Tuesday, January 10, 2006

New Credit Card & balance Transfer

Today, I applied for a new credit card. Yikes! O.k. it's really not that bad. I signed up for a Citi Platinum Select MasterCard and was approved for a $7,500 limit. The great thing about this card is that you get 0% APR for 12 months on balance transfers with no balance transfer fees. That means that once I transfer over the $7,500 I will only have $2,293 at 3.99% APR to pay for the rest of my debt-ridden life. Over the long run this will probably only save a little over $100 but any bit helps and it will help me pay it down faster. I have not received the card yet and before I transfer any money I am going to call them to make doubly sure that there are no hidden fees. I will keep you posted.

In other "news", I have been stressing out about my company's upcoming National Conference. This is where all of the nearly 800 people from the company fly out to California to meet, network and get pumped up about the coming year. Of course, being in the real estate industry which is very sales and all about appearance and projecting an image of wealth and prosperity, there is pressure to look your absolute best. The girl in me feels the need to go out and buy a whole new wardrobe so that I feel like I will be suitably dressed but my extreme guilt about spending money on anything but the necessities is holding me back. I think that is part of what got me in this debt in the first place (the feeling that the outfit, the hair, etc will make me feel more confident and more at ease). One thing that I have to buy for sure (theres no getting out of this) is a dress for the black-tie event. Ugh. I hate buying dresses, especially dresses that I will probably never wear again. SIGH.

The one thing about the conference that I am looking forward to is our keynote speaker, William Danko, who is the co-author of The Millionaire Next Door. I really enjoyed the book and I am interested in what he will have to say.

One other good thing about the conference is that it will mean lots of overtime, not nearly enough considering I will be there from Wednesday to Sunday. But any extra money will mean that the debt will go down faster!

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Neo said...

Congrats on getting started transferring some of your debt to a 0% credit card. While it might only save you $100, it is a start. Who knows, in a few months you might be able to apply for another to get the remaining $2300 lowered.

Good luck!

stevie.be. said...

that is so awesome. those balance tranfer fees are what got me. damn them. i got a amex blue card this week with no hidden costs and zero APR, no fees yadayada for a year. i was talking to a rep on the phone and going over every little detail and finally i was like, "your kidding? right?" and he was like, "nope its all free, transfer all you want!" so they are out there, u just gotta look hard!

how cool :) heehee

so happy for you! best luck with all this in 06!

Jay S. Fleischman said...

Good move in transferring the balance, but be careful to investigate what the APR will be once the teaser rate ends. In addition, don't cycle your debt from one card to another too often; part of what keeps your credit score up is the age of the debt. If you continually apply for new credit in a short period of time, that will hurt as well. We discuss these issues on The Debt Podcast in case you're interested.

Amdollar said...

Nice work on the balance transfer because that 0% will definately help! The conference sounds like fun... I'm interested in how it goes.

balancetransfer.citicards.com said...

0% cards are awesome to pay down debt!

credit card 0 transfer balance