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Reply to "Should I transfer my credit card Balance?"
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[quote=Anonymous][quote=Anonymous]Yes you should do it. You'll save roughly $4,500 in interest over the next 18 months. If you continue making the same payments you are now, you'll pay down an extra $3,800 by Sept 2016 once you subtract the 600-700 transfer fee (actual amount dependent on your exact balance). So if you are currently paying $600/month, you'll pay $5,400 off the principal over 18 months (actually a little more because interest will slowly decline with the balance but for the purpose of the example 5,400 is good). With the balance transfer you will pay $9,200 principal in 18 months by paying 600/month. yes do it.[/quote] I get a $860 savings. The delta in rates is 600 basis points (16% on AmEx versus 10% on Visa, plus the $640 transfer fee).[/quote]
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