I asked this a while back and phrased it poorly, so let me try again.
I have a Capital One offer to transfer up to $20K to a fixed APR FOR LIFE at 5.99%. From the 3 cards I carry, they total about $25K total. There is no annual fee, & NO transfer fee which surprises me (since it’s typically 3% of the transferred amounts). This sounds like a pretty good deal, with a regular APR of 11.99% on purchases, although I’d plan not to use this card for any other means than to pay it off (feel free to laugh). Since the minimum payment each period is 3% of the total, or about $600 min, it’s less than I currently pay in total for the 3 cards, but I would plan to pay $1K per month.
Is this a good idea to do? My offer expires on 10/27.
Does anyone know how to calculate future payments? Say I have a $20K balance at 5.99% APR. I make payment 1 at $1K… how could I calculate my next payment based on the APR & a new pre-APR balance of $19K?
Thanks!!