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Balance Transfers

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Anonymous
Not applicable

Re: Balance Transfers

Thank You Again,

 

                 Yes !!!!!!!!!!! Most definitely, 0% for 18 months and I can pay that off in no time say 4 to 6 mmths and then transfer again. payments from the 22k eill drop to

$445 to $220 not bad at all.

 

                                  Thank You again

Message 11 of 17
Anonymous
Not applicable

Re: Balance Transfers


@Anonymous wrote:

Thank You Again,

 

                So my understanding since i have 2 Discover Cards with a max of 5k each is 50 to 60%. That really works out at the very least I can drop the 22k to 15 or 16k. that means my payments on the 22k would drop from $445 to $300 to 320, A good savings. Wont mess with AMX .Please let me know if this sounds reasonable.

 

                                                             Thank you 

 

 


You have two Discover cards with 18 months 0% on BT's?

 

The question is, if you xfer say 3000-3500 to each of the Discover Cards, will you be able to pay them off before the 18 months 0% APR expires? If not you'll be looking at much higher interest rates than your current 2% at your CU.

 

That sounds like plan if you're sure you'll be able to pay off the BT's on or before the 18 months. You'll probably save a good amount of money doing it that way. I don't mean to scare you away from the AmEx BT, it's only because I've read so much bad about doing this with AmEx.

 

If at all possible try to pay at least 2-3X the minimum pymt on the Dicsover cards, and you should have them paid off in the 18 months.

Message 12 of 17
Anonymous
Not applicable

Re: Balance Transfers


@Anonymous wrote:

Thank You Again,

 

                 Yes !!!!!!!!!!! Most definitely, 0% for 18 months and I can pay that off in no time say 4 to 6 mmths and then transfer again. payments from the 22k eill drop to

$445 to $220 not bad at all.

 

                                  Thank You again


Ok, I was posting my reply as you posted this, if you can do what I highlighted in red, you're golden. And I think Discover would see a great pmnt history with them and possibly give you some luv when you ask for a CLI.

Message 13 of 17
Anonymous
Not applicable

Re: Balance Transfers

Thank You  Again,

 

                 Sorry for the late response tobe honest I jusr  had to take a good knap after this. I was so relieved that I had direction instead of wondering.

May G-D bless you for helping others. Again I thank you very much.

 

                      Sincerely,

Message 14 of 17
jausanka
Frequent Contributor

Re: Balance Transfers

I may be misreading... but it seems you are trying to lower your monthly payment... I don't see you or anyone else mentioning that when you carry a balance on a card, you DO have to make a payment to that card each month... typically 2-2.5% of your balance. So if you transfer 4K to 2 cards, you now have $80 each to pay to those cards each month, or $160 for both. Add that to your PenFed payment, and what have you saved monthly? Just curious if that factors into your decision making process. It should. Good luck!
Message 15 of 17
Walt_K
Senior Contributor

Re: Balance Transfers


@Anonymous wrote:

Thank You Again,

 

                 Yes !!!!!!!!!!! Most definitely, 0% for 18 months and I can pay that off in no time say 4 to 6 mmths and then transfer again. payments from the 22k eill drop to

$445 to $220 not bad at all.

 

                                  Thank You again



If you can pay off an $8000 transfer in 4-6 months, you're paying about $2000 per month.  Seems you'd be better served by paying the payments to Penfed and letting the balances on the 0% sit (obvioulsy paying the minimum), then once you knock out the PenFed card altogether you should be able to pay down the 0% balances still within the 18 month 0% period.  Concentrating on the 0% balances doesn't make sense.  And each time you transfer, you're going to get hit with more BT fees. 


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Message 16 of 17
Anonymous
Not applicable

Re: Balance Transfers

Thank You,

 

         All of these feed back make some and alot of sense. It is like having brains working for you. Yhank you for the options, Now i have somany.

 

                        Sincerely,

 

                                   and G-D bless you !!!!!!!!!!!!!!!!!

Message 17 of 17
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