I got a balance transfer offer on my Chase Marriott Card that I will take advantage as much as possible.
So the BT offer is for 12 months (ends August 2017) with a 0% transfer fee . I have a balance from my wedding on my Chase Freedom that I would want to move to this card, but as we know we can directly BT within the same bank.
The great side to the BT is that they sent me the checks, so I can write them to myself and deposit in another account. I would then pay the Freedom card off - effectively moving the balance over to the Marriott.
The 0% apr on my Freedom ends in November.
So that is the 1st part of the BT that is pretty simple and straight forward.
The other part is this.
I have two low interest loans - Federal Student Loan (~3%) and Auto Loan (2.19%). I have only 5 payments left on my SL and 4 payments on my Auto Loan.
Would it make sense to take a big enough BT to pay off the student loan and auto loan as well? This would bring everything into one interest free monthly payment for 11-12 months.
The upsides in doing this in my opinion are as follows:
- Less interest paid to both loans = money saved
- I get the title form my car from the credit union 4 months faster AND own my car fully.
- One lump payment each month interest free
Personally i know I have the discipline and means to pay it all off before the the BT ends, barring some disaster.