So CC1 is offering a 2.99% APR for balance transfer. I have until March 31, 2018 to make the transfer and then the rate is good until March 31, 2019. After that, the transferred funds will be subject to whatever the variable rate will be at that time.
If I transfer the balance from CC2 to CC1, I have one year to pay off the entire balance, which as it stands now, is just under $20k.
Here is the promotion:
"Lose some rate with an introductory/promotional rate as low as 2.99% APR* on balance transfers through March 31, 2018. Just transfer the balance from a non-VyStar credit card. If you donāt have one yet, apply by phone or at any VyStar branch. The special low rate will apply to qualified balances until March 31, 2019. After that, your standard variable or non-variable APR will apply to any remaining balances. And, of course, there are no annual fees, no transaction fees, and absolutely no inactivity fees. Saving money is sure to make your new year happier."
Here is the small print:
"* APR=Annual Percentage Rate and is current as of January 1, 2018. Introductory/promotional rate is valid on balance transfers from non-VyStar loans/credit cards through March 31, 2018. All loans subject to approval and actual rate may vary and is based on an evaluation of the individualās credit history. Rate on unpaid balances returns to standard variable or non-variable APR (currently as low as 10.35% - 14.75% APR) on April 1, 2019. Programs, rates and terms are subject to change at any time without notice. Certain restrictions apply. Balance transfers and cash advances do not earn rewards points or cash back. Business and Savings Secured VISA cards are not eligible for this promotion."
If it were you, would you go for this offer?
Need Some Advice
January 2nd, 2018 at 12:02 am
January 2nd, 2018 at 12:17 am 1514852237
How will the card apply your payments? Old money before the transferred money?
January 2nd, 2018 at 04:32 pm 1514910739
I would probably pay minimum on CC1 until I could then pay off CC2. The amount I would take from EF would depend how much I had and how stable my job was.
I would look for some online credit card payoff calculators. None of them will be perfect plugins for your scenario, but they might help you understand how the interest will compound and how fast you could pay things off.