from "my" (local friendly) Bank:
10.99% interest Rate (After next April 30) - in the meantime:
2% of the amount of each transaction - or $10, whichever is greater.
How does this "save" money
otherwise it is (and will be)
4% of the amount of each transaction - or $10, whichever is greater.
Does a bank think that with aging I am getting stupider?
By not using any of the attached checks, am I actually "saving" any money - or are we just holding our own?
Trash the checks Bo, plain and simple.
Last night I was organizing mail that was building up. Those checks went directly into the shredder along with anything that had account numbers of personal information. A $40 Walmart shredder is a good investment to help save money and preserve what you already have.
If you must borrow some money for a short term cash flow, balance transfer checks offered by most credit card companies can be a good way to do it. These checks usually allow you to borrow for up to year with no additional interest, though you must make at least the minimum payment every month. The transfer fee, between one and four percent typically, is essentially prepaid interest; if you take the entire 12 months to repay, your annual interest rate is the transfer fee rate. If you pay back earlier, you are effectively raising your annual interest rate since you cannot get the transfer fee back. You must make the choice of how much you are willing to pay (shorter loans are more costly), but the flipside is that these are funds that you can obtain hassle-free, and generally without negative credit consequences.
As always, read the fine print and understand what you are paying, and it should go without saying - use credit responsibly.
PS, the savings may come to you in the form of paying much less for a short-term loan than other forms of credit (i.e., better than HELOC or unsecured credit lines).
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