No joke - really posting for a friend. She's worried about anonymity so I told her I'd post her query. I remain credit card debt free!
(Feel free to add any other questions to this thread--might be useful for one offs. Or if there is another part of the forum that this would be a better fit for please let me know.)
My friend has been hearing me talk about getting my finances in order with the help of this forum and has begun getting her own house of [credit] cards in order. I've been looking at credit card calculators and realize I'm not yet at a point where I can speak with confidence.
Below is her current credit card debt. Card #1 is nearing the end of it's promotional rate. I'm super proud that she's ready to tackle this before getting hit with that higher 18.99% rate. A few weeks ago it wasn't on her mind. That's YOUR influence at work by proxy!
Card 1: Owe $7,437.57 Min Due $74.00 0.00% interest until 1/21/2018 then 18.99%
Card 2: Owe $1209.75 Min Due $28.00 1.99% interest until 3/1/2018 then 9%
Card 3: Owe $9561.14 Min Due $200.00 interest is 9.25%
Card 4: Owe $449.22 Min Due $full interest is 16.99% (pays every month--this is current balance)
Card 5: Owe $240.00 Min Due $full interest is 27.99% (pays every month--this is current balance)
She has these offers:
Offer 1: no transfer fee, 12 month introductory rate at 2.99%, then 9.00%
Offer 2: 3% transfer fee, 18 month introductory rate of 0.00%, then ??%
Offer 3: 3% transfer fee, 21 month introductory rate of 1.99%, then ??%
I saw this offer on nerd wallet:
Chase offer: no transfer fee*, 15 month introductory rate of 0%, then 24.74% (highest of variable range)
*on transfer made in first 60 days
https://www.nerdwallet.com/card-details/card-name/Chase-Slate-Elite It seems like the Chase offer (if she gets approved) is the best bet...But what questions do we ask ourselves?
My ideas:
How much can you pay each month?
Should she also transfer Card #3 over?
Point us in the right direction!
Thank you & Happy New Year!
z2d