Playing the numbers game.....
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Playing the numbers game.....
| Mon, 06-05-2006 - 9:57am |
We have a card that we have all of our cc balance on(under 6k)..and we have been paying it off as quickly as possible. BUT it will not be paid off before the 0% intro rate is gone. We got another offer for 0% until next june NO transfer fees. We will have paid off all of our credit card balance by next January...but I am still leaning towards the transfer just to save myself every penny of interest I can. The card it is all on right now will go to 12% once the intro rate is over. It is not a great card...it is by far our highest interest rate(our next highest is 6.99 fixed)...
I wouldn't normally transfer it but 0% and NO TRANSFER FEE(Citibank has the best offers) I am seriously considering it....
Thoughts??

If it is 0% for a whole year with no transfer fee, I say go for it.
Heather
Hello,
Personally, I would continue to move the balance to 0% apr deals as long as there is no balance transfer fee. You would save about $300 in interest charges by doing so (guesstimate). I would highly recommend cancelling the old credit card as soon as you have a zero balance statement from them.
Citibank does have pretty good balance transfer options.
Sincerely,
Lindsey Schocke
Geeks on Tap: Mission Accomplished
Okay-We are going for it!! We have already cancelled a few cards & lines of credit and are not cancelling anything else right now. If we sell the house in the next year we need somewhere to put our home equity loan if there is a balance left.
Our empty cards are all just locked up in our fire box and I check the balances quarterly to make sure there is nothing on them that shouldn't be. We recently had someone charge a $3,000 flight from the UK to the US on our card....livin' a better life than I am;-)
Thanks guys! Our goal is still to pay it off by November but this way I won't have to worry about Murphy moving in...