No. of Recommendations: 2
Thanks all. Reward points converted to an account credit.

Part of attacking this debt needs to involve minimizing interest rates to maximize the actual debt reduction efforts.

Would it be better to pay a 5% fee up front to transfer a high APR balance to an existing card, or to open a new card with no BT fee?

I asked myself that question and the answer is "it depends." After some thought it seems that the existing card is offering 0% for only 10 months. While that would save money overall there may be a better option. At the end of 10 months, I would have to move the money again and pay another fee (or re-shuffle my pay down order) since I would only be paying the minimum here.

If I open a new account it is possible to get a $0 BT fee and a longer 0% APR term. The problem is that a new card would likely have a low limit. It would still help, but on a small scale. I'm looking for larger scale interest reduction so that my payments can pack a bigger punch.

The card that is almost completely paid off (9 more days) is with Citi with a limit of 27K. They are offering the 5% for 10 months of 0 APR. I found that I could open another Citi card, the Citi Simplicity which also has 5% BT fee and 0% APR, but the term is 21 months. That term would give a significant boost to debt pay down for the same "price."

I am eyeing the new Citi because I've heard Citi allows you to move available credit from one account to another. If the new card limit is small as expected, I could add most/all of the current Citi 27K line onto the new card with the more favorable term.

Using round numbers, moving $20,000 from 14.24% to 0% would cost $1000. Interest on that amount would be reduced from $232/month to $0... twenty one months in a row. A short sighted me thinks that I have no business ADDING $1000 to my ridiculous amount of debt. Without doing precise math, it looks like short sighted thinking is VERY expensive over time. Just thinking for now, but I do need to address the APR as part of the overall plan.

If you are still following along, thank you!
Walstib
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