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I guess this is a long post now.

I'm gradually paying down a lot of credit card debt. I've been very virtuous so far this year. Let's hope I can keep it up!

Here is my situation:

I have a credit card with a dual balance. $4,900 at 16.99% and $5,250 at 1.99% until 09/2013. I have about $9,000 of "room" on the card, i.e. available credit. They won't decrease the 16.99% rate (of course). I got yet another BT check in the mail from them. This time it's 1.99% until 04/2014 with a 3% BT fee. I know that I can pay $500 per month over the minimum, so even barring disaster I won't be paying this off for at least another couple of years. Paying less in interest would make a big difference though!

The thing is, the BT check says that I can deposit cash into my checking account and it will be treated as a balance transfer. So is there anything stopping me from writing myself a balance transfer check for $4,900, then turning around and paying $4,900 back onto the card? As I understand it, credit card companies are now required to put extra payments above the minimum payment toward the balance with the highest APR. (This didn't used to be so.)

Does this sound like a good idea? Am I missing anything? I am concerned that my credit score could take a hit.

My other thought is that with both of the APRs the same, the CC company could still trick me by applying extra payments to the balance with the *later* promotional expiration date. So I might be paying extra money on the $4,900 balance while the $5,250 balance just sits there and goes back to the 16.99% (variable) interest rate on 09/2013. Is this a conspiracy?


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