I am about to make a major purchase on my credit card to get my rewards and then I plan to transfer the balance to another card with a special transfer % rate.
There is 2 different offers with different % rates, is there a credit card Amortization schedule like there is for mortgages.
I want to be able to figure out which is the best offer.
Thanks in advance
Same as a mortgage amortization schedule. Compare the different intro rates based on when you plan to pay them off. If you plan to pay it off soon, a 6 months 0% intro offer might be great. If you're going to let it ride, a fixed low rate offer might be better.
most credit cards have a minimum principal amortization so if the % rate is for the life of the loan (transferred amount) just pick the lowest rate
The 2 offers I am looking at is, I will not be putting anything else on this card only this one transfer. The amount is $3000
offer #1
0% until July 2007 after that July 2007 it goes to 6.99% for the life of the transfer. There is a 3% feeOffer # 2
5.99% until Nov. 2006 then drops to 3.99% for life of transfer, this offer has no fee.To me the 0% until July 2007 sounds best but does the 3% fee make it not so great?
If someone could figure out the amount of interest I would pay in each offer I would greatly appreciate it. Don't forget to add the 3% fee for offer one to the total interest.
Thanks for any and all help
No need to figure anything out. When are you paying it off? If soon, take the 0%. If a couple of years, go for the second deal, because after the 0% offer expires, you're probably going to be pegged at 22.5% or more. No number crunching needed. It's a no brainer.
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