As I have mentioned many times, our interest rates (19.24, 14.24, 11.99, 9.74) on our CCs are part of the problem with our snowballing. We pay soooo much in interest, it is hard to have extra to pay on the principal.
Last year, I tried to get the 19.24 reduced. End result....not only did they not lower the rate, they cut my credit line by about 6,000 (at that point, my card was $189 from the limit). I was told this was for my own good.
Fast forward to today. Our CC4 has a balance transfer offer of 2.99% for 6 months (of course, it also has a 5% fee!!). But even after the transfer rate expires, it would revert to 9.74, which is WAY lower than 19.24!! We are leaning toward transferring about $6800 (which would bring us to $7140 with the fee....the limit is $7300).
This would leave CC1 with a balance about $9000. Should I call them again and try and get the rate reduced?? The debockle was last July. No late payments, and most months I paid over the minimum (which isn't easy when the minimum was at almost $500!!!). Even if they lower it to 17.99...that is something. I would love to see it in the 15.99 range, and then maybe try again in 6 months.
I am just afraid that they will screw me again. Since July, I have paid about $2600 to this card in principal, which again, isn't easy when you get slapped with $300 in interest every month. So I would hope that they would see I have been really trying.
Additionally...I also had the thought to transfer that $9000 to CC2, which will put it at about 85% capacity. But the interest rate on that card is 11.99, so I am still saving some (minus the fee). My concern there...this is G-man's card (from pre-marriage) and as the primary income provider, will "maxxing" out his card be bad?
Another thought...call CC4 and see if they are willing to increase the limit so I can transfer more to them.
OK bloggy friends.....thoughts????