No. of Recommendations: 3
Paid off my high interest Chase card!


So happy to see that 0 balance.

The limit of chase is 7400. My plan was to transfer 7k to my Amex balance of 23k at 15.24%. The offer expires 5/31.

Did you overpay Chase a bit? To account for the interest that accrued since your last bill printed? If not, you need to be sure to pay that off before you do a balance transfer.

Now I don't know. It is so nice to see that 0 balance that I can't believe that it's going to go back to 7k even at 0%.

Well, if you are going to pay $3500/month toward Amex (the $1000 minimum you speculated you would have, plus an additional $2500), transferring $7k to Chase will allow you pay off Amex in 5 months, paying about $625 in interest, plus a $140 BT fee. If you leave the Chase card at $0, then it will take you a little over 7 months to pay off Amex, paying about $1220 in interest.

Is it worth $455 in extra interest to have a card with a $0 balance?

If you really want to have a card with a $0 balance, I would at least suggest transferring $7,000 of your Bank of America balances - the whole balance of the 11.24% card and the rest of the $7k from the 9.9% card. That would give you a $0 balance on the Bank of America 11.24% card. By paying off the 11.24% card and paying down the 9.9% card instead of paying down the 15.24% card, it will probably only cost you $150 or so in extra interest.

Print the post  


UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.