To BT or not to BT?

[tcbofade]

As most of you know, DW and I are still doing the balance transfer shuffle, but we're making progress and our total credit card debt goes DOWN every month. 

I've got a balance transfer offer that I honestly don't NEED right now, but will certainly need later this year.

DW is paying down five credit cards with zero percent deal on them.  Two expire in September, two in October, and one in November.

We've already got the cash on hand to pay off the two that expire in September.

By the time October arrives, we should have the cash to pay off one of the two that expire in October.

We may or may not have more balance transfer offers available to us at that time.  I'm not psychic.

Do I take advantage of this offer, or let it pass?

No hurry.  I've got 45 days or so to decide. 

[pizza1]

I would say if you continue to need it, then yes take advantage of it, as we all know the offers could stop at anytime. I didn't get any offers for almost 2 years, and September isn't that far away now anyways.

I would wait closer to the end of that 45 days, and then proceed. There's no shame in it, and you're paying it down, and thats what they're there for.

[coldfusion]

Bird in the hand....

Doubling down, given the recent dodookakapoopooshow at work you might want to ensure you have this particular duck lined up in case you have a "I don't wanna deal with this mess any more" moment and decide you want to take a hike.

[sxa001]

If you think you will need it, I would take it because you never know.  As others have said there is no shame, if it makes financial sense to do it and avoid paying extra interest later on down the road then it is a no-brainer. 

[M_Smart007]

@tcbofade, I'd go for the "BLT" ... "Balance Later Transfer"

[kilroy8]

Using other people's money at no/low interest is smart.

As long as you are not digging hole deeper.

[AverageJoesCredit]

Taco, by chance do you have PSECU?

[K-in-Boston]

As a fellow shuffler, I feel your concern with the "do it now or wait until I really need it" dilemma.  I do try to ride the 0% offers for as long as possible.  Most of them have a fee, so any months you cut off of that really does jack up the effective APR you paid.   6 months left is a long time for a BT.  It really comes down to risk tolerance and how much extra you're willing to pay.  Personally, I wouldn't pay one off this early but I know my profile well and can make that call.  Unfortunately, none of us have a crystal ball to see what your creditors might offer or not offer.

One thing I would say you have going for you is that the offer is good for 45 days.  Hopefully by then, you can take a look and see if you have other offers with dates further out?  And if not, then decide whether to eat a few months of what might be essentially an insurance surcharge to yourself or decide to roll the dice and see what comes along later in the year or apply for a new card?

[tcbofade]

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@AverageJoesCredit wrote:

Taco, by chance do you have PSECU?

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I do not.

Who dat?

[Anonymous]

Fortunately for me I was able to app a couple cards with along term 0% on purchases during the span of dried up BT's, so I just charged all my expenses up on that for the duration while keeping the cash on the Bank. The plus side with purchase promos is no BT fee of 3-5%.

So I haven't really needed any of the new BT offers that have been coming in lately as I have until Sept./Dec. to pay those balances off, I also haven't been wanting to keep any balances as I've been considering a Mortgage. And i know once that's finished I'll need  couple BT's for the costs involved with that. Yet like people say those BT offers could dry up tomorrow, so it's a conundrum.