No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@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...
@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.