I'm looking in to transfer the balance of a 16.99% APR credit card to a card with a 6 month 0.0% introductory rate. The balance is at around $2,300. The cards I've been looking at all appear to have a 3% or a 4% balance transfer fee. And there's also potential for the rate to jump higher than I'm paying right now.
What I'm looking for is confirmation that my calculations are right, and that a 4% balance transfer would wipe out my first three months of interest savings from my current card, and that with the potential of any unpaid balance at the end of the 6 month intro spiking up to 19.9% or 21.9%, that I'm better off sucking it up and sticking with my current 16.99% fiasco.
Hopefully I've explained myself clearly enough. If not, let me know,and I will try to clarify.
What I'm looking for is confirmation that my calculations are right, and that a 4% balance transfer would wipe out my first three months of interest savings from my current card, and that with the potential of any unpaid balance at the end of the 6 month intro spiking up to 19.9% or 21.9%, that I'm better off sucking it up and sticking with my current 16.99% fiasco.
Hopefully I've explained myself clearly enough. If not, let me know,and I will try to clarify.
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