Finance Decision - What Should I Do ?

[Anonymous]

3% balance transfer fees make the 0% card far less attractive.  BT cards are really only especially helpful when the debt to be transfered is very high interest -- if I am understanding you right, your debt is fairly low interest loans.

Should you really want to pursue a 0% card BT strategy, I suggest you consider finding a card that has both 0% interest and a $0 BT fee as part of the promotion:

https://www.nerdwallet.com/blog/top-credit-cards/no-balance-transfer-fee-credit-cards/

[Anonymous]

Thank you for your reply. I agree that BT fees make it less attractive. This move has it's pros/cons that i was weighning before i did this last night.

CONS -

1) If i do not pay off the card in 13 months - i will have a huge interest rate. (I will 100% ensure it is paid off though by then)

2) I am paying a $150 fee. (however it is only a 1x fee)

3) I have to make sure that this 100% posts to my checking account. (i will be watching this closely over the next 2-3 days)

4) It will nick my credit report... because that is roughly a 82% utilization on that card.

PROS - 

1) It is a lot of money, which gives me more financial flexability. Ideally, i would like to pay off that auto loan that has a 5.29% rate.

2) It is not a new credit card, thus no hard pulls will be on my credit report for 2 years.

Additionally, today is my last weeks severance check that i will be receiving I really have to make this work. I now rely 100% on this outsourcomg companies employment that i have for the next 8.5 months, unless i go apply for a job elsewhere. I want to try to save as much money while working from home, pay off as much debt as i can, save as much as i can on interest rate reductions, and esentially be able to fund a start-up business.