New Member
Posts: 6
Registered: ‎08-19-2008

Should I Balance Transfer?? Advice would be greatly appreciated

Hey Guys,

This is my first post. I am a 23 year old and I am trying to payoff my debt to start saving for a down payment on my first home.   I have never been late on a payment and keep constant tabs on my finances, but I definitely would appreciate some feedback.

Here is my outstanding Debt


Account     Balance        Limit            Ratio    Actual      Promo           BT

Citi                $5,593.70    $9,000.00    62.15%   8.99%    

Discover         $611.42        $750.00   81.52%    9.99%   0% 02/09     08/19/2009      

Amex Blue     $376.54     $1,000.00   37.65%   15.99%    0% 01/27/09    N/A  

Macys                $0.00         $800.00        0%       X                     X                 X    

Merryl Lynch      $0.00      $5,000.00       0%     9.99%           N/A                1.99% 08/09


Citizens Auto   $0.00          $14,000      4.99%

I will definitely have the Discover/ Amex cards paid off by the time the promos end.

My main concern is the high balance on the Citi card. I recently called and balance transferred my Car balance with no transfer penalty at 3.99% for the duration. This is the breakdown of the Interest Rates.

$2,443.70 -> 2.99%. Promo Expires 02/23/2009

$3,150.00 -> 3.99% BT – Duration   

I have a Merrill Lynch Card I opened with a Balance Transfer offer of 1.99% until 08/09, cap of $75 fee.  Do you think it’s worth balance transferring to the ML Card? Should I attempt to get a 0% card.

New Member
Posts: 6
Registered: ‎08-19-2008

Re: Should I Balance Transfer?? Advice would be greatly appreciated

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