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Chose between paying down my $4,200 card balance and opening a new 0% APR card, and I went with the new card
I had about $4,200 sitting on a card at 24.99% and my credit union offered me a balance transfer at 0% for 15 months with a 3% fee, which came out to around $126. I picked the transfer over just throwing every spare dollar at the old card, mostly because the interest was eating about $87 a month and I wasn't making a dent. Six months in and I've paid off $1,900 because the payment finally goes to the actual balance instead of disappearing into interest. My score dipped about 12 points from the new account and the shorter payoff clock makes me nervous, but I'd do it again. Has anyone here gotten burned by a transfer fee or a promo ending before they finished paying?
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skyler_patel2d ago
Wow, 25% interest is brutal, that's basically a payday loan.
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