Hi everyone, want you to know that I have been a member for a while but just kind of reading the posts and learning. Also reading a lot of books from the library and getting a snowball plan for my credit cards on the roll. So my question is this; I have a card that has a balance with 2 interest rates, the larger portion is at 7.9% and my payments go to that first, the smaller portion is at 19.99%.
I got the lower interest rate when I use a promotion they had to pay off a personal line of credit which was at 21.90%, when I divorced 5 years ago I had no credit history, a house with a leaky roof and no carpeting, so that was the credit offer my bank gave me. But it got me through a rough time and I am grateful, times are different now I have a good credit history, bad credit habits which I am now working at fixing and improving.
I called the card company, told them I had an offer to transfer my balance at O% interest till 6/06 and then it goes to either 7.9% or 13.9%, could they do better on their interest rate. The lady crunched the numbers, said if they changed my interest I would lose the promotional 7.9% and everything would be at one rate and that would not be a good move for me to make.
I guess my question is, should I look into the balance transfer, see if they will transfer the whole amount(they have a little footnote that lets you know that they might only transfer part based on how large a credit line they give you)or sit tight and just keep my snowball rolling? Thanks for all I have learned just from reading the posts. Looking forward to seeing what is said about my question.