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Question and need opinions
| Mon, 04-13-2009 - 2:38pm |
HI there.
Well we are slowly (think turtle here) plugging away at our debt. Here is my question. I got a credit card offer for 3.99% on balance transfers for the life of the transfer, 0% APR for a year and after that a low 7-10% apr. Should I apply and see if I can transfer my higher rate balances to this card or should I forget it??
MY DH thinks I should try and see what happens.
Thanks
Kelly

Personally I think parking debt on 0% offers is shrewd.
Kelly
I make it a rule in this house to always take the life of the loan and never to do it on a card that has a balance on it already. Because I know more then most how things can happen in life.
Most of the time what I do is figure how much the fee is going to be on the transfer and borrow that to if it is a card that requires you to pay the fee with the first payment. First National Bank of Omaha is good at adding the fee to the first payment.
As it stands now in my family none of my bills are over 3.9 A couple or even 1.9 and 2.9 for the life of the loan. I can not tell you how those low interest rates can help you become debt free. Of course once I do a transfer on a card I don't use that card again until the transfer amount is paid in full.
Also to if you lock in a transfer rate I have been told my CITI, Chase, and Discovery that on the transfers once they are in place They consider them a legal contract and will or can not up your interest rate unless you miss or are late with a payment.