A couple weeks ago, I decided to go try moving a large credit card balance to a 0% interest credit card offer to try to save myself some unnecessary interest payments. Well, things appear to have gone very well with this transaction so far. I now have my almost $6000 balance that was running at an interest rate near 30% completely transferred to a 0% interest card. This one single move is going to save me nearly $150 a month in interest.
I want to again remind everyone that has credit cards to check the interest rates on them at least once a month to make sure you don’t get hit with a huge rate hike like I did.
So here’s a small screenshot of the summary page on my new card:
And here’s the balance summary of the card it all came from:
I plan on paying my first payment of 128.05 (I just like round numbers…I know it’s weird) and then set up a monthly payment from my bank to send $100 every month for payments.
One very important thing to keep in mind: I’ll need to either completely pay off this card before 12 months go by, or transfer it to yet another card. If I don’t, all of the interest avoided during the 0% promotional period will be added to the account balance.
So, I’m setting up a reminder for myself to have that thing paid off by this time next year, or be prepared to move a $5000 balance to another card.
So, now that this has worked out for me, I think it’s time to go look for another offer and float my next card to it! However, I REALLY can’t wait until I don’t have to do this crap at all. I hate using credit cards for anything anymore. Once I get all these dumb things paid off…that’s it for me!