If you were reading me a year ago, you know that I jumped at a credit card offer to transfer one of my $8200 credit card balances to a 0%-for-nine-months new card. The cost of the balance transfer was $50.
Well, I've done it again!
I got an offer from HBSC (where I have my emergency account stashed) for a 0%-for-12-months-balance-transfer.
There are some downsides to this: (1) the transfer fee is $246 (3% of the amount transferred); and (2) the new card has a credit limit of $10,500 so my "credit used to credit available" ratio may impact my credit rating.
BUT the reason I went forward is that my net savings over 12 months will be $813. The card from which I'm tranferring the balance charges 15.99% interest, by far the highest interest credit card I have.
These kind of financial transactions always strike me as tricky and generally make me nervous. But the card, when it arrives, is going in the freezer with the rest of my credit cards.