@Anonymous wrote:
@Anonymous wrote:Its been a tough month due to an auto accident that the other party ran a red light and his Insurance denied claim. I'll have to fight it in small claims. Ugh!!!!
Anyways, I was able to get a couple cards in the meantime to hold me over and prurchase a budget vehicle until I can get things settled.
My Chase Freedom has 0% interest for 15months.I also got a Cap 1 Quiclksilver for $500.
First question:
For the Chase freedom, do I have to pay off the full amount every month to maintain the 0% interest? No, do not have to pay in full to maintain the 0%. Only need to make minimum but strongly suggested here in these forums to pay at least 4x minimum to avoid adverse action (closure of account or decreased credit limit)
Or can I make larger payments then the minimum and still maintatin the 0% interest? Aim for 2x minimum to 4x minimum. Chase is a new lender for you so establishing an okay payment history is, in my opinion, is a good idea.
Second question:
I had to do a $200 instant cash with the Cap1 and am already close to maxing out. In looking into Balance transfers to the Chase Freedom, It say's 0% for the next 15 months aside from the Balance transfer fees. But under Interest Rate Charges and Purchases, It says once I take advantage of the offer I lose the promotional interest rate as along as I pay it off in full every month. I highlighted it below in blue.
So if i do the balance transfer, does that mean I lose the 0% interest on the rest of the card balance before the transfer? Although I have not taken a BT offer during a 0% interest period, from my understanding taking advantage of the BT makes the cardholder forfeit the 0% interest
Or should I just make a 50% full payment at the end of the month on the Cap1? My question would be cost vs. benefit on this one. How much interest are you paying on the $200 cash advance from Cap1? One possible solution would be to charge what you would have paid from your income onto your card (such as bills that allow credit card payments with no fees). This way, you can have your own "BT" in a sense that you allocated the $200 you would have paid on your Chase credit card to the Cap1 card.
Ex: $200 water bill charged to Chase card. $200 from income that could have gone to pay Chase goes to your $200 balance on Cap1. $200 is still on your Chase card but you don't have to pay the full amount (only minimum) and can leave most of it until 15 months is over or when you have the budget to pay it off. You aren't BT-ing so you keep the 0% interest for 15 months.
Balance Transfer APR: The rate listed below will apply to the transferred balance. You can also find this online by viewing a recent statement.
0% APR through your billing cycle that ends in 09/2017; thereafter
14.24% variable APR based on the Prime RateBalance transfer fees: The fee for this balance transfer is 5% of the amount of the transfer, with a minimum of $5.00. The standard fee for Balance Transfers is either $5.00 or 5% of the amount of each transaction, whichever is greater.
Balance Transfer Maximum: The total balance transfer request(s) made online and/or with a Customer Service Specialist cannot exceed $15,000 within any 30 day period.
Paying Interest: We will begin charging interest on this transaction on the transaction date.
Interest Charges on Purchases: Once you take advantage of this offer, you will have a new promotional balance on your account. As a result, you will lose your interest-free period (also called your grace period) on new purchases unless you pay your entire balance in full each month (including any promotional balances that you add by using this offer). New purchases include any fees added to your purchase balance, such as an annual fee, if applicable. This means that while you will enjoy the promotional rate on the balances that you add by using this offer, you will pay interest on your new purchases.
Right to decline: We may decline your check under the following circumstances: your account is past due or over limit, you write a check for more than the maximum amount disclosed, we reasonably believe that you will be unable or unwilling to repay the balance or for any other reason as described in your Cardmember Agreement. We will not accept balance transfers from any existing accounts with Chase, Bank One, First USA or any of our related banks.
+1
Pretty good replies to the questions. I think a key point is Chase being new to you, and building a good history with them. They can be sensitive as it is when you get a new card with them, so I think you definitely want to have good payment history to start.
