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

Woo-hoo!!!!

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.

AJ
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