Quote:
|
Originally Posted by one9
Paying 0.99% is not so bad, as you could invest your money in a internet savings account at about 6% and pocket the difference. BUT this would only work if you are smart enough not to use your card for any purchases, as new purchases would attract the high interest rate.
|
I have thought about that but the balance transfer will be used to retire the GE credit line card with current interest rate of ~25.00%.
The earth cards will have some new QF transactions which will attract the 12.74% interest rate or the 5.99% interest rate if the transaction is over $500. After 6 months the remaining balance tranfer reverts to 18.99% at which point I will be looking to get another credit card with low rate balance transfer. This will continue until I have retired the majority of my credit card debt. I know my solution is not perfect but it is a start.