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Balance Transfer Update

October 18th, 2011 at 03:26 pm

I started this post last week with the title "I'm pretty frustrated about finances this month!" and I'm happy that it didn't stick. Ultimately, I feel good about the way things turned out!

When I called about a month ago, Citicard told me that my interest rate would be lowered from 18.99% to 14.24% on my next statement. My statement came in yesterday and it was only lowered to 16.99%. I called and the rep told me it was a mistake (something about they didn't factor in the prime rate). I filed a complaint with them but the best she could do was to offer 9.99% interest on purchases for 6 months. I accepted it only because I overpaid on my card by $355 and might need to use it this month. I am disappointed that it wasn't lowered even more.

I decided that I needed to bite the bullet and did the balance transfer that I had been thinking about with Discover (0.00% for 12 months, 3% transfer fee) for $3800. I was hesitating because it would mean closing my Chase Rewards card (the Rewards are better than my other cards) and transferring the available credit to the Disney account (which was offering a promotional rate for BTs). Combining the credit lines provided me with $6400 in available credit to transfer the rest of my Citicard balance(1.99% until March 2013, 1% balance transfer fee). The regular rate is 16.24% which is lower than the Citicard anyway. Both transfers are pending!

You can see that once I pay the Citi and US Bank balances, my highest interest rate will be 6.50% which is on a small balance; all other debt is at or lower than 1.99%!! I feel victorious in getting so much of my debt on cards with low interest promotions. I will be certain to pay them off before the rates change.

As for my budget this month: it was so complicated that I'm going to write a different post!

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