I have a credit card carrying a balance of about 4800. The promotional 0% interest rate ran out (didn't even know it had one and didn't particularly want that) and now it is getting charged about 90$ in interest every month. Our minimum payment was 35$ and we were paying 100$ every month, but now the payment has gone up to about 140$.
I thought the promotional rate interest charge would just get applied all at once and the monthly payment would stay pretty much the same but they've been charging this interest for 3 months now. Is this just the new minimum payment now or will the ridiculous interest eventually stop?
Additionally, I have another credit card with a limit of 5000$ that I opened several months ago and haven't used it. It has a 0% interest rate for 18 months. Would it be a good idea to transfer the 4800$ to the new card and pay it off since the interest rate will be gone?
January 13, 2017 at 12:02PM
