- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
pay the 3% transfer fee or drain my savings?
Posted on 5/31/14 at 2:40 pm
Posted on 5/31/14 at 2:40 pm
I have about a 9000 balance on 2 credit cards that that have a 0% promo ending in June. I have 10500 in savings (my emergency fund) I could pay them off and build my savings back up or transfer the balance to a citi card that I have and have 0% for 15 months, but I'd have to pay 3% transfer fee. I built my savings up in about 9 months so I can do it again no problem. But I could also wait easily pay off credit card in 15 months as well. Any chance citi would waive transfer fee? I've been with them for 9 years and have no balance with them at the moment.
Thoughts?
Thoughts?
4
Posted on 5/31/14 at 2:53 pm to LSU6262
See if you get them to drop the fee to 1%, would cost you $90 and you would still have an emergency fund. Tell Chase that AMEX is offering 0% with no balance transfer fee (I've got three offers in the past 4 weeks so Chase would be aware of AMEX offers.
Posted on 5/31/14 at 2:57 pm to LSU6262
3% for 15 months of no interest still isn't a bad deal. It doesn't hurt to call Citi and ask them to waive the fee - I'd be pretty surprised if they were to do that but they might reduce it to 2% for a long-standing customer.
Another possibility is to get a card that offers 12+ months of 0% APR in purchases only. Use your savings to pay off the other balances, but make the minimum payments on the new card while you build savings back up. If an emergency happens while you're doing this, just charge it on the new card. It's 0%, after all.
Of course, at some point you'll need to get to a point where you can simply pay off everything and not worry about the hit to your savings account but if you keep saving money (and not paying interest on cards) you should get there eventually.
Another possibility is to get a card that offers 12+ months of 0% APR in purchases only. Use your savings to pay off the other balances, but make the minimum payments on the new card while you build savings back up. If an emergency happens while you're doing this, just charge it on the new card. It's 0%, after all.
Of course, at some point you'll need to get to a point where you can simply pay off everything and not worry about the hit to your savings account but if you keep saving money (and not paying interest on cards) you should get there eventually.
Posted on 5/31/14 at 2:57 pm to LSU6262
quote:
Thoughts?
Are you sure you won't be in the same predicament 15 months from now?
I think that is the key question you need to answer.
This post was edited on 5/31/14 at 2:58 pm
Posted on 6/2/14 at 11:52 am to LSU6262
3% is still a pretty good deal for an interest free $10,500 loan
just make sure you have every intention of paying it off
Also, I would not wipe out my emergency fund to pay off what could be an interest free loan.
just make sure you have every intention of paying it off
Also, I would not wipe out my emergency fund to pay off what could be an interest free loan.
This post was edited on 6/2/14 at 12:10 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News