Best credit card offers - which is the best deal
Q: I got two best credit card offers one can imagine, especially for someone like myself who had credit problems for as long as I can remember. I have worked very hard on my credit repair, paying off ton of debt and building credit anew. Finally I have only $9,000 left at 13.5%, and just received not one but two terrific offers from JPMorgan Chase. Those are two best credit card offers around, but I need your help to chose the really best deal. First offer is to transfer a balance at 0% fixed interest rate until June 2010. The transfer fee is 3%, so it is $270. The second is to transfer a balance at 5% fixed interest rate until March 2011 with $0 transfer fees. Both credit card offers have 10% variable interest rate after fixed expires.
A: I would take the second credit card offer. It is the best deal in my opinion and here is why. The first one gives you much shorter time frame to repay your debt, plus takes transaction fee in advance. Somehow I don't sense, 10 months will be enough for you to repay, so after this fixed interest rate period is over, you will be paying 10%. The second offer gives you 9 more months. The fixed rate is 5%, but if you intend to repay it as fast as you can, in dollar terms the difference will be insignificant. You pay no money in advance and will sleep better. So out of two very best credit card offers, the second is the best deal.
Sun Aug 2, 2009 11:08PM | Copyright: www.bad-credit-advisor.com | More in Credit Card Deals | Comments (0)
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