in need of balance transfer opinion

[wolverine1975]

I have 2 Accounts that i'm thinking about transferring. Both are still in the 0% interest until November. Would it be wise to transfer them both 2 my BOA CARD now? that's offering a 0% interest until March of 2016 @ 3% transfer fee. Both Chase Freedom & Discover it has a balance of $2700 apiece. My BOA has A limit of $10,000 but i have to accept the offer by October. I've never done a BT before, I Just like the idea of only making a single payment. Would the 2 CCC's be upset that i balance transferred 2 BOA? Still being in the 0% interest period come October. Ahh...  almost forgot, there's $2100 already on BOA. Thanks in advance for all help and advice.

[1GaDawg85]

I'd maximize the 0% purchase interest on both cards till the very end then move

[jsucool76]

does the card offering the balance transfer also have an intro 0% APR currently, or is it standard APR? 

If it is standard APR, the balance transfer will not really help you. You would continually accrue interest on your current balance ($2100) and any minimum payment you made would be applied only to the 0% balance transfer. 

Say your minimum payment is $25 

You have a 5400$ balance at 0$ 

and a $2100 balance at your standard APR (we'll just say its 15.99% for the hypothetical situation) 

if you pay $25, you take your $5400@0% down to $5375

however your balance subject to your standard APR ($2100) stays the same. 

If you pay $50 (With a minimum of $25)

your $5400@0% will go to 5375

and your balance subject to standard APR ($2100) will be decreased to 2075. 

IE: Only money in EXCESS of the minimum payment will be applied to the higher APR balance, minimum payments are applied to the LOWEST APR balance

At least thats how it was explained to me when I did my BT a few years back

Also, your first payment would need to be the minimum payment PLUS the cost of the balance transfer fee (as BT fees are not subject to promo interest rates afaik) 

[wolverine1975]

Thanks for the responses thus far. But yes the BOA is still in the no interest period until mid to late October, that's why I believe they're pushing this offer alot. Funny thing is, I just checked the mailbox, and received another letter just now. Also, can anyone tell how this will look to discover and chase. I don't want any back lash. Thx

[jsucool76]

Doubt they'll care. They still got paid.

[Anonymous]

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@jsucool76 wrote:
Doubt they'll care. They still got paid.

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Pretty much this. They get the money; it doesn't matter to them where it comes from.

The only thing I see being an issue is that you already have a balance on the card. I tpyically don't like to do a BT to a card unless it has a $0 balance. That way, you don't get into the whole mixed APR thing. In the long run, I think that hurts you.

[taxi818]

Of course they won't be upset. thats how you play the game. don't pay any interest . milk it until the last day. then transfer before interest hits. gives you a fresh 15 months. hehehe

. but 5400 dollars combined 3 percent is 162.00. The Question? will you be paying that much in interest before you pay off. if not . just pay the bills down. and get it over with. you will feel a whole lot better.

[jsucool76]

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@taxi818 wrote:

Of course they won't be upset. thats how you play the game. don't pay any interest . milk it until the last day. then transfer before interest hits. gives you a fresh 15 months. hehehe

. but 5400 dollars combined 3 percent is 162.00. The Question? will you be paying that much in interest before you pay off. if not . just pay the bills down. and get it over with. you will feel a whole lot better.

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Not to mention the interest that would be accrued for the balance that already exists on the BT card. 

[rlx01]

Payments are always applied to the highest interest balance first in a promotional period.