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JTP - Apologise to Monica ♦
JTP - Apologise to Monica ♦
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Typically, No.
If you read the details, balance transfers (and cash takeouts) come with a fee betwennbetween 2.7 and 5 %, plus the interest for the year (which they often offer 0%). Basically, you increase the owed amount by 50 - 100 immediately, and then kick the can down the road for a year, where an even higher interest rate is awaiting you.

Is there any reason to assume you will work on it during that year? Most people fail to do that, and then you end up in a worse spot.

Consider paying it off as you go, and reduce the 1 per day you listed continously. If you can fix it within a year, your average will only be half of that, and if you can push it a bit harder, you can get even lower.

Look at the total cost of this loan for you:
Paying it off within the year - ~180 Transferring it and then a year later paying it off - ~50-100 + probably 250.

In the end, if you can really manage your spending, it could save you a bit. But most people fail, and that's why they even offer these cards; their business model works because the majority fails - or did you think they were being nice guys?

Typically, No.
If you read the details, balance transfers (and cash takeouts) come with a fee betwenn 2.7 and 5 %, plus the interest for the year (which they often offer 0%). Basically, you increase the owed amount by 50 - 100 immediately, and then kick the can down the road for a year, where an even higher interest rate is awaiting you.

Is there any reason to assume you will work on it during that year? Most people fail to do that, and then you end up in a worse spot.

Consider paying it off as you go, and reduce the 1 per day you listed continously. If you can fix it within a year, your average will only be half of that, and if you can push it a bit harder, you can get even lower.

Look at the total cost of this loan for you:
Paying it off within the year - ~180 Transferring it and then a year later paying it off - ~50-100 + probably 250.

In the end, if you can really manage your spending, it could save you a bit. But most people fail, and that's why they even offer these cards; their business model works because the majority fails - or did you think they were being nice guys?

Typically, No.
If you read the details, balance transfers (and cash takeouts) come with a fee between 2.7 and 5 %, plus the interest for the year (which they often offer 0%). Basically, you increase the owed amount by 50 - 100 immediately, and then kick the can down the road for a year, where an even higher interest rate is awaiting you.

Is there any reason to assume you will work on it during that year? Most people fail to do that, and then you end up in a worse spot.

Consider paying it off as you go, and reduce the 1 per day you listed continously. If you can fix it within a year, your average will only be half of that, and if you can push it a bit harder, you can get even lower.

Look at the total cost of this loan for you:
Paying it off within the year - ~180 Transferring it and then a year later paying it off - ~50-100 + probably 250.

In the end, if you can really manage your spending, it could save you a bit. But most people fail, and that's why they even offer these cards; their business model works because the majority fails - or did you think they were being nice guys?

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Aganju
Aganju
  • 38k
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  • 120

Typically, No.
If you read the details, balance transfers (and cash takeouts) come with a fee betwenn 2.7 and 5 %, plus the interest for the year (which they often offer 0%). Basically, you increase the owed amount by 50 - 100 immediately, and then kick the can down the road for a year, where an even higher interest rate is awaiting you.

Is there any reason to assume you will work on it during that year? Most people fail to do that, and then you end up in a worse spot.

Consider paying it off as you go, and reduce the 1 per day you listed continously. If you can fix it within a year, your average will only be half of that, and if you can push it a bit harder, you can get even lower.

Look at the total cost of this loan for you:
Paying it off within the year - ~180 Transferring it and then a year later paying it off - ~50-100 + probably 250.

In the end, if you can really manage your spending, it could save you a bit. But most people fail, and that's why they even offer these cards; their business model works because the majority fails - or did you think they were being nice guys?