More research on transferring the two cards to one. I received an offer in the mail and it looks like a good deal. Some of the relevant fine print:
- No annual fee
- 0% APR on balance transfers for 12 months
- 9.99% fixed APR on balance transfers after 12 months
- Transfer fee 3% of amount or $99 maximum
I’m assuming since I need to transfer two cards, it’s going to cost me $99 for Credit Card #1 and at the current balance of $3208, it will cost me $96 for Credit Card #2.
On a blog somewhere this past week, I learned about credit card arbitrage. No way am I going to try doing that, but within those blogs I read someone mentioned getting a card that will transfer funds free.
Also, I’m pretty sure I’ve seen balance transfers with a maximum fee of $75.00. That would save me $24 for each card. I will hold onto this application as it does give me the option of 12 months at 0% (of course based on my ability to make the payments on time).
This site lists current deals on balance transfer cards. It appears a little more research is in order.
In the meantime, we’ve spent a good chunk of money on interest in the past thirteen months:
I can’t wait to use that interest to pay off the principal, instead of seeing that balance increase each month!
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