Submitted by twotall88 t3_yiohix in personalfinance
I've got a balance on a 0% beginning APR that is ending soon so I signed up for the Citi Simplicity card for the 0% APR for 21 months on balance transfers. I understand the transfer fees and all the catches for promotional APRs, I'm in a good spot financially and the balance is only $12k or so.
The trouble I'm having is I didn't realize the balance transfer takes 14 days for new accounts and doing the math it would cost me $40-64 in interest for the 7 days not transferred (for whatever reason, WF only shows my promotional balance and not the APR I'll have when it expires on the 6th but the website says 18%, 23%, or 28% and I'm probably 23%).
Here's my thought, I have a personal line of credit (PLC) with a $30k limit at 10.15% APR/VAR that I have just sitting idle for good reason (I hate paying interest). Do credit card balance transfers look at a personal line of credit/revolving line or credit that isn't tied to a credit card the same as any other balance transfer? I ask because paying the card off with the PLC and then doing the balance transfer to that line of credit would save me about $30 in interest.
EQRLZ t1_iujop9z wrote
This sounds like a lot of work to save $30 dollars, with asymmetrical downside if it doesn't work like you want or causes other headaches
Your LOC is half the interest of your card so you're still paying some interest either way
Pro tip , if your balance transfer offer allows you to write one of those promotional checks (mine always do) , write it to yourself and cash it