Capital One 6.99% apr for 48 Months Balance Transfer

[baller4life]

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@_NERD wrote:
How do I get an offer like that? I'm about to pay 29.99% when my furniture promotion period ends.

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Dang! It's a targeted offer from Cap One. You have to be selected. Do you have any other card you could bt too. That's a crazy high interest to have to pay!

[pipeguy]

Just got one yesterday for 18 months 00% with a 3% fee up front (pretty standard up front fee) and this was on the card I CANCELED last month - go figure  and note, I would not have taken it anyway since the only balances I'm carrying are either at 00% or special financing (Lowes project).

[_NERD]

baller4life: Cap 1 QS1 with a conservative $1500 ceiling. I have a couple statement cycles left to figure it out.

[JSS3]

Mine are 4.99% for 24 months and 0% for 18 months.

[KSK1912]

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@redpat wrote:

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@Anonymous wrote:

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@redpat wrote:

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@UncleB wrote:

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@redpat wrote:

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@Anonymous wrote:
I just got a 0% for 12 months with a 3% fee. That's the first time I've gotten one like that. Looks like they stepping up their game a little.

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They want the 3% fees which equates to a 36% annual interest rate.  If that's stepping up their game then I'm out.

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How does a one-time 3% fee equate to 36% annual interest rate?  

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36% divided by 12 months equal 3% monthly interest.  If you have a 12% annual interest rate it is 1% a month.

This is why people get ripped off.

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But people are only paying the 3% fee once (so only 1 month), then getting the other 11 months at 0%... am I wrong? For a BT with the terms 3% fee and 0% APR for 12 months, wouldn't you need to divide that 3% by 12 months to see what you're really paying in interest for those 12 months?

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Ladies and Gentlement you are paying 3% on a balance if you annualize that 3% it equates to being charge an effective annual rate of 36%.  

I'm just saying what the effective rate is on the 3% one time charge.

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Would be true if you were charged 3% monthly. This 3% here is not an interest rate, you are not paying 3%interest! This is a fee, or - say - a commission! The interest is 0% And your effective rate theory would have been correct if the BT offer was for 30 days only, that you have to pay it off in 30 days. So, yes, you would be paying that in interest. But the offer is for 12 months.

[Shooting-For-800]

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@pipeguy wrote:

Just got one yesterday for 18 months 00% with a 3% fee up front (pretty standard up front fee) and this was on the card I CANCELED last month - go figure  and note, I would not have taken it anyway since the only balances I'm carrying are either at 00% or special financing (Lowes project).

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Me too!

one closed acct, one open acct.