A 0% Interest Offer

I’ve been hoping to move some high interest balances to an account with a 0% interest rate for a while now and the chance finally came.

I had one of my credit cards  paid down to about $150 dollars and I submitted the payment to pay it off via their web site.  I was about to log off when I saw a link that said “Click here to see what balance transfer offers you qualify for”.

I was then offered 0% on balance transfers for 12 months.  There is a 3% transaction fee though so it will cost $97.50 to transfer $3250.00 into the account.  The other account has a high interest rate (27.24%) and the finance charges for February alone were $75.72, so this offer will cause me to pay more fees the first month, but will save me money the other 11 months.

If the balance transfer is not paid off within 12 months, the balance begins being charged my standard purchase rate on the card. Currently that amount is 19.24%, so even then the move will be costing me less than before.