I am currently carrying a large balance on my fixed-rate credit card from Redwood Credit Union. I’ve been carrying a large balance on said card since last December. The purchase APR for said card is 8.99 percent. Why am I currently carrying such a large balance on the card in question? Well, people, I had a family emergency involving my sister. My dad was unable to use a certain credit card of his at the time, so I had to take on a large amount of credit card debt in order to help get my sister out of a financial jam. My Redwood Credit Union credit card is pretty close to being maxed out. However, the debt on that card might be close to being completely paid off a few months from now or even a few weeks from now. My sister has been expecting a payout from her life insurance policy (universal, if I’m not mistaken) even though she’s still alive. The payout in question should mostly cover the debt on my Redwood Credit Union credit card. In any case, should I consider doing a balance transfer at the present time, or would it be OK for me to wait a few months?
For the record, the Citi Simplicity card has been a recommended balance transfer credit card as of late, but it has no rewards or cash back program. Also, if I were to do a balance transfer from my Redwood Credit Union credit card to a Citi Simplicity card, I would have to pay a 5% transfer fee. Keep in mind that 8.99% is the purchase APR that my fixed-rate credit card from Redwood Credit Union currently has.