01-15-2013 04:50 PM
Does anyone have any cards in mind that offer a low rate on balance transfers for the life of the balance transfer?
My wife has a Sallie Mae student loan at 8.5% that is about $8k. Its been 3 years since origination and the principal is barely scratching the surface.
Besides PenFED. Their underwriting guidelines I am afraid are too picky for me even.
01-15-2013 04:59 PM
I'm not so certain such animals exist; credit cards are designed for short-term float, not extended periods (ostensibly). As a result, I suspect most if not all have a time limit associated with it.
On pretty much any installment loan, the first couple payments if you pay the minimum will barely scratch the principal; kicking extra money in during the early part of the loan can shorten it tremendously.
I'm not an expert though; there may be something out there but it'd likely be more effective to get a different loan type, secured against some sort of asset, to refinance it down if that's the goal.
01-15-2013 05:45 PM
In today's world, such thing does not exist. Low rate is promtional offer that at most 18 months before going back to original rate.
01-15-2013 05:58 PM
NavFed probably has something like that.
Find the right roomate and make it happen!!
01-15-2013 06:13 PM
PenFed had a 4.9% for life and no fee to BT but that ended 12/31 unless they extended but I have not checked.
Citi has 18 and chase has 15... Chase has been overing the Slate with the 15 months 0% but Waiving the BT Fee for first 90 days of account opening... Take that now if you can get it (Do Pre-Qual online) and get the balance down as much as you can... 15 months from now everything could be different.
01-15-2013 07:22 PM
01-15-2013 07:28 PM - edited 01-15-2013 07:29 PM
I just got an offer in the mail the other day for a fixed rate for life for any BTs completed in the first three months. I think it was 8.9% and with First National Bank of Omaha. I'd look it up for you but I tossed it.
ETA: just noticed you were trying to get something lower than 8.5% so this wouldn't have been of interest anyway. But maybe it provides a data point for what kinds of things are out there.