One take that 99.00 divide it by 5 months (20.00 a month the interest you are paying now maybe lower then the fee divided by the months. )Even though it says 1/2009 it only mean December. I got caught on that one a few years back.
I wouldn't be able to pay it off in the 5 months. I would have to find another transfer offer. That's what has kept me from doing this. But I seem to always be getting these offers. The only way I could lose, I *think*, is if I can't find one with a reasonable transfer fee, and end up paying close to what I would've paid anyway in interest. That's the catch.
My situation is similar to yours, Kris, and what keeps me from making a move is the fear that I won't be able to get an offer good enough with the high limit I want.
I think most of the time each balance you transfer is considered a separate transfer, so you pay the transfer fee for EACH balance transferred.
I was researching this on Bankrate.com today and they suggest 1. calling the company that has the offer and negotiate the transfer fee -- I had no idea you could try that! You could ask them to give you a break on the fee if you are transferring a large amount. OR
2. And this is what I would do -- use the transfer check as a deposit into your account for the amount that covers all three balances. They you are only hit once with the fee but you can pay as many accounts as you want.
Hi, Kris. I agree with Danni. Example: DH and I moved a combined amount (i.e., $11K and change) to a fixed rate of 5.99% until 2010. Yes, I got an offer for 0% until something like Jan '09, but then what? Variable? Anyway, also got another offer with a CC for a transfer to a "new" card (I think B of A) with a 30K limit, at 8% interest. Problem is, if I would have chosen that, it would have opened up another card, and then, the credit would be "maxed out" in the eyes of lenders, car loan folks, etc., i.e., too much credit. Does that make sense? I think I paid something like $100 transfer fee, but to me, it was worth it, as I can now start chipping away at the entire balance, not just a portion of it. There is about $700 of it that was at the 18% interest. For what, I cant remember, but what I pay wasnt going to it. It's like DH's AMEX. He has that one portion (airline tickets, I think) that is at a higher interest rate, than the rest. With the banks strapped financially, and the mortgage interest rates sneaking upward, I would consider
they will sell off the mortgages most likely so you are ok there. Credit cards you could lose the cheap interest on them. if they are sold off. I would just go with a bank that hasn't got that many loses for the time being.
As Julia Roberts said in Pretty Woman " I am a safety girl"
I used to have my saving account in Net Bank There were other net banks that were going under off the net at the time so I got scared and moved what little I had to a credit union.
All my best,
Danni
Ok understand I am dollar and cents kinda girl.
One take that 99.00 divide it by 5 months (20.00 a month the interest you are paying now maybe lower then the fee divided by the months. )Even though it says 1/2009 it only mean December. I got caught on that one a few years back.
I wouldn't be able to pay it off in the 5 months. I would have to find another transfer offer. That's what has kept me from doing this. But I seem to always be getting these offers. The only way I could lose, I *think*, is if I can't find one with a reasonable transfer fee, and end up paying close to what I would've paid anyway in interest. That's the catch.
Kris
My situation is similar to yours, Kris, and what keeps me from making a move is the fear that I won't be able to get an offer good enough with the high limit I want.
I have a question for anybody regarding balance transfers.
If you transfer just say, 3 cards to one card do you have to pay a transfer fee for the total amount up to max of $99.
I think most of the time each balance you transfer is considered a separate transfer, so you pay the transfer fee for EACH balance transferred.
I was researching this on Bankrate.com today and they suggest 1. calling the company that has the offer and negotiate the transfer fee -- I had no idea you could try that! You could ask them to give you a break on the fee if you are transferring a large amount. OR
2. And this is what I would do -- use the transfer check as a deposit into your account for the amount that covers all three balances. They you are only hit once with the fee but you can pay as many accounts as you want.
they will sell off the mortgages most likely so you are ok there. Credit cards you could lose the cheap interest on them. if they are sold off. I would just go with a bank that hasn't got that many loses for the time being.
As Julia Roberts said in Pretty Woman " I am a safety girl"
I used to have my saving account in Net Bank There were other net banks that were going under off the net at the time so I got scared and moved what little I had to a credit union.