My buddy just emailed me and wanted to know what he should do. He has $5,000 on a credit card and is going to transfer it to another card. he has 2 options:
1) 0.0% interest til end of Feb 2011
2) 3.99% interest til end of Sept 2011
Both charge 4% of total for transaction fee.
I told him if he planned to transfer again, then go with the 0.0%. However, if he transfered the money again in 6 months, he would have to pay another transcation fee. My ultimate advice was to go for the extra 7 months because then you dont have to pay the transcation fee again and hopefully can wipe out the balance before the end of the promotional period.
Thoughts?
To remove first post, remove entire topic.
My buddy just emailed me and wanted to know what he should do. He has $5,000 on a credit card and is going to transfer it to another card. he has 2 options:
1) 0.0% interest til end of Feb 2011
2) 3.99% interest til end of Sept 2011
Both charge 4% of total for transaction fee.
I told him if he planned to transfer again, then go with the 0.0%. However, if he transfered the money again in 6 months, he would have to pay another transcation fee. My ultimate advice was to go for the extra 7 months because then you dont have to pay the transcation fee again and hopefully can wipe out the balance before the end of the promotional period.
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