Balance Transfers

I am always reluctant to transfer my balances around on my credit cards for fear of ending up worse off than I was originally.  That being said, I transferred a balance from one card to another anyway.

My $5000 credit card is at 17.9% Apr and I received a transfer offer from another card that I have a zero balance on for 4.99% or 1.99% with different time periods until expiration.  When I calculated the difference in interest, I decided to go for the 4.99% for 1.5 years.  I was really tempted to get the 1.99% offer for 11 months, but I didn’t want to push my luck.

Of course, I need to have the balance paid within the time period or my interest goes to 24.99%.  I am pretty sure I’ll have it paid, if not, I’ll look into transferring what is left back onto the original card. Again, I hate the transfer game , but it looks like I am playing.

When I look at my statement and see that I am now paying under $30 a month in interest versus $90, I think it was a good call.

I just hope I don’t get burned by it.


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