The variable interest rate of the HELOC is currently at 10%. I have a credit card offer of 3.9% on balance transfers until it is paid in full.
2006-08-17 08:47:53 · 6 answers · asked by JC 1 in Business & Finance ➔ Credit
I would call the credit card company and make sure the interest rate is for the life of the balance transfer. If it is, do it and save some money on the interest.
2006-08-17 09:13:35 · answer #1 · answered by bella_4624_19 4 · 0⤊ 0⤋
I'd say no. Something doesn't add up though. Do you have outstanding credit? Because nowadays that low an interest rate for a credit card is impossible to get. I'll bet that 3.9% will only last for a certain amount of time and then jump up. Most all credit cards can change your rate at anytime, so if you do it becareful. Make sure you read all the fine print and call the cards lein holder to get more info. You could even check out their website too.
2006-08-17 08:56:20 · answer #2 · answered by Patrick F 3 · 0⤊ 0⤋
Yeah this doesn't make sense. Credit card interest rates are never that low. In the real world you should use your Home Equity Line of Credit to pay off your credit card. Read more about HELOC.. http://loan.yahoo.com/m/cq_defheloc.html
2006-08-17 09:06:49 · answer #3 · answered by MyCampusCreditCard 1 · 0⤊ 0⤋
Nope.....
Credit Card Debt Management
http://www.debt-explained.com/category/Credit-Card-Debt-Management.html
2006-08-18 02:51:29 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may get a lower rate of interest if you transfer it to the credit card, but you lose your interest deduction on your federal income taxes.
2006-08-17 13:43:48 · answer #5 · answered by what the heck? 3 · 0⤊ 0⤋
I wouldn't do it
2006-08-20 11:58:04 · answer #6 · answered by Anonymous · 0⤊ 0⤋