I mentioned a couple weeks ago that my bank was offering a deal to temporarily reduce my APR. After reading all the fine print three times through, I made a plan to save up as much money as possible before March 5th when the offer expired. I had to wait until the last moment to make the call and accept the offer, because I got paid again today.
I called this afternoon–actually, they called me today–to accept the offer and made a payment of $1000, which in addition to the payments of $500 and $300 I made earlier this month, reduced my balance to $5325. The deal was that you could get your APR reduced depending on how much of your total balance you could pay off with a one time payment (the earlier payments ended up counting too). My payment was large enough to get me a reduced APR of just 6% for the next 6 months (at which time it will return to what it was before: 19.24%).
This will save me $50-$100 a month in interest. That’s huge and it gives me even more motivation to keep paying down the card. I should be able to pay off the entire balance within the 6 month period.
The progress meter in the side bar of this blog is finally showing some, you know, progress. This Visa is my longest standing credit card; it was my first ever. Much of the balance on it is old, so seeing it get so low is really cool.
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{ 4 comments }
That’s great!! How cool!
woot!! go go go!
WOO! that’s a great deal! congrats for making such great progress!
That is fantastic!!! Now I wish my bank would offer that sort of deal, ha.
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