My main credit card has a nice low interest rate (comparatively anyhow - 8.5%). I am considering transferring my balance on a store credit card with an incredibly high rate of interest at 28.8%. My credit card is offering a 2.9% interest rate on balance transfers for 6 months, then at the regular 8.5% rate. But, i understand that the balance transfer is treated as a cash advance and the interest is compounded daily, right?
Can someone more financially savvy than me walk me through how that will translate in the real world? Comparing, perhaps, what $1000 dollars would look like with the balance transfer and without?
Thank you so much! I am really trying hard to work down our credit. I will close the store card once the balance is paid off!
Can someone more financially savvy than me walk me through how that will translate in the real world? Comparing, perhaps, what $1000 dollars would look like with the balance transfer and without?
Thank you so much! I am really trying hard to work down our credit. I will close the store card once the balance is paid off!
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