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-   -   Credit Card Transfer Rate Comparison Website? (https://forum.dvdtalk.com/other-talk/578244-credit-card-transfer-rate-comparison-website.html)

DVD Josh 08-21-10 08:41 AM

Credit Card Transfer Rate Comparison Website?
 
Title isn't great, I know, but basically, I'm looking for a website that will help me determine if a transfer rate, inclusive of the transaction fee, is better in the long run than the current rate.

So let's say I have $5k on a card with 18% APR and have a transfer offer for 12 months at 0% but a 4% transaction fee. I just want it to tell me how much I'd save in interest if I BT'ed.

Anyone know of a good site that will help with this?

Duran 08-21-10 09:16 AM

Re: Credit Card Transfer Rate Comparison Website?
 
Not too hard to calculate it yourself, assuming you know how long it will take you to pay it off.

Th0r S1mpson 08-21-10 09:36 AM

Re: Credit Card Transfer Rate Comparison Website?
 

Originally Posted by DVD Josh (Post 10332367)
...I'm looking for a website that will help me determine if a transfer rate, inclusive of the transaction fee, is better in the long run than the current rate.

Better, is not having the debt in the long run at all. Determine how quickly you can pay this off and that will determine whether it's worth it to pay something up front for a better rate down the road.

If you're in a spot where this debt is a necessity, you still need to figure out how long you think you will retain the debt to know if this is worth it or not. You obviously need to calculate the monthly savings on interest and see how long it will take for that to surpass the initial cost.

4 percent of 5K is $200. That's pretty small compared to the interest you're going to pay "in the long run."

If you do this, hopefully the plan is to take the savings and use it to pay down the debt.

DVD Josh 08-21-10 12:02 PM

Re: Credit Card Transfer Rate Comparison Website?
 

Originally Posted by Thor Simpson (Post 10332398)
Better, is not having the debt in the long run at all. Determine how quickly you can pay this off and that will determine whether it's worth it to pay something up front for a better rate down the road.

If you're in a spot where this debt is a necessity, you still need to figure out how long you think you will retain the debt to know if this is worth it or not. You obviously need to calculate the monthly savings on interest and see how long it will take for that to surpass the initial cost.

4 percent of 5K is $200. That's pretty small compared to the interest you're going to pay "in the long run."

If you do this, hopefully the plan is to take the savings and use it to pay down the debt.

Winner, most OT response in a thread.

D.Pham4GLTE (>60GB) 08-21-10 12:16 PM

Re: Credit Card Transfer Rate Comparison Website?
 
http://www.creditcards.com/calculato...e-transfer.php


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