Hi all, just wanted to run something by you that will probably seem like an obvious no-brainer but would like to get some feedback anyway. A little history, I was recently able to get a 5.9% interest rate for the life of the loan on about 17k of my debt…hooray!! I still have about 8k that is at varying interest rates, none over 9.9%. So here’s my dilemna, I just got offered a 4.9% for the life on my other card (recently cleared in the earlier lower interest consolidation).
Seems like a great deal, no balance transfer fees, etc. But a couple of things to think about (1) it’s with Citibank who checks your credit and if you’re late to anyone, the interest rate skyrockets (I am proud to say I’m on the straight and narrow though…no late payments!) (2) I have been a victim of this rate hike by Citibank in the past, so I’m a little hesitant, but it’s a great deal and I’m finally seeing that light at the end of the tunnel. My one concern is I do have a Corp credit card and sometimes my company does not reimbursement before the due date…I’m not sure how this ties into my personal credit though. Thoughts anyone?
Also, if I call up Citibank and tell them how much I plan to transfer, will they tell me my estimated monthly payment first? I believe they’re one of the companies that recently spiked their minimum payments.
Figure up your payments on the other cards. Is this monthly payment close to the new one you will get? If your rate did go up , would the payment still be close to what you have now? Also, you should consider annual fees,ect on all of your other cards combined. Take the time to call citibank regarding your payment amt. , they should be able to tell you what your new payment will be. Take all of your other card statements and figure up the interest portion of your bill. Compare it to what citibank tells you. If you do the transfer, cut up the other cards!!!:)