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About LinkBacksHoping some one can assist me in making a decision.
I have an outstanding balance of 15K on my mastercard – however I have double that in savings.
Current Rate – 4.99% valid till January 2010
Offered Rate – 1.99% valid till September 2011 max transfer fee of $99
Was wondering if this makes sense to pay this off with the cash I have and deposit a check into my account and owe this money at 1.99% - the reason I want to have this liquid money available in case I loose my job (possibility in this market)
Thanks
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Green Member
- Join Date
- Aug 2009
- Location
- NY
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4.99% Apr Vs 1.99% APR - help needed
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Centurion Member & Moderator
- Join Date
- Jun 2008
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- Smogland
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- 1,400
The 1.99% balance transfers until Sept 11 sounds good to me. Who is offering that?
If you did 15k at that amount and add in the $99 B.T. fee that's like getting the money at around 2.5% per year for 2 years. But you need to be careful about the credit line. How much is the total available line of credit? Typically you never want a balance to be more than 30% of your limit because otherwise it's bad for your credit score. So that would mean on a 15k balance you would need a limit of around 50k.Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.
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