Question from Larry:  I bought a new car a couple of years ago and I still owe almost $7,000 on it.

The interest rate I’m paying on that loan is 13.99% APR.

I just found out I can transfer $5,000 of that $7,000 balance onto a balance transfer credit card and pay no interest at all for the first year.

That sounds like a great deal to me and I’m seriously considering doing it.

Can you think of any pitfalls I need to be aware of before I make this deal?

Rick’s answer:  [Read more…]