Balance transfer to same card

ntr1991 · ‎12-01-2013

My parents recently got BT checks from Chase, offering 0% for 15 months with a 2% fee. The current balance is ~$4K, CL is 7200. They have some extra money in the account that will be gone in about 2 months, but I was thinking of putting the extra cash to use while it's sitting in the bank. Would they be risking AA if they paid off the balance, then wrote themselves the BT check for it? Their checking account is not with Chase.

$500--Penn State FCU Visa
$2000--Discover

enharu · ‎12-01-2013

If this is their first time doing this, probably not.

However, whenever any cards on one's credit report is maxed out, that alone can result in AA.

To clarify: your parents should be fine. Go ahead with it.

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TiggerDat · ‎12-01-2013

Wouldn't it just make better sense to pay it off, then recharge on the card? You won't pay the transfer fee and you will earn the rewards on the purchases. This seems like a better strategy than what you have in mind and it serves the same purpose with much less cost!

It is by will alone I set my mind in motion.....
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Walt_K · ‎12-01-2013

@bernhardtra wrote:
Wouldn't it just make better sense to pay it off, then recharge on the card? You won't pay the transfer fee and you will earn the rewards on the purchases. This seems like a better strategy than what you have in mind and it serves the same purpose with much less cost!

This only works if the card is under a current 0% purchase intro APR.

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