topic Re: Balance transfer question. in Credit Cards

Balance transfer question.

Anonymous — Sun, 15 Jul 2018 14:57:50 GMT

Question about a balance transfer I am considering. I have been carrying a balance on my Amex Everyday card. Car repair stuff. I have Zero interest until October. I have been paying it down at 500-800 per month and at that rate will have the balance paid off before the zero interest period expires. All other cards are auto PIF every month.

I would like to possibly change jobs in the next couple months and want to boost my savings as a buffer should something unplanned for occur. So my plan is to BT this last approximately 3k from my Amex to another card and stretch out repayment. Use the extra that was going to pay it down for a larger savings buffer.

Disco is offering 12 months zero with 3% fee. But, I would be at 60%+ usage after the BT. (Maybe that will get them to give me a CLI.) There are also many new cards I could ap that have good intro BT. Or do I just stick with my plan to pay down the card prior to October deadline and hope the transition period goes smooth?

Thoughts?

Re: Balance transfer question.

SouthJamaica — Sun, 15 Jul 2018 14:59:12 GMT

@Anonymous wrote:
Question about a balance transfer I am considering. I have been carrying a balance on my Amex Everyday card. Car repair stuff. I have Zero interest until October. I have been paying it down at 500-800 per month and at that rate will have the balance paid off before the zero interest period expires. All other cards are auto PIF every month.

I would like to possibly change jobs in the next couple months and want to boost my savings as a buffer should something unplanned for occurs. So my plan is to BT this last approximately 3k from my Amex to another card and stretch out repayment. Use the extra that was going to pay it down for a larger savings buffer.

Disco is offering 12 months zero with 3% fee. But, I would be at 60%+ usage after the BT. (Maybe that will get them to give me a CLI.) There are also many new cards I could ap that have good intro BT. Or do I just stick with my plan to pay down the card prior to October deadline and hope the transition period goes smooth?

Thoughts?

I vote for sticking with your plan to pay down the card and hope the transition period goes smoothly.

The Discover balance transfer offers are usually there, and if you need some dough you could take it when the need arises.

Re: Balance transfer question.

Anonymous — Sun, 15 Jul 2018 15:25:16 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Question about a balance transfer I am considering. I have been carrying a balance on my Amex Everyday card. Car repair stuff. I have Zero interest until October. I have been paying it down at 500-800 per month and at that rate will have the balance paid off before the zero interest period expires. All other cards are auto PIF every month.

I would like to possibly change jobs in the next couple months and want to boost my savings as a buffer should something unplanned for occurs. So my plan is to BT this last approximately 3k from my Amex to another card and stretch out repayment. Use the extra that was going to pay it down for a larger savings buffer.

Disco is offering 12 months zero with 3% fee. But, I would be at 60%+ usage after the BT. (Maybe that will get them to give me a CLI.) There are also many new cards I could ap that have good intro BT. Or do I just stick with my plan to pay down the card prior to October deadline and hope the transition period goes smooth?

Thoughts?
I vote for sticking with your plan to pay down the card and hope the transition period goes smoothly.

The Discover balance transfer offers are usually there, and if you need some dough you could take it when the need arises.

Re: Balance transfer question.

Anonymous — Mon, 16 Jul 2018 00:41:07 GMT

IDK what you're driving, but if repair costs equals about $7K. I'd have opted for buying an all new one. lol

But ditto what other have said, I think it wise to just continue the pay off rather than another BT. Or you may find yourself BT addicted.

I see a lot od posts about people using BT's left and right.

Re: Balance transfer question.

Anonymous — Mon, 16 Jul 2018 01:12:18 GMT

@Anonymous wrote:
IDK what you're driving, but if repair costs equals about $7K. I'd have opted for buying an all new one. lol

But ditto what other have said, I think it wise to just continue the pay off rather than another BT. Or you may find yourself BT addicted.
I see a lot od posts about people using BT's left and right.

Repair costs were not all incurred at one time. Nevertheless, I have probably sunk more into it than I should have.

I have decided to just pay down the card. I still have a good cash buffer currently.