Balance Transfer Worries.............

[Kimmiee78]

Thanks everyone for your responses.   As luck would have it, I received a GREAT offer from Chase for a balance transfer.. I could either do 0% until June 2010 or  3.9% until May 2011 !   I do have an account with them that has an available $18,000 limit - which is what they are letting me use for this special offer.  I feel really fortunate to be given a great offer like this considering how the banks are being lately...

Thanks again! 

Kimmy

[Anonymous]

I joined penfed a couple of weeks ago and they offered me a 5k CL - got a balance transfer offer of 5.9% for the life of balance. Currently they have 4.9% for 24 months. Psecu if you qualify has 3.9% for 18 months

[creditwherecreditisdue]

I don't know what I think about the development of the 24 month BT for 4.9% vs. 5.9% forever. I suppose it is OK. Hopefully they will still have 2.99% forever next year for a few months. I guess we will have to wait and see!

[Uborrow-Upay]

Congrats, Kimmy!

Thanks for the update, and glad it's all working out for you now!

[jkfaria]

WOW, who would ever have thought - CHASE to the rescue!!!

Congrats, and best of luck!!

[haulingthescoreup]

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Kimmiee78 wrote:

Thanks everyone for your responses.   As luck would have it, I received a GREAT offer from Chase for a balance transfer.. I could either do 0% until June 2010 or  3.9% until May 2011 !   I do have an account with them that has an available $18,000 limit - which is what they are letting me use for this special offer.  I feel really fortunate to be given a great offer like this considering how the banks are being lately...

Thanks again! 

Kimmy

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That sounds perfect!

One thing --when that $17K balance posts on an $18K CK, your individual util is will be incredibly high. If you have any cash lying around and can accelerate payments for the first few months, to get it down several thousand bucks, I'd try to do that. Then, whichever plan you go with, divide the $17K by the number of months to set your schedule for repayment, so you won't be hunting another BT in a year or two. If you choose the 3.9% plan, be sure to add the interest to your payment. That would very, very roughly be 3.9%/ 12 months X 17,000 per month, or $55-60 per month. Plus the actual balance reduction payment, of course.

Good luck!

[GregB]

Thought I would add two things:

1. Make sure your balance is $0 on the Chase card before you do the BT.

2. Don't forget to add the BT fee in to the total. Probably 3% with a $249 cap.

I just did a BT with Chase for $19,000 against a $20,000 CL. Now I owe them $19,249.

[Kimmiee78]

Thanks everyone for your responses.   Also, thanks Greg for the tips.

I received balance transfer 'checks' in the mail - and plan on writing one to myself , depositing it and then making a large payment towards my BoA account.

And I did confirm that I do not have a balace on my chase account at this time..  I have $17000 avail -  my BoA is $18000 that i owe - so I am considering paying a large chunk of that card and then paying off a couple small high interest cards I have lying around.

[DI]

Congrats Kimmie on receiving the BT offer from Chase.  We now know Chase isn't chasing everyone away. 

[creditwherecreditisdue]

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@Kimmiee78 wrote:

Thanks everyone for your responses.   Also, thanks Greg for the tips.

I received balance transfer 'checks' in the mail - and plan on writing one to myself , depositing it and then making a large payment towards my BoA account.

And I did confirm that I do not have a balace on my chase account at this time..  I have $17000 avail -  my BoA is $18000 that i owe - so I am considering paying a large chunk of that card and then paying off a couple small high interest cards I have lying around.

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If you are doing this from a Chase account make sure you are up to speed on your latest Cardholder Agreement terms before you write that check to cash or yourself.