Hi friends, My situation is this. I have a Go rewards cc with NFCU with a balance of about 2000, with an interest rate of 18%( I didn't qualify for a reduction). Due to some events occurring within the past few months, I ended up making some charges to his account and want to get it paid down as quickly as possible. We also have a Visa card with our local CU with a limit of 5k with an int rate of 12%. This card has a zero balance currently. Initially, I was thinking that I could transfer my NFCU balance to the CU card just for the lower interest rate. Today, I got an email about a balance transfer offer from Navy for 2.99% for 12 mos. My question is this: If I transfer this balance now, to my CU, then transfer it back to Navy before the deadline in March, would it still qualify as a true balance transfer, therefore taking advantage of the lower int rate?
Do they both have the 3% balance transfer fees? That may be enough to negate the over all savings of doing the 2 BT. I'm not sure on the math if you had planed on paying it off in the 12 months under the 2.99. It would be the 3% for the first BT plus 12% for a few months then another 3% BT and 2.99 for 12 months.
Yes it would. However make sure that the fees that you would pay for each transfer aren't actually higher than the interest you would pay if you left it as is.
harley beat me to it
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