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Unread 2016-01-14, 10:33 AM   #1
evilpoptart
 
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Default Any downside to "fee free" balance transfers?

My wife and I are working to be debt free minus our mortgage by August. We have three credit cards that have higher interest on them. We ran across the Chase Slate card that has no fee for balance transfers AND 0% interest for 15 months. Thinking of applying and transferring the balance from all the cards to this Chase.

Any reason not to? Am I missing something? I figure if anything it would help my credit in the long run from having more available credit.
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Unread 2016-01-14, 11:00 AM   #2
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Do it. You can call and talk to them if you want, but if there is no fee and 0% for 15 months that is great. You can find other cards that do this, but it's only offered every now and then/not as common. There are cards that have a fee that caps out at a certain amount as well. Paying off your debt should be priority one, but if you get the 0% for 15 months you "could" just plan to have it paid off by then instead of august. It would give you a little more money to put toward other bills or savings.
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Unread 2016-01-14, 11:09 AM   #3
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Nope, go for it. There's a few similar options out there and it's a good idea if you're carrying a balance.
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Unread 2016-01-14, 12:51 PM   #4
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Thanks for the quick feedback. I figure we will see where our tax return puts us before we do any balance transfer. May be able to pay off a pretty good chunk just from that.

First year married. Last year we both had returns of about $1000. We both kept our W4 single with no dependents. Bought a house last January. We will be filing jointly. Should we be expecting a larger refund than $2k? We both got raises around 10%, and my wife got a shit ton of bonuses and stuff that was taxed heavy.
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Unread 2016-01-14, 12:53 PM   #5
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Just looked at the tax bracket, I think we're gonna be in the 75-152 bracket now.

Shit.
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Unread 2016-01-14, 01:42 PM   #6
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Originally Posted by evilpoptart View Post
Just looked at the tax bracket, I think we're gonna be in the 75-152 bracket now.

Shit.
You know that only the income over $75k applies to that bracket, right? Also, I hope you're not counting gross income as your taxable income will be much less.
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Unread 2016-01-14, 01:49 PM   #7
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Okay, I am admittedly ignorant when it comes to income taxes.

So from what I'm reading, you're only taxed at the certain rate when you reach that income.

So, if we made 80k joint (that's close) only 5k of our income SHOULD have been taxed at 25%. Right? So if it wasn't we would owe that amount or about $500. (5k * .15 = 750 and 5k * .25 = 1250)
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Unread 2016-01-14, 01:58 PM   #8
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Originally Posted by ForcFed93 View Post
You know that only the income over $75k applies to that bracket, right? Also, I hope you're not counting gross income as your taxable income will be much less.

You beat me to it. Thanks for helping me clear that up. Adulting is hard. Lol
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Unread 2016-01-14, 02:20 PM   #9
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Originally Posted by evilpoptart View Post
Okay, I am admittedly ignorant when it comes to income taxes.

So from what I'm reading, you're only taxed at the certain rate when you reach that income.

So, if we made 80k joint (that's close) only 5k of our income SHOULD have been taxed at 25%. Right? So if it wasn't we would owe that amount or about $500. (5k * .15 = 750 and 5k * .25 = 1250)
If you made $80k taxable income gross without any deductions or credits your tax liability would breakdown as follows:

10% on your first $18450 = $1845
15% on the $18450-74900 income which is $56450 = $8467.50
25% on the final $5100 of income = $1275.

Anything over $74900 is 25%. Anything before that is less. So if you made $84900, tax on the last $10k would be $2500.

Make sense?
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Unread 2016-01-14, 04:35 PM   #10
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Originally Posted by ForcFed93 View Post
If you made $80k taxable income gross without any deductions or credits your tax liability would breakdown as follows:

10% on your first $18450 = $1845
15% on the $18450-74900 income which is $56450 = $8467.50
25% on the final $5100 of income = $1275.

Anything over $74900 is 25%. Anything before that is less. So if you made $84900, tax on the last $10k would be $2500.

Make sense?
Yeah. It makes sense now. I think I've owed a state once or twice, but never federal. I look at it as a gift every year if I don't owe money.
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