The Balance Transfer is Done.
On Sunday I paid my Capital One card $352.08 (which included my minimum payment this month of $109). That put my balance at $5,104.63. I then logged in to my Citicard account and initiated a balance transfer with my 0% for 12 months no balance transfer fee offer of $5,104.63 from my Capital One card. It was pretty easy, actually, I could choose the appropriate offer right there on the screen and if I had wanted to, I could do the transfer right to my checking, or split it between up to 4 cards. I now understand how people start credit card arbitrage.
As of right now, the transfer hasn’t posted yet to my Capital One account but it has been removed from my available credit on my Citicard and I am sure it is just a matter of time. I feel on edge. I think I will feel a little weird and unsettled until this is completely done and I get into the routine of paying Citicard. The money will still post the same day when I pay them just like with Capital One. I can’t do my instant reactive mini payments anymore, I am limited to 4 online transactions a month. But I still can do multiple mini payments just not quite as many or as frequently. I’ll have to track what I want to pay on a weekly basis I think and designate a certain day of the week (like Fridays) my “payment” day. Now that I am in the budgeting groove and used to tracking things intently I don’t think it will be too hard of an adjustment. At least I am not limited to one payment a month.
One thing I will not miss is paying interest! I cannot wait until my interest for the past month posts to my Capital One account and I can just… pay it and be DONE with it. For good.
$5104.63 split into 12 monthly payments breaks down to $425.39 a month. A little more than I have been averaging. I paid $421.45 last month and I think I can consistently do better than that the more fine tuned the whole tracking money thing becomes. It will take a lot of work and a lot of luck but I am feeling positive about it happening. My goal is to make it happen in 11 months so that bumps it up to $464.06/month. Ambitious.
But we can do it. Or at least, we can try really really hard. Focus. Don’t lose sight of the goal. Every dollar works for us. And maybe I could have a few good months contracting? And a lot of craigslist sales. And come on yard sale this weekend!
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