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Xferring Installment Loan to 0% APR Citi Card

Frequent Contributor

Re: Xferring Installment Loan to 0% APR Citi Card


Watchmann wrote:
The strategy isn't so bad, but the reason the big savings are illusory is because the OP is paying a large part of the debt with money she already has.  You don't need to do a BT to use your own money to pay down part of the debt.  The real savings in this caper has to be calculated on the $3,000 remaining debt at the current loan rate vs. $3,000 at the BT rate for 9 months.  Run that cash flow at the effective interest rates and that will give you an answer that is far less than $500.  More like $100 total savings.

+1

 

Savings is not worth it...

FICOs as of 09/2009 - TU 813, EQ 811, last known EX 797
FICOs as of 08/2009 - TU 791, EQ 809, last known EX 797
FICOs as of 07/2009 - TU 806, EQ 809, last known EX 797
Message 21 of 22
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Super Contributor

Re: Xferring Installment Loan to 0% APR Citi Card


Scout65 wrote:

Watchmann wrote:
The strategy isn't so bad, but the reason the big savings are illusory is because the OP is paying a large part of the debt with money she already has.  You don't need to do a BT to use your own money to pay down part of the debt.  The real savings in this caper has to be calculated on the $3,000 remaining debt at the current loan rate vs. $3,000 at the BT rate for 9 months.  Run that cash flow at the effective interest rates and that will give you an answer that is far less than $500.  More like $100 total savings.

+1

 

Savings is not worth it...


This may be why I didn't major in math, but I don't see how you all are coming up with only less than $100 in savings.  

Message 22 of 22