A question on "Balance Transfer" deals on Credit Cards. I'm about to pay for some work on my house, about 5k (repairs!). My credit card company just sent a notice that I can have .99% interest for 10 months if I do a cash advance to my chequing account. Well, my money is earning more than that so it seems like a good idea-I can easily pay it off in 3 to 5 months, incurring no real hit money wise.
My question is this-every month I have professional dues that come out of my credit card automatically-100 bucks. I pay it immediately of course, but my thinking is that the credit card company will pay the 100 I pay on the .99% portion of the CC first, leaving me with 19% on the 100 bucks per month that comes out automatically. Let's say I just pay 100 for 3 months (just to highlight what would happen)-I would be left with 4700 owing on the the .99% balance transfer, with 300 bucks costing me 19% interest. Does this sound like the likely scenario to anyone else?
Thanks for any input!