Balance Transfer Question

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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amexmember12
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Balance Transfer Question

Postby amexmember12 » Fri Sep 16, 2016 3:11 pm

Hey all -

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 ;) :D. 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.
CSR $24K | Discover IT $22.9K | AMEX BCE $15K | AMEX EveryDay $12.9K | Marriott Premier - $11K | Delta Platinum $10K | Freedom $6.5K | Freedom $6K | BOA Travel Rewards - $2.7K | AMEX Premier Gold


JustRewards
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Re: Balance Transfer Question

Postby JustRewards » Fri Sep 16, 2016 3:34 pm

If you have the credit line available to consolidate everything along with the discipline to pay down the balance before the intro period goes away then I would say go for it. I would just make sure that there is truly $0 transfer fee on the deal and not just 0% APR (I have the Marriott card too and haven't received that offer before) as well as check to see that there is no early payoff penalty on either of your loans. Good luck.

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amexmember12
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Re: Balance Transfer Question

Postby amexmember12 » Fri Sep 16, 2016 4:08 pm

JustRewards wrote:If you have the credit line available to consolidate everything along with the discipline to pay down the balance before the intro period goes away then I would say go for it. I would just make sure that there is truly $0 transfer fee on the deal and not just 0% APR (I have the Marriott card too and haven't received that offer before) as well as check to see that there is no early payoff penalty on either of your loans. Good luck.


Yea I have more than enough credit to cover everything, The total balance transfer amount would be in the 4 digit range (<$9K) so not a "huge" amount. These are the only debts I have to pay other than my rent and bills.

My raise takes effect next month so I have extra funds to throw at it.

I did double check and it is indeed 0% transaction fee vs the usual 5%.

Image

As for my loans - there is no early payoff penalty as I am paid ahead on all of them.

Thanks for the feedback.
CSR $24K | Discover IT $22.9K | AMEX BCE $15K | AMEX EveryDay $12.9K | Marriott Premier - $11K | Delta Platinum $10K | Freedom $6.5K | Freedom $6K | BOA Travel Rewards - $2.7K | AMEX Premier Gold



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