 11-09-2004
Thu, 02-09-2006 - 12:34am

Hello Peg,

Congratulations on lowering that interest rate with a balance transfer. Yes, you have to pay that $75 fee, but for every transfer I've done, I immediately send a payment for the fee even before my statement comes in (cuz most cards let you check the account online). Lower interest rates will make that snowball even more effective!

Sincerely,
Lindsey Schocke

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 02-09-2006 - 10:10am
Congrats Peg - that's terrific news!

All my best,
Danni

iVillage Member
Registered: 01-25-2006
Thu, 02-09-2006 - 11:47am

Yep, that's my plan too Lindsey. The transfer fee is actually equal to a min payment I would've been making this month anyway so I'm just waiting to make sure the transfer posts before the due date on that card and then I'll apply that money over to cover the transfer fee.

It's a relief and I'm also glad I made myself call. Just more in the practice of taking care of this stuff instead of ignoring it.

Peg