Gardening Grandma
Senior Associate
Joined: Dec 20, 2010 13:39:46 GMT -5
Posts: 17,962
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Post by Gardening Grandma on Apr 28, 2011 12:52:05 GMT -5
Along the line of formerexpat's thread, I'm weighing whether to do a balance transfer.
We purchased a new RV (a popup trailer) last year. Financed through our cu @ 6.5%. Right now, the balance is $5198. My plan is to have it paid off Aug/Sept (6 months early).
I COULD transfer the balance to my Amazon VISA card (with a transfer fee of 3%) and a rate of 1.99% (until Dec, 11).
Should I do it? I can easily have it paid off before then.
The way I calculate it, the savings in interest is wiped out by that transfer fee. Am I wrong?
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mithrin
Junior Member
Joined: Jan 5, 2011 13:01:56 GMT -5
Posts: 104
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Post by mithrin on Apr 28, 2011 12:59:30 GMT -5
Current loan: $5.2K @ 6.5% for (let's say) 6 months. Total interest that will be paid = $99
BT offer: 3% of 5.2K = $156. @1.99% = even more.
Conclusion: No deal.
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Post by bobbysgirl on Apr 28, 2011 14:54:57 GMT -5
I was going to say I agree with MITHRIN, GARDENING. Come pick me up and we'll go a camping'!!
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