To keep BT or to Personal Loan it?

[Creditaddict]

This of course all started in my mind when I found out I couldn't BT more than $15k to Chase!!

Personal Loans seem to be available in the 10-20%+ area for 60 months or 12-18 months at 0% but most besides some credit unions and Slate are 3% to move...

Lets assume needing a full 60 months to pay off, at what ineterest rate on a personal loan am I now paying more than just continueing to move around?

I feel like that number is somewhere around 15%
The other thing is if it's devided up on 3 or 4 credit cards I feel like the lower monthly payments vs 1 large payment to personal loan will also effect the total outcome....

Am I looking at this correctly? maybe if I set up auto pay based on a 60 months pay off regardless of payment then it would come out the same and just keep transferring as I need and reset the payment based on the original 60 minus how many months I am into that do make sure I'm always paying enough... sometimes I feel like it would be worth paying higher interest rate just to have 1 fixed payment that i coudl set and not worry each month!

[Creditaddict]

OR see if I can consolidate the 2 navy cards over to the cash rewards that is at 9.65% and just put it all on that card! most of it already is.... hmmm

[maceto]

Why not add a citi card for BT (remainder of owed) or a credit union, a few will allow you to BT for 18-36 months for 5% or so

[Creditaddict]

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@maceto wrote:
Why not add a citi card for BT (remainder of owed) or a credit union, a few will allow you to BT for 18-36 months for 5% or so

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you mean penfed for the 36 months? that would be amazing but they seem to be very big on "Pyramid" denying!

we have a citi but that would go into the pile with the others that are 3-4% to BT and only like 12-15 months.

[maceto]

You would need to keep opening a card or two a year.. Pyramiding.. https://www.rbfcu.org/NB/html/Loans/credit_cards.htm currently no transfer fee, APR is low and only 12 months. But you need to bite the bullet to some extent

[user5387]

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@Creditaddict wrote:

This of course all started in my mind when I found out I couldn't BT more than $15k to Chase!!

Personal Loans seem to be available in the 10-20%+ area for 60 months or 12-18 months at 0% but most besides some credit unions and Slate are 3% to move...

Lets assume needing a full 60 months to pay off, at what ineterest rate on a personal loan am I now paying more than just continueing to move around?

I feel like that number is somewhere around 15%
The other thing is if it's devided up on 3 or 4 credit cards I feel like the lower monthly payments vs 1 large payment to personal loan will also effect the total outcome....

Am I looking at this correctly? maybe if I set up auto pay based on a 60 months pay off regardless of payment then it would come out the same and just keep transferring as I need and reset the payment based on the original 60 minus how many months I am into that do make sure I'm always paying enough... sometimes I feel like it would be worth paying higher interest rate just to have 1 fixed payment that i coudl set and not worry each month!

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Personal loans are typically installment rather than revolving, and the utilization is treated differently.

[trzarocks]

Do you have a suitable car with equity that you can put up as collatoral?  Auto loans have lower APRs.  A local CU near me refi's at 5%.  They are marketing it as a way to pay down credit cards.  You can probably do much better than 5%.  But if your alternative is 3x that interest rate, the savings would allow you to pay off the loan much faster.  

[Creditaddict]

Cars are leased

[navajomyst2003]

Barclays Ring MC currently has 8% and no balance transfer fees.  In fact, one version offers a 1% statement credit for BTs in first 90(?) days.  You would be hard pressed to find a personal loan with that kind of rate.

[Creditaddict]

1 of the cards to consolidate would be a USAir card so Barclay will not give my partner anymore... In fact they CLD practically after getting the card year and half or so ago