Thought just hit me tonight, I’m paying 3.5% interest on my mortgage currently. Why not transfer the balance to a 0% credit card with 0$/% balance transfer fee and pay it off within the promotional period?
I’d save 100s a month on interest and i can just pay taxes on my own instead of lumping it in.
Is this possible?
Have I drank too much coffee from working midnights??
Am I an asshole?
Thanks,
Mike
I’ve got some pretty high limit cards but I don’t have any that would take the balance of my mortgage.
Most 0% balance transfer deals are only 1 year after which they go up to the card’s normal rate, probably something in the 20+% range, and I don’t know many people capable of paying their mortgage balance down in a year unless their almost done paying the mortgage off. If you’re almost done you’ve already paid the interest (interest if front loaded in the payments) so doing this makes no sense anyway.
Am I an asshole?
Yes
because you can write off the interest?
Also like JayS said those no interest period are usually 12 months…If you can pay it off with no intrest in 12 months you shouldn’t have any issues paying it off with interest 12 months :lol:
It will hurt your credit rating but that may not be an issue for you if you are that baller. 
Structured debt is better for credit ratings.
Writing off the interest will never be as cheap as no interest. (Obviously)
Yeah, don’t do it. Be happy with 3.5%. You could be paying the mortgage rates your parents were paying. Make additional payments on the principal if you want to do something worthwhile.
People always say you can write off interest when you own a home.
I have never made it past the standard deduction for married couple, except one time when I sold two investment properties.
Mortgage interest, and Student Loan interest are really nothing more than a few drops in the bucket for my situation.
We are both professional government employees with middle income salaries.
It may help on your NYS state tax? I don’t remember its been so long since I paid state income tax I don’t remember.
You bastard! 
I just got my NYS return about a week ago! Those jerks held my $7600 for as long as they could!
Read the fine print, most card associate a 3% or 5$ fee on the balance transfer. I don’t know any cars that do a true 0%…
AH yes I was reading a few cards that had a zero transfer fee, and I am not that baller or close to being a millionaire by any means, but I have a good job and without a wife and kids and this age where most have they a lot of my pay goes toward the principal. But the general consensus here is no. Just a thought.
I think about lots of things when i get lonely in the middle of the night 
The answer seems pretty simple. Can you invest that money for more than 3.5%? If yes, invest your extra $ if the answer is no and you have a card with no transfer fee then put it on the card (if this is allowed) and pay it off.
I did this for the remainder of my wife’s student loan debt. We transferred $10k to a card that gave us 0% for 21 months. Credit took a small hit, which didn’t matter since at this point we had a house and just purchased a new car. I did this almost a year ago and have until next September to pay the balance off but it will be gone next month. I cannot imagine doing this on a mortgage though, no way I could financially do that.
That being said, I have heard of people just continually rolling one card balance to another,
openijf up line after line to take advantage of these offers but I’m sure there has to be some limit to how many times they can do it.