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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.