cancel
Showing results for 
Search instead for 
Did you mean: 

Xferring Installment Loan to 0% APR Citi Card

tag
Anonymous
Not applicable

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...

Message 21 of 22
DI
Super Contributor

Re: Xferring Installment Loan to 0% APR Citi Card


@Anonymous 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
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.