Credit Card #2’s balance transfer rate is officially gone (current balance $2,794). I didn’t realize it until a few days ago when I finally caught up with finances after taking a little break. Instead of 6.9%, it is now 14.24%. Not good.
Credit Card #7’s balance transfer offer will be expiring at the end of this month (current balance $5,857). That one was at a sweet 0% rate. I’m not exactly sure what the rate will be, but I think it will go to around 16%. Double not good.
One of the main things I’ve been trying to do is to minimize the total finance charges that I pay. Paying less towards finance charges means that there is more of my money going towards our principal debt balance. It’s almost like a game sometimes, with trying to figure out your next move. I’ve been patiently waiting for an adequate balance transfer offer to arrive only to come up empty-handed. It’s time to do something.
My husband has cards in his name and I have cards in my name. In the past, we have shifted debt around so one of us has better credit. It turns out that one of his cards has a 9.9% balance transfer offer available. Not the best rate, but it will get all of our credit card debt under his one card and I will have zero balances on all of my credit cards. That will raise my score (it’s currently in the 740 range) and I should be able to get another credit card with a very nice balance transfer intro offer.
Did I just say that? You can tell I’ve run out of options because the last ditch resort was to get yet another credit card. My husband’s credit will take a hit, but only temporarily until I get a new card. Then we will split our credit card debt up again.
After writing the above and thinking through it a little bit more, I became concerned about my husband having my credit card debt burden if something should happen to me because we have been keeping it pretty equal lately. Then I remembered something…I have life insurance! That will enable him to pay that off if something should happen. So we are covered there.
I’ve already initiated the balance transfer for Credit Card #2. In about a week I will initiate the other transfer. Then I will wait a little bit for the new information to show on my credit reports and then apply for at least one new card with a nice balance transfer offers.
Now I need to find a good card to apply for.