Thursday, November 21, 2013

Credit Card Balance Transfer...

It's about that time of the year again when the promotional rate on my credit card expires and I look to transfer the balance to another card. The last couple of years I have switched back and forth between Chase to Bank of America. I stopped using my other credit cards and those were closed by the issuer over the years due to non-usage. So all I really have left is American Express, Bank of America, Capital One and Chase.

Chase is offering me a 0% rate through 2/2015 with a 2% balance transfer fee...Ding! Ding! Ding! We have a winner!!!! I will make the transfer at the beginning of December. It will add $350 to the balance but the transfer fee is much less than the 4% I paid last year to move the balance to Bank of America.

Below is a chart showing my balances at the beginning of the year and my balances as of November. As you can see, I am going to have to accelerate debt payments in order to really reduce these balances over the next few years. 


Scooze said...

The balance is going in the right direction - try to finish the year strong! Will you have bonus money to throw at it?

Chitown said...

Hi Scooze! I am going to finish off the year very strong. I'm excited about what's to come. Great things ahead. Stay tuned! I'm keeping the bulk of my bonus for emergencies and in case my car gives out.