MAKE SURE THE RATE ON YOUR LOW INTERST CREDIT CARD IS NOT A "TEASER
RATE" THAT WILL BALLOON IN A FEW MONTHS. MAKE SURE YOU PAY OFF THE
TRANSFERED BALANCE BEFORE YOUR RATE GETS ADJUSTED UPWARDS.

Naveen wrote:
- quote -

Naveen wrote:

- quote -

CC companies are also known to waive fees for large transfers. I've
asked a CC to do that before and they did do it.

Hi BreadWithSpam,

Thanks a lot for your response.

1) I specifically read through the terms and conditions that the offer
doesn't expire in 6 months or so, the offer is good until I pay it
off.
2) Yes, there is a one-time fee of $50, but considering the amount(and
the interest I am saving), I did the calculation and I should be able
to recover that in a few months.
3) Yes, if I use the credit card for any other purchase, it will be a
rip-off for me because I cannot pay off new purchase(which is at a
higer rate) until I pay off the low-rate balance and interest will be
accrued on the purchase.
So, I stopped using that card about a month ago and I removed that
card from "auto charge to CC" accounts, so that I don't see any other
charges.


Thanks,
Naveen

BreadWithSpam[at]fractious.net wrote in message news:<yob3c9k9u4x.fsf[at]panix1.panix.com> ...
- quote -

nanumalla[at]yahoo.com (Naveen) writes:

- quote -

It's almost (but not perfectly) certain that it's _not_ a
good idea to do that. Credit card balance transfer teaser
rates are typically nowhere near as good a deal as just
the rate might make one think. For one, they often expire
after 6 months. For two, there's often a fee for making
the transfer. And, for three, and perhaps most insidious,
if you charge anything new on the card, and then make a
payment which doesn't pay off the entirety of the debt
on the card, your payment will almost certainly go towards
your teaser-rate balance, not the newly charged balance -
and the newly charged balance is going to start costing
you a _much_ higher rate.

There is a teeny, tiny chance that your idea is a good
one - but you'd better be absolutely sure you understand
the terms of the balance transfer.

I don't think I've ever seen such a deal which was a good
deal.


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Hi,

I have a 2nd mortgage loan on our new home at 6.375% interest rate, I
recently got a balance transfer offer from my credit card company at
2.99% until I pay it off.

I was just wondering, would it be a good idea to take money(the credit
card co. can send me a check) from the balance transfer offer and just
payoff a good chunk of my 2nd mortgage loan.

Any inputs would be truly appreciated.

Thanks,
Naveen