Attacking the second mortgage – requesting the balance transfer check
One of our goals this year is to transfer the remnants of our second mortgage debt to a credit card offering a no-fee, 0% balance transfer and completely pay off the balance by the end of November.
Now, after being able to get the balance down under $10,000 last year, we are ready to transfer the remainder to one of the recently acquired credit cards.
Today we took advantage of the promotional balance transfer offer provided by the Citi Diamond Preferred Rewards American Express Card by requesting a check in the amount of $18,000.
Why $18,000 when we need only $10,000? Because we’d like to go ahead and use the other $8,000 to immediately make the maximum-allowable contributions to our Roth IRAs for 2007 which we’ll elaborate more on in the near future.
As you might recall, we only received an initial credit limit of $6,500 on the Diamond Preferred Rewards. However, we were able to reallocate some of our available credit with Citi by moving $20,000 from the now retired Citi Dividend to increase the credit line on the Diamond to $26,500.
The check should arrive in the mail sometime around this weekend. We’ll immediately deposit it into our personal checking account and contact our mortgage provider to get the final payoff amount.
Here are the steps we have taken thus far in paying down our second mortgage:
Now, after being able to get the balance down under $10,000 last year, we are ready to transfer the remainder to one of the recently acquired credit cards.
Today we took advantage of the promotional balance transfer offer provided by the Citi Diamond Preferred Rewards American Express Card by requesting a check in the amount of $18,000.
Why $18,000 when we need only $10,000? Because we’d like to go ahead and use the other $8,000 to immediately make the maximum-allowable contributions to our Roth IRAs for 2007 which we’ll elaborate more on in the near future.
As you might recall, we only received an initial credit limit of $6,500 on the Diamond Preferred Rewards. However, we were able to reallocate some of our available credit with Citi by moving $20,000 from the now retired Citi Dividend to increase the credit line on the Diamond to $26,500.
The check should arrive in the mail sometime around this weekend. We’ll immediately deposit it into our personal checking account and contact our mortgage provider to get the final payoff amount.
Here are the steps we have taken thus far in paying down our second mortgage:
posted by Brian at
1:11 PM
1 Comments:
Interesting. So you are investing the money from the 0% interest credit card. So do you plan to pay back that amount at the end of the 0% interest free period & then you are left with the interest accrued during that time? Very clever!!!
By
remortgage, at 5/07/2008 4:25 AM
Post a Comment
<< Home