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Updated over 6 years ago,

User Stats

45
Posts
10
Votes
Michael Osborne
  • Haymarket, VA
10
Votes |
45
Posts

0% credit card transfer to pay off personal loan

Michael Osborne
  • Haymarket, VA
Posted

I purchased a rental property in cash (half personal funds and half using a 48 month personal loan from discover at 7%). I just got an offer from Bank of America for a 15 month 0% $0 balance transfer. I am currently 6 months into the loan and am considering doing a balance transfer to eliminate the interest. I have the ability to pay off the balance transfer in the 15 months and have reserves to cover the loan but would prefer having the liquidity. Are there any risks to this strategy I am not thinking of? Seems like a simple way to save decent amount of money in interest. 

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