Zachary Spencer of This Can Change made a comment over at Mr. Debtbeater’s and following his link to his blog I found a post where he mentions the Citi Professional Cash Card which offers 0% interest on your balance transfers, with no fee to transfer, and no annual fee. This is the best deal I’ve seen yet, so I decided to go for it. It’s simply amazing. You put in your information online and within moments you find out whether you qualify.
Here’s my details – notice the 0% applies to the first balance transfer. My initial line of credit is only $4000, and I have two cards that come to $10.808.81.
So I guess what I have to do now is:
- Wait until my card arrives
- Request to have my limit increased to $10,000
- Transfer the highest rate card for 0% transfer fee
- Transfer the second card at 3% interest
I’m assuming they will readily raise my credit limit. Time will tell if that’s an option or not. I guess $4000 with 0% interest is better than what we’re doing now.
In the meantime, going on the assumption I’ll be able to transfer both cards, it seems like it would be in my best interest to pay everything extra that I can toward the lower card, so the transfer fee will be as low as possible. There is a 3% transfer fee if this isn’t the first transfer.
In that case, I’ll be paying the minimum payment due ($177) to the higher card for the next payment, which is due on February 16th, and I will pay the remainder to the other card. That means instead of paying $450 to the lower card, I’ll be paying $473.00.
Have you done this before? Am I following the right steps? Am I missing anything?