- Centurion Member
- Posts: 1157
- Joined: Sun Jan 26, 2014 3:55 am
- Location: US
If you haven't already done this, I think your first step should be budgeting a monthly amount to pay towards this debt (and planning on carrying through with at least this payment). What is the most you can reasonably afford and will likely actually pay on a consistent basis? That will give you a good idea of how long it will take to pay this off.
It's hard for us to make a good recommendation without knowing how feasible it is for you to pay down $10,000 that quickly. You say, "if I couldn't pay it all by September." Does that mean $1,250 a month is a reasonable amount for you to pay towards this balance? It's important to be realistic. If you think, at worst, it will take you a full year with an average monthly payment of $833, then 4 months with a low balance even at 22% won't amount to much interest. It may be worth it to go for Capital One and just eat a few months of high interest; it won't be a lot in absolute terms and likely won't be worth the hassle of transferring the balance. If that monthly amount is way more than you can realistically afford, it may be worth it to accept 8% interest.
Another caveat to consider is whether you'll be fine paying that $39 AF with Capital One. It shouldn't be the primary driver of your decision, and you may be able to PC to the no AF version or just close the card down the road, but if you are really on the fence it is a factor to think about more long term.
EX - 809 (11/16) | TU - 803 (11/16)
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now