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Chase Slate BT : Better way?

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ceejx
Established Contributor

Chase Slate BT : Better way?

I'm going to BT my SoFi loan to my new slate $30,500 card to take advantage of the 0% bt until next November Smiley Happy (combined most of my CSP SL with my slate SL).. I can do $15,000 within 30 days, and the rest after another 30 days.. Even though the last person I spoke to said it was possible, I spoke to someone else at Chase and they confirmed I can only BT from CC, not from Loan to my Slate, and no convienence checks are available during the $0 BT offer. Problem is, I'm a numbers cruncher and over-analyzer, so I have to find the best way to do this.

 

So, here's my plan, let me know how this sounds:

 

Route 1:

 

NFCU ($22k CL 0% BT Fee) -> Convienence check @ 14.65 either to SoFi directly, or to my Chase checking account. BT NFCU to my Chase Slate .. Goal! I pay a few days of %14.65 ($6.02/day) on my NFCU until the BT completes.

 

or

 

NFCU ($22k CL 0% BT Fee) -> CA @ 16.65 to my NFCU checking account. BT NFCU to my Chase Slate, pay SoFi From NFCU checking .. Goal! I pay a few days of %16.65 ($6.84/day) on my NFCU until the BT completes.

 

===

 

I don't know how long it takes to BT from my NFCU to Chase.. If it's a quick 5 days, then I'm out $30, but I save more than $400 (or more) in interest from my loan over the next 6 months or so. If it's 30 days, like I've read in other posts, then that could get pricy (~$180, but still less than $400). 

 

Any other ideas out there on a cheap/efficient way to do this? 

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NRB525
Super Contributor

Re: Chase Slate BT : Better way?

That sounds like it would work. I don't have anything NFCU so can't comment on the timing, but moving funds around like that is how you end up with the best APR savings. It's been a long time since I did a check cash advance. Lately I've been using my CapOne as a parking spot, but then all my BT are between credit cards anyway.

 

Good luck!

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Message 2 of 4
ceejx
Established Contributor

Re: Chase Slate BT : Better way?

Only difference between BT and CA is the extra 2% they charge for CAs.. Convienence Checks fall under BT with the purchase APR...Difference of $80 a day, but over 30 days that adds up Smiley Happy

Message 3 of 4
Anonymous
Not applicable

Re: Chase Slate BT : Better way?

Your scores are great! Did you consider doing a debt shuffle with your current lineup? What do you plan on doing with the slate later?

 

General question out of curiousity. I assume you have good/ high income and the financial means to pay off these consolidated student loans soon.  Should the average person move student loans to 0 interest cards until they are paid off, so long as they have job security, emergency savings, open tradelines to avoid high UTIL, etc?

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