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  1. #1
    dcool
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    Default 1.99 6 monts vs 4.99 12 months apr? Which is better if not paid off?

    Hi,

    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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    Reply With Quote Reply With Quote     Oct 18, 10, 12:30 pm
  2. #2
    Mogul of Pineapples
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    Default

    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.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed. Regardless, anything I say is my honest opinion.

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    Reply With Quote Reply With Quote     Oct 20, 10, 5:56 pm
  3. #3
    JL70
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    Default

    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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    Reply With Quote Reply With Quote     Nov 11, 10, 9:41 am
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