I am confusing myself

iVillage Member
Registered: 04-12-2007
I am confusing myself
6
Sat, 09-06-2008 - 3:27pm

I have 2 pretty good balance transfer offers on existing cards for the life of the balance

iVillage Member
Registered: 11-17-2007
Sat, 09-06-2008 - 4:11pm

what is the new interest rate 7.09 or what and what is the old interest rate?


Mary Ann


Maybe I can help you figure it out.


Forget about the 99.00

iVillage Member
Registered: 11-17-2007
Sat, 09-06-2008 - 4:39pm

I ran up 3485.00

iVillage Member
Registered: 04-12-2007
Sat, 09-06-2008 - 5:13pm

You are below $21k - hooray, Mary Ann!!!!!!

iVillage Member
Registered: 11-17-2007
Sat, 09-06-2008 - 6:43pm

I got one of my bills

iVillage Member
Registered: 01-25-2006
Sat, 09-06-2008 - 7:21pm

I used the loan calculator at bankrate.com to calculate these figures:

$3485 @ 7.09% interest for 13 months = 144.19 in interest pymt = $279.29
$3485 @ 1.99% interest for 13 months = 40.14 + $99 transfer fee pymt = $271.20

Looks like a wash to me. If you had any thoughts that the 13 months wasn't realistic though, the transfer would probably start to win the race.

Peg

iVillage Member
Registered: 04-12-2007
Sat, 09-06-2008 - 9:18pm

Thanks very much, Peg.