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    Balance transfer question

    I have about 35K in cc debt that I'm currently hammering down (knocked out 5K in like 6 months). I have been playing the balance transfer game for a while to 0%’s for 12 months. Lately I’ve been getting offers for both me and my wife from a couple of cards (Discover and Bank Newport) for 3.9% for the life of the balance transfer. Given the current credit card environment (card raising rates, lowering available credit, etc), I am thinking the 0% days are coming to an end. Do you think it would be prudent to move the balances to locked in rates as the 0% promotional rates come to an end?

    I do not use credit cards anymore so I won’t screw up the balance transfer rates. I would set up auto pays so I wouldn’t forget to pay them either.

    #2
    My girlfriend got one of those 3.9% for life-of-the-balance offers. It looks pretty good, but I did note that there was not a cap on the balance transfer fee. Usually, the fee is 3% of the balance capped at $75 or $150 or something. This one had no cap. So if you transferred $35k of debt you'd pay a fee of over $1,000. It also said that "not all will qualify" for the 3.9% rate, so that means they are likely holding out for excellent credit only. Make sure you look over those terms.

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      #3
      Penfed credit union has 2.99% BT offer for the life of the loan, with a BT fee capped at $100. I just went through the process of joining Penfed and applying for the card. I got a $25K card with no problem and did the BT a few days ago. I have the cash to pay off the card but prefer to stay as liquid as possible right now, and I am beating the 2.99% with my interest checking at 4.0% APR.

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        #4
        Where are you getting a 4% interest checking??

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          #5
          Southern Community Bank: Southern Community Bank and Trust: Personal and Business Financial Services - Home

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