1 of my cc companies is offering a a 0.00% APR on transferred balances through 2/1/08. After that my purchase rate applies. Of course there is a 3% balance transfer fee (which on $5K I figure is $150 or so). If I take this balance to my other card, I go from a 24.24% APR to 17.15% APR. The balance on my lower rate however basically is going to double to $10K or so. Is this a wise move seeing as how I%26#039;m lowering the APR by nearly 1/3?
Credit Card Transfer?
Yes, it would be worth it- I used to work for Discover so i know all the ways to find out if you%26#039;ll save. The most obvious is that every month you are being charged $102.94 in finance charges on the 24.24% account. So, for the 6 months you have that 0% you%26#039;ll save $617.62. The only problem is that on credit accounts payments are applied to balances with low special APR%26#039;s like balance transfers first. If you were planning on carrying the balance beyond the 6 month promotion it would be definately worth it. With your combined accounts you are being charged $174.40 currently in finance charges each month-- even if they didn%26#039;t give you a special rate you will only pay $142.92, $31.48 in your pocket each month.
Credit Card Transfer? loan
Not sure I understand. How is the balance on your lower interest rate going to double to 10k?
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