One other debt, K-Designs (GEOnline card) Account. I had it closed. I owe them for sliding doors I had put in in 2004. Balance owed 1488.34 down from 4600.00. Maybe I will try to get another SCEL from the FCU. I can put both those debts (Target and GEOnline) onto their 13% instead of 22% Target and 18% GEOnline. I’ll see, but even if no more SCEL, I can pay those more heartily with this freed up amount….
Can anyone tell me how you tell if a balance transfer is worth it? I have three cards two with rather small amounts and one large card. The interest rates vary from 6.99 on the smallest to 16.99 on the largest. I have a plan to pay off the smaller amounts within a few months and I’m shooting for three years on the largest. I was offered a zero percent until 2010. If I can get enough credit to transfer and there is a three percent balance transfer fee is it worth it?
I know that Chase has a calculator for cardholders, but I don’t know of any others. You might try and google it. But, what does the interest rate go to after the transfer period is over? How much are you paying in interest right now? Is there a cap to the 3% transfer fee? If no cap, I wouldn’t transfer the smaller amounts, but if the after promo rate jumps to a high rate, you will lose any savings you might have gotten.
I’m wondering if I figure out how much I could pay in a year and just transfer that. So even though I have to pay the three percent that beats the 16.99 that I’m paying in finance chanrges now. The hard part will be changing years of buy it now because I want it thinking into if I want it I need to save up the cash.
Thanks for your posts. You should be working to not be in debt at all, paying convenience card interest is almost like throwing money away. If you can pay off you debt then you win by not paying interest money to a bank.