I don't often move balances, because trying to figure out the math is complicated. I have a balance of $3055 on a store card at 22.99% interest. I pay $110/month (a bit above minimum). I have two transfer offers. Offer A: 12 months at 0% with a 4% transfer fee vs Offer B: 24 months at 10.99% with 0% transfer fee. Both cards then convert to the regular interest rate of 14.99%. I would NOT be able to pay off transfer amount before the end of the 12 month promotion period. I might be able to pay off in the 24 month offer (if I didn't move the balance, and I stayed at $110/month, it would be paid off in 28 months). Should I leave the money on it's current card or move it? Which offer will be best?
I'm not good at math either but check out Navy Federal Credit Union cards if you have any family connection to the military. I applied on the phone and it was simple. There is no transfer fee and I think a year of 0% After that the card they gave me has a very low interest rate. Here are their cards:
https://www.navyfederal.org/loans-cards/credit-cards/
Not sure which is better either but I did a balance transfer with Bank of America and it gave me a 0% interest for 15 months and no balance transfer fee. But you can Check them out it might work better for you
I don't often move balances, because trying to figure out the math is complicated. I have a balance of $3055 on a store card at 22.99% interest. I pay $110/month (a bit above minimum). I have two transfer offers. Offer A: 12 months at 0% with a 4% transfer fee vs Offer B: 24 months at 10.99% with 0% transfer fee. Both cards then convert to the regular interest rate of 14.99%. I would NOT be able to pay off transfer amount before the end of the 12 month promotion period. I might be able to pay off in the 24 month offer (if I didn't move the balance, and I stayed at $110/month, it would be paid off in 28 months). Should I leave the money on it's current card or move it? Which offer will be best?
@Amberly B., don't fall into the trap of overthinking things such that you end up doing nothing. Based on what you've provided, it seems like either offer would be better than maintaining your current situation. You could run the calculations using various monthly payments to get a better idea of which of the two offers is better, but those calculations will only be as good as the assumptions you make. Some other things you may want to consider are the potential impact to your credit score from opening a new account and whether or not you're able to put more money towards eliminating this debt on an accelerated timetable.
