nemoryer
Full Member
Cash: $ 13.35
Posts: 57
Joined: 11 Apr 2009
Location: wa
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| Credit card loan |
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I have a 0% credit card which has a balance of $6930, and this card was opened solely for this loan. It is not being used for any other purchases or transfers.
This 0% card expires in April 2009 and am told by the bank that the interest will then revert to 8.99 to 10.99% variable rate.
Amex Clear card is offering a no fee balance transfer for 6 months, but with a transfer fee of 3.99%.
Am I better off staying with the first bank, or opening the Clear card with AMEX and paying the 3.99 transfer fee?
ASSUMING I MAY NOT BE ABLE TO PAY THIS LOAN OFF UNTIL TOWARDS THE END OF 2009?
I do intend to pay this loan off some time in 2009, just don't know when.
I have excellent credit and am really hoping to find a no fee balance transfer PLUS a no fee transfer fee but they are very hard to find, except for IBERIA BANK which I've never heard of before.
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Sat Apr 11, 2009 5:05 pm |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Either way you look at it, your paying extra interest for the revolving balance. Do whatever it takes to pay the balance off. Get another job, sell something. Your basically throwing money out the window carrying a credit balance. The question you should ask yourself is how much will this loan end up costing you in the end, when you could have saved up the cash and payed no interest.
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Mon Apr 13, 2009 4:10 pm |
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nemoryer
Full Member
Cash: $ 13.35
Posts: 57
Joined: 11 Apr 2009
Location: wa
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| Credit card loan |
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THANK YOU VERY VERY MUCH for that great advice. Yes, I have some emergency money and I can pay it off. You gave me the incentive to do the right thing.
I do not want to keep on paying interest.
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Mon Apr 13, 2009 6:46 pm |
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kdesai
Member
Cash: $ 3.60
Posts: 18
Joined: 06 Apr 2009
Location: Illinois
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| Re: Credit card loan |
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quote:
Originally posted by nemoryer
I have a 0% credit card which has a balance of $6930, and this card was opened solely for this loan. It is not being used for any other purchases or transfers.
This 0% card expires in April 2009 and am told by the bank that the interest will then revert to 8.99 to 10.99% variable rate.
Amex Clear card is offering a no fee balance transfer for 6 months, but with a transfer fee of 3.99%.
Am I better off staying with the first bank, or opening the Clear card with AMEX and paying the 3.99 transfer fee?
ASSUMING I MAY NOT BE ABLE TO PAY THIS LOAN OFF UNTIL TOWARDS THE END OF 2009?
I do intend to pay this loan off some time in 2009, just don't know when.
I have excellent credit and am really hoping to find a no fee balance transfer PLUS a no fee transfer fee but they are very hard to find, except for IBERIA BANK which I've never heard of before.
Well, it depends on how much interest would AMEX charge you. Is it a 0% for 6 months? If yes, I would transfer the balance, pay the transfer fee and then pay off the balance prior to the expiration of the 6-month period. Meanwhile, put your own money in a 6-month CD if you have any savings.
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Mon Apr 13, 2009 11:05 pm |
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saihemanta
Contributing Member
Cash: $ 6.30
Posts: 31
Joined: 02 Feb 2009
Location: New Delhi
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Thank you very much for sharing your credit card issue. I read this complete post and come to know about your credit card interest rate. I think Please contact any financial consultant they will guide you proper regarding this issue [edit]
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Fri Apr 17, 2009 12:30 pm |
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unsecuredmoneygroup
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 21 Apr 2009
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I have heard of banks that will give you almost what you're looking for. That's sort of proprietary information considering I employ that knowledge professionally but I can guarantee that a bank like that exists. Dig deep, lots of research, phone calls, face to faces. Most of the banks have changed their balance transfer fee structures and removed any caps they once had on fees. The best you'll find is a 0% balance transfer with a capped BT fee of 75 dollars.
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Tue Apr 21, 2009 9:54 pm |
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