Balance Transfer to Card With 0% Rate
Author: mantras
Posted: Wed Aug 16, 2006 12:53 pm
Post subject: BT student loan to Citi 0% for 12 months?
I was wondering if anyone used one of those Citibank balance transfer checks to transfer part of a student loan to their credit card and had good results? I wanted to trasfer about $4000 from my student loan which is currently at a 5.3% apr to my new citi diamond card with the 0% BT with no transfer fee for 12 months. I looked closely through the fine print and saw no limitations in doing just this. Has anyone done similar with their citi card? I plan to have this amount paid off prior to the 12 months ending. Thanks for any help and advice you might have.
Author: Dreby14
Posted: Fri Aug 18, 2006 4:58 pm
Post subject: Balance Transfer to Card With 0% Rate
A long as you plan to pay it off before the rate expires (and you are not concerned with a slight hit if any on your scores), I don't see any downside to it.
Author: rapjunkie
Posted: Fri Aug 18, 2006 5:49 pm
Post subject:
Depending on whether you need write-offs for tax purposes, keep in mind that you can write off interest paid on student loan debt - I believe up to $2500 per year. Just a factor to consider. Of course, saving money on the front end is always a good thing.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Aug 16, 2006 12:53 pm
Post subject: BT student loan to Citi 0% for 12 months?
I was wondering if anyone used one of those Citibank balance transfer checks to transfer part of a student loan to their credit card and had good results? I wanted to trasfer about $4000 from my student loan which is currently at a 5.3% apr to my new citi diamond card with the 0% BT with no transfer fee for 12 months. I looked closely through the fine print and saw no limitations in doing just this. Has anyone done similar with their citi card? I plan to have this amount paid off prior to the 12 months ending. Thanks for any help and advice you might have.
Author: Dreby14
Posted: Fri Aug 18, 2006 4:58 pm
Post subject: Balance Transfer to Card With 0% Rate
A long as you plan to pay it off before the rate expires (and you are not concerned with a slight hit if any on your scores), I don't see any downside to it.
Author: rapjunkie
Posted: Fri Aug 18, 2006 5:49 pm
Post subject:
Depending on whether you need write-offs for tax purposes, keep in mind that you can write off interest paid on student loan debt - I believe up to $2500 per year. Just a factor to consider. Of course, saving money on the front end is always a good thing.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:10 PM
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