Posted by: kaji sahab February 7, 2011
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if you can pay off the balance within the promotional period, i would say go for it. by taking the balance transfer offer, you are saving more money. unless you can pay the entire balance within 2 months without the help of balance transfer then dont go for balance transfer. your math to me looks fine.
you could apply for a new account with 0% promo and transfer the balance. that option might give you longer time frame to pay the debt off. recently i got offer from citi for 0% balance transfer (of course 3% charge) for 18 months. i was paying close to $50 per month interest fee on existing debt. so i took the offer, the charges were around $200 for the fee but i got 18 months to pay it off.
you could apply for a new account with 0% promo and transfer the balance. that option might give you longer time frame to pay the debt off. recently i got offer from citi for 0% balance transfer (of course 3% charge) for 18 months. i was paying close to $50 per month interest fee on existing debt. so i took the offer, the charges were around $200 for the fee but i got 18 months to pay it off.