Originally Posted by
mondog1
Follow up. I've been paying 4-5k/month for the last 5 or so years. This line of credit was used to start my business. I'm currently paying ~5% interest on this loan. So even if I pay a 3% fee I'm still coming out ahead. I've talked to the bank where I have the loan through. Damn they are being tight with their cash even though I'm a very good client for them.
How high of a ratio is best to use on my credit cards? Most of my cards have a limit of 15-20k. Use no more than 50% of available credit?
If you are currently paying 5% interest and expect to pay off in 10-12 months, paying a 3% fee with 0% interest will not be ahead. If you stayed with the current loan, you are paying 5% on the average amount. If you transfer, you are paying 3% on the total amount. While the amount may be trivial, I want to make sure you understand all of the find details before making such a large transaction.