A couple of months back I posted a thread about my financial situation looking for advice and this is kind of a follow up to that:
Balancing financial priorities
Really my only question is around my student loan (which if you dont want to read the other thread is 118k at 7%) which is largely unchanged at this point.
I am planning to refinance with SoFi to a 10 year loan at 5.875% which will help.
But I also got something in the mail today that normally I would throw away, and that is a check from one of my credit card companies that would allow me to borrow against my credit (credit limit of 21.5k) for .99% APR for a year. After that it would go to 10.99% APR.
This got me thinking about ways I could use the .99% APR loan against my card to help reduce some of the student loan debt.
In general I am reluctant to use debt like this, but I figure the .99% APR may be a good way to save some money.
A less risky option I was thinking about was using it to pay my next year's worth of car payments off now and just pay back the credit card over the next year, and keep the interest payments current on the car. But I'm not sure there is much benefit there either.
I don't feel like I have to do anything with this and am perfectly fine doing nothing, except keeping my current payment plans. I ultimately know the bank wants me to get a balance on the card with this offer and not pay it off in a year, so my ultimate goal and restriction is that if I do anything it must be paid off when the .99% APR expires, and it must save me interest on my other debts. However, I thought it may be worth exploring since .99% APR is better than the current interest rates on my debts. But if doing nothing is the consensus best financial move, fine by me.
Any thoughts, ideas, or experiences doing something like this? If it matters my credit score is good (over 750).