@Creditaddict wrote:
@lg8302ch wrote:Hello MyFico friends
Just got an offer for 0% promo APR for 12 months with 1% BT fee from Cap1 that I would like to accept. Since I have never done a BT in my life I am not sure if the info I have received from the Cap1 rep is really correct. He told me it would not be subject to cash advance fees or any other fees than the 1% BT fee if I deposit the check into my bank account. Is this really correct? Just has to be paid back in 12 months otherwise regular APR kicks in. Has anybody done this before on a Cap1 card? Is there anything I should be aware of that I might not realize now as a newbie with BTs?
Thanks in advance for your advice.
If they send you a check then you should see terms on the page or back with the check. But many banks allow Balance Transfer checks to be put directly into your bank account these days and still consider it a BT. 1% and 0% for a year is a pretty great deal, especially from Capital One!
Thanks. That is why I am getting weak and start bad habits ..
.. on the checks it does not say anything but the 1% BT fee but you can use it for BT, Medical bills, College tuition and books, Familiy vacation, Moving expenses, Car repair, Home improvement, etc.. the list is quite long.
So it looks that it should not have any cash advance fees. And to avoid paying any interest on purchases it probably should not be used for new purchases during the BT promo period. I could deal with that as I have card that give me 2% on everything so I can leave Cap1 with 1,5% alone for a while .
@lg8302ch wrote:
@Creditaddict wrote:
@lg8302ch wrote:Hello MyFico friends
Just got an offer for 0% promo APR for 12 months with 1% BT fee from Cap1 that I would like to accept. Since I have never done a BT in my life I am not sure if the info I have received from the Cap1 rep is really correct. He told me it would not be subject to cash advance fees or any other fees than the 1% BT fee if I deposit the check into my bank account. Is this really correct? Just has to be paid back in 12 months otherwise regular APR kicks in. Has anybody done this before on a Cap1 card? Is there anything I should be aware of that I might not realize now as a newbie with BTs?
Thanks in advance for your advice.
If they send you a check then you should see terms on the page or back with the check. But many banks allow Balance Transfer checks to be put directly into your bank account these days and still consider it a BT. 1% and 0% for a year is a pretty great deal, especially from Capital One!
Thanks. That is why I am getting weak and start bad habits ..
So it looks that it should not have any cash advance fees. And to avoid paying any interest on purchases it probably should not be used for new purchases during the BT promo period. I could deal with that as I have card that give me 2% on everything so I can leave Cap1 with 1,5% alone for a while .
it's best if you can leave the card unused while paying a BT just to keep things simple... you can pay new purchases off with a BT but you have to figure out the regular minimum and payment on BT PLUS then all of the new charges to make a payment large enough for them to pay those off.... if you just leave it alone and use it just for the bt, could work out very well.
@lg8302ch wrote:Oh forgot to ask. Are BT done with HP or are the offers based on recent SP?
BT's require no pull
@myjourney wrote:
@lg8302ch wrote:Oh forgot to ask. Are BT done with HP or are the offers based on recent SP?
BT's require no pull
Thanks MJ.. that is wonderful news so I will do my very first BT check into my checking account .. cannot do a real BT as I paid of a 4K medical bill just about a week prior but it would be nice to have the money back on the checking account instead. Cap1 had a bit bad timing with the offer otherwise it would have been a great way to pay off the medical bill and a real BT.
Yes - transactions in the US (with the exception of wires) are not real time.
Checks take 2-3 days to clear. Your bank is trusting that the check will clear.
Checks take 2-3 days to clear. Your bank is trusting that the check will clear.
