More Money Matters
Posted by Mountain Mama
on 6/16/2015, 2:39 pm
I got an offer yesterday for another credit card. I already have two. I would have outright refused except they were offering no interest for 20 months on purchases and balance transfers. I'm not interested in the purchases aspect, as I pay off my card monthly, but I would be interested in transferring a $17,000 balance from a home equity line of credit. The interest on it is low, 3.5, but it's not as good as NO INTEREST! I think I could pay it off in 20 months and thereby save whatever interest would accrue at my present loan rate. Even with my bad math skills, I guess it would be somewhere between $500 and $1000. Does anybody see any pitfalls that I may not be aware of? I had heard that having too many credit cards negatively affects one's credit score. I don't know if this is true, so long as you keep current with your payments. Does anybody know?
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