Bump That High Interest Rate. Balance Transfer It Is. When to transfer that is the question.

What Had Happened Was…

So recently my credit score went up about fifty points. Yes, she is in the 700 club baby. Now your money matters coach kind of messed up. See I had this Capital One card that I carried around in my wallet. Their slogan is “What’s in your wallet, right?” Something crazy happened. Bump That High Interest Rate. Balance Transfer It Is. When to transfer that is the question.

I Messed Up

I had a month of emotional shopping. Life was a little nerve wrecking and what better way to relieve stress than shopping? (I have sense replaced shopping with the gym, yay me.)

Bump That High Interest Rate

My Capital One card balance was creeping in two grand. Then my sister planned a trip to Aruba and I took another card with me. Did you know food is really expensive? Now I am not proud of my recent financial blunders. The great thing is that before I left for Aruba in July- I received a balance transfer check from Discover. I also received a letter from my credit union.

A Ram in the Bush

Although the credit union had better rates, I went with Discover. The terms were longer, plus my credit limit is higher. So it won’t affect my credit score. Now I love Capital One for giving a sister a chance when my credit score was in the 500’s. However that 24% interest rate is not the deal.

The Plan to Prosper

So here are the details. I was able to transfer almost $4000 worth of credit card debt. There was no balance transfer fee, (which is usually 3%). The interest rate is 4.9% for 16 months. So if I pay $250 per month, I would have save a lot of money in the process. Oh yeah- what’s in my wallet? My debit card. Ta ta.