One of my credit cards sent me a balance transfer offer for 6.99% with no transaction fee. Since my private student loan is at 11.75% I decided to go ahead and transfer it to the credit card. The loan balance is just a little over $1000 right now and I hope to pay it off by the end of the year. If I do pay it off that quick the lower interest rate won’t make much difference but since it didn’t cost anything to transfer I figured I might as well save whatever little bit of interest I can.
Sounds like a smart move considering the low balance amount. The savings on the interest will allow you to pay it off sooner and it will probably be better than the interest write-off on your taxes.