Posts tagged Balance Transfer

I’m Back

Ok everyone, I’m back. I know it’s been forever since I’ve posted. I’ve had a few things going on lately. There were some bad days at work, a birthday celebration, St Patty’s day, and other things. My spending was completely out of control the last two weekends. For my friend’s birthday, I managed to spend $60. Then I spent another $60 this weekend. It’s crazy!! So now I need to get back on track with my spending. I cave to peer pressure. Ugh. I’m in the process of transfering one of my dad’s credit card balances over to my Bank of America credit card. Right now he has approx. a $2,500 balance. He’s charged 25.34%, which equals a $50 finance charge and his minimum payment is $75 a month. He’s not really getting anywhere by just making the minimum payment. So we’ll tranfer it to mine. I’m being offered a 1.99% interest rate on any balance transfer now until Dec 2009. Then the interest goes back to it’s normal 9.90%, but that’s still way better than what he’s currently paying. The tranfer fee will be approx. $76. Not terribly bad and I’ll still have an available credit limit of $3,250. So this transfer doesn’t quite take up half of my limit. He will continue to make the $75 payment though. So we can get rid of more of the principal balance.


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Balance Transfer

Yesterday I received some balance transfer checks in the mail from Citibank. Normally, I would rip them up & then shred them. However, last night I decided to open the envelope & see what they were offering. Citibank is offering me No-Interest on any balance transfer until March 1, 2009. I’ve decided to take them up on their offer. Right now I’m paying 10.99% on both my Bank of America card & my  Discover card. I will deposit one of the checks, in the total amount that I owe on my other cards, into my bank account & then use the money to pay them off. My goal is to have my credit cards paid off by January 2009 anyway. So now I’ll be paying them off faster because I won’t be paying any interest. I think it’s a great idea if I do say so myself! Also, it will give me until March to get the card paid off if I don’t get it accomplished by January. However I have every intention of getting it paid off by then.

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