Round and Round the Balances Go
Posted on March 05, 2006 by Him and tagged credit, debt
This month has been a hectic month for me as far as credit cards go. I transferred all of my 20.99% Citicard balance to a 0% MBNA card, good until April 2007. My next highest balance was at 17.99%, which is on another MBNA card. Unfortunately, I found out that I could not transfer the balance from one MBNA card to another.
On that post, ncnblog left a great comment with the advice to transfer the 17.99% MBNA balance to Citicard, then transfer that balance to the 0% MBNA. (confused yet?)
Yesterday, I called Citibank to ask what the rate was for balance transfers.
2.99%, for the life of the card. Yes, that's not a typo.
I was floored. I kept asking if that was correct. TWO POINT NINE NINE? The customer service rep patronizingly confirmed this to me about ten times. While I was on the phone, I also asked if she could raise my credit limit, and she did! $2,600 of $2.99% balance transfers, woo!
Here's the plan: Since I have a few other cards with balances on them, I'll transfer what I can to the 0% MBNA card. The rest of the balances will get put on the Citicard. We'll aggressively pay off the 0% card before the rate converts to 12.9%, then worry about Her credit cards, since the 2.99% balance will be the LOWEST rate we'll have on any of our balances.
Citicards, you didn't really think that I was leaving forever, right? Everything cool between us?
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Caitlin | Mar 5, 2006
This is great news. I hope to see some statistics in the near future on how much this saves you in monthly finance charges (I can get my geek on for any topic I guess).
Your hard work must really be starting to affect your FICO score for the better as evidenced by having access to those great rates.
Yippee!
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