1.99 6 monts vs 4.99 12 months apr? Which is better if not paid off?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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1.99 6 monts vs 4.99 12 months apr? Which is better if not paid off?

Postby dcool » Mon Oct 18, 2010 2:30 pm


I got those "checks" fro Sears card that they send in the mail. Two ways of using them, transfer a balance to Sears card at 1.99% APR until June 2011, or 4.99% APR until December 2011. Either way, I don't think I'll have that balance I'm transferring from another card paid off completely in a year unless I win the lottery. After that it reverts back to the regular market rate, currently 25.24%. It also states a $10 or 5% fee will apply, whichever is greater. Which option would you recommend given I won't have it all paid off at the special rates? In the meantime while the lower rates are in effect, I can watch for a better transfer rate again. I will transferring about $3K. I may also want to transfer about $3K from another high interest card, so would have to use the 4.99 for that, but not sure if I'll do the other one at this point, but would like to. They gave me one 1.99% check, and two 4.99% checks to use. Thanks much for any advice!

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Postby Mogul of Pineapples » Wed Oct 20, 2010 7:56 pm

To be honest both of these balanace transfer options aren't too favorable and that 25.24% has got to hurt. Is the reason you need to use your Sears card because your credit isn't good enough to qualify for a more traditional card? Because I would think credit card deals from just about any "normal" bank card would be better than what Sears is giving you.
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Postby JL70 » Thu Nov 11, 2010 11:41 am

What is the current APR and balance you have on the card you want to tranfer from and how much are you paying a month?

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