I have a $4800 balance on a debt consolidation loan at 13.9%, and through the same credit union have a Visa with a $6500 limit and a 9.9% interest rate. Is there any reason I shouldn’t move the balance of the loan to the card? I’ve been paying down the loan aggressively and have no other debt.
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If you were paying the minimum balance it might be helpful but they are fairly close and you said you are paying it off quicker than minimum so probably not a benefit to move it.
Using that much of the card balance would also cause a dip in your credit rating as well.
I believe balance transfers usually have a fee as well…. something they seem to gloss over or not mention till you’re actually about to do the transfer.
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