Timeline for Strategy to save the most on interest
Current License: CC BY-SA 3.0
9 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Jul 25, 2015 at 5:54 | vote | accept | CommunityBot | ||
| Jul 25, 2015 at 4:44 | answer | added | Ben Miller | timeline score: 2 | |
| Jul 25, 2015 at 0:59 | comment | added | keshlam | Remember that most folks trying to leverage the 0%-for-a-year thing eventually slip and wind up owing a month or two of interest, at credit-card rates( which are much higher than your( student loan. And there's no guarantee that you can get the loan into that form, or that you'll find another 0% offer when you need it... I agree that 8.25% seems high compared to other current rates for jnsecured loans, and you might want to refinance, but going for the gimmick tends to be unsafe. | |
| Jul 24, 2015 at 22:24 | comment | added | user19035 | @BenMiller The interest rate on the student loans is 8.25%. I'm planning on transferring as much as I qualify for ($15,000 max). Why do those numbers matter? The math is the same. | |
| Jul 24, 2015 at 22:15 | comment | added | Ben Miller | What is the interest rate on your student loans? What is the amount that you are planning on transferring to the credit card? | |
| Jul 24, 2015 at 22:01 | comment | added | user19035 | @DilipSarwate I understand all that. | |
| Jul 24, 2015 at 22:00 | comment | added | Dilip Sarwate | See this answer for some details on how 0% balance transfer offers work. | |
| Jul 24, 2015 at 21:54 | comment | added | Dilip Sarwate | A balance transfer offer is not the same as charging your student loan payment to your newly acquired credit card, and so be sure you understand the fine print correctly. Also, unless the card agreement explicitly calls it out, new charges (e.g. groceries) on the credit card will accrue finance charge from Day One (no 25-day grace period to pay after the statement) because your card will be on "Last statement balance not paid in full" status. Worse, minimum payments will all go to reducing the 0% balance and not towards the new charges (and interest thereupon). So, be careful. | |
| Jul 24, 2015 at 21:13 | history | asked | user19035 | CC BY-SA 3.0 |