- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Balance Transfer for CC
Posted on 11/15/23 at 3:03 pm
Posted on 11/15/23 at 3:03 pm
I have a CapitalOne CC where the interest/minimum payment is eating me alive and I would rather not tap into savings to pay it off (emergency fund). Is there a good CC out there for 0%APR balance transfers for the first xx months? Looking combine about $12k. TIA!
11
Posted on 11/15/23 at 3:05 pm to couyon2
Just read the fine print where they tell you how much of a % or dollar amount they will charge you for the transfer.
There used to be a few that wouldn’t charge a transfer fee, but I’m assuming they aren’t doing those any longer.
There used to be a few that wouldn’t charge a transfer fee, but I’m assuming they aren’t doing those any longer.
Posted on 11/15/23 at 3:05 pm to couyon2
quote:
I have a CapitalOne CC where the interest/minimum payment is eating me alive and I would rather not tap into savings to pay it off (emergency fund). Is there a good CC out there for 0%APR balance transfers for the first xx months? Looking combine about $12k. TIA!
I saw that the Citi Diamond Preferred is offering 0% for 21 months on balance transfers, and 0% for 12 months on new purchases.
Citi
ETA: to the other poster's point it is $5 or 5% transfer fee whichever is higher.
This post was edited on 11/15/23 at 3:07 pm
Posted on 11/15/23 at 3:07 pm to couyon2
Is this a bad idea or should i just stick with the minimum payments murdering me?
Posted on 11/15/23 at 3:09 pm to couyon2
Is it a big balance? I would think the 5% fee is probably worth it if you can pay it off in 21 months. You are probably paying 18-20 percent annually now.
Posted on 11/15/23 at 3:12 pm to TDTOM
Balance is around $12k. I could knock a good bet back with savings but i will need a downpayment for a new vehicle in the next few months.
This post was edited on 11/15/23 at 3:14 pm
Posted on 11/15/23 at 3:16 pm to couyon2
How much can you comfortably pay per month?
Posted on 11/15/23 at 3:18 pm to TDTOM
Probably a little more than the min payment on the CapOne card. If i didnt have interest I could knock a HUGE chunk back.
Posted on 11/15/23 at 3:29 pm to couyon2
Back when I tried it (probably 10 years ago or more), I was approved for a 0% credit card, but the balance was nowhere near what I needed to consolidate my debt.
Posted on 11/16/23 at 8:47 am to couyon2
quote:
Balance is around $12k. I could knock a good bet back with savings but i will need a downpayment for a new vehicle in the next few months.
Bruh, unless your vehicle is dead or dying you do not need to be buying a new vehicle with $12k in C.C. debt. REALLY bad decision.
How fast could you realistically pay off the c.c. if you drained most savings and worked at it, if it's 1-2 months then a balance transfer makes no sense because you'll be paying $360 (or 3% of $12k balance) to do the transfer on most cards. If there's no way that's possible then do the balance transfer but still work to pay it off as quickly as you can and dont buy a new vehicle until after you do.
This post was edited on 11/16/23 at 8:49 am
Posted on 11/16/23 at 9:10 am to couyon2
You have a spending issue. I would transfer to a new card with a 0% intro rate to give you some breathing room but you need to significantly cut back your budget.
Posted on 11/16/23 at 9:13 am to couyon2
In my junk mail I remember seeing that Discover has/had a balance transfer with a 4% fee and 0% interest for 12 months, or no fee and a higher interest rate (don’t remember what that was) for 15 months (I believe).
But as someone else said, before you take on more debt with a car loan, you should address that credit card debt. The transfer will help with your interest payments, but how long will it take you to knock that principal down to almost nothing???
But as someone else said, before you take on more debt with a car loan, you should address that credit card debt. The transfer will help with your interest payments, but how long will it take you to knock that principal down to almost nothing???
Posted on 11/16/23 at 9:16 am to couyon2
quote:
have a CapitalOne CC where the interest/minimum payment is eating me alive and I would rather not tap into savings to pay it off (emergency fund). Is there a good CC out there for 0%APR balance transfers for the first xx months? Looking combine about $12k. TIA!
You have an emergency and should consider using the emergency fund accordingly.
You could tap back into the CC to fund something else if it comes up before you’ve built your emergency funds back up.
Posted on 11/16/23 at 10:11 am to couyon2
quote:
the interest/minimum payment is eating me alive and I would rather not tap into savings to pay it off (emergency fund).
Sounds like it's an emergency
Posted on 11/16/23 at 10:29 am to couyon2
quote:
I have a CapitalOne CC where the interest/minimum payment is eating me alive and I would rather not tap into savings to pay it off (emergency fund). Is there a good CC out there for 0%APR balance transfers for the first xx months? Looking combine about $12k. TIA!
I think most people have been where you are at now. Most CC will require a fee for transferring so not sure it would improve you situation, that being considered.
Do yourself a favor - realize that your CC is a bad idea now. Use it only in dire emergencies. Break away from your current trend now.
Posted on 11/16/23 at 10:50 am to couyon2
To make it make sense you have to be disciplined and basically stop using the credit cards. There is still some information that would be needed to properly advice you. You mentioned a $12k balance, but did not state your current minimum payment, current interest rate, and monthly payment you'd be comfortable with.
With that said, just with some basic assumptions, if you remain disciplined and don't continue running up the balance, it can definitely work for you. But you would also need to shop for new cards every 12-18 months and keep transferring that balance to the new card w/ a 0% balance transfer fee
Quick assumptions: 25% interest rate, minimum payment of $300, able to pay $250/month, 5% transfer fee each year, and no new credit card purchases.
If you do the transfer every 12 months at a rate of 5% per transfer, you would be looking at 55 months to pay off, and a little over $1,700 in fees (with above assumptions).
If you keep making minimum payments, it would take 87 months to pay off, and your total interest would be over $14k
With that said, just with some basic assumptions, if you remain disciplined and don't continue running up the balance, it can definitely work for you. But you would also need to shop for new cards every 12-18 months and keep transferring that balance to the new card w/ a 0% balance transfer fee
Quick assumptions: 25% interest rate, minimum payment of $300, able to pay $250/month, 5% transfer fee each year, and no new credit card purchases.
If you do the transfer every 12 months at a rate of 5% per transfer, you would be looking at 55 months to pay off, and a little over $1,700 in fees (with above assumptions).
If you keep making minimum payments, it would take 87 months to pay off, and your total interest would be over $14k
Posted on 11/16/23 at 12:28 pm to Drizzt
That is the plan, most of the CC debt is revolving from a few years ago when i was in between jobs. I pay off purchases as I make them but its the interest thats killing me.
Posted on 11/16/23 at 3:20 pm to couyon2
Plus don't buy a new car while you are in CC debt, promise you will regret it. I was in your spot last year but worse ($40K CC debt) with a $700/month auto loan and the minimum monthly payments were drowning me. Paid it all off last month but it was the fight of my life.
Got to get the spending under control and budget like crazy. You would be better off to keep building the emergency fund and buying a $6K to $8k car in cash after you have the money saved up.
Got to get the spending under control and budget like crazy. You would be better off to keep building the emergency fund and buying a $6K to $8k car in cash after you have the money saved up.
This post was edited on 11/16/23 at 3:21 pm
Posted on 11/16/23 at 5:49 pm to couyon2
Citi has 3 of them right now
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News