topic Re: 0% balance transfers? in Credit Cards

0% balance transfers?

Anonymous — Sun, 02 Oct 2016 05:14:28 GMT

I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 13:59:52 GMT

@Anonymous wrote:
I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?

No, the balance transfer offer comes with a fee of either $5 or 3% whichever is greater. Also balance transfers do not earn any rewards points

Re: 0% balance transfers?

NRB525 — Sun, 02 Oct 2016 14:16:00 GMT

@Anonymous wrote:
@Anonymous wrote:
I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?
No, the balance transfer offer comes with a fee of either $5 or 3% whichever is greater. Also balance transfers do not earn any rewards points

OP is finding out why a "$3,000 spend requirement" with AMEX bonus requirements is a different number than a "$3,000 spend requirement" with any MC or VISA bonus

The AMEX $3k is a bigger number, harder to get to, than the easy $3k on a MC or VISA spend.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 14:33:00 GMT

@NRB525 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?
No, the balance transfer offer comes with a fee of either $5 or 3% whichever is greater. Also balance transfers do not earn any rewards points
OP is finding out why a "$3,000 spend requirement" with AMEX bonus requirements is a different number than a "$3,000 spend requirement" with any MC or VISA bonus

The AMEX $3k is a bigger number, harder to get to, than the easy $3k on a MC or VISA spend.

If time is short to meet the spend requirement then there is always the option of buying Amex gift cards and using them as needed. I never really found it that hard to meet the spend requirements for any of my Amex cards

Re: 0% balance transfers?

colinstu — Sun, 02 Oct 2016 15:49:12 GMT

0% means the APR on the balance that you transfer (for x months). They usually have a fee associated with them, and it would for that Amex.

The only cards that offer no BT fee, is the Chase Slate (only for the first 60 days of opening card. And the APR is 0% for 15mo), and the Barclay Ring, but it has an APR of 8.25% variable. I've seen some other cards offer 1-2% BT fees depending on the size of the balance that's being transferred.

BTs also do not earn rewards nor count towards spend needed for a bonus.

I would avoid the suggestion of buying gift cards. That can look like MS in their eyes and can either not grant you the bonus or take it away later.

You sure there's nothing you can buy or splurge on to meet the requirement? Do some early holiday shopping? Have a trip or travel to do next year and you can book now?

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 17:10:44 GMT

@colinstu wrote:
0% means the APR on the balance that you transfer (for x months). They usually have a fee associated with them, and it would for that Amex.

The only cards that offer no BT fee, is the Chase Slate (only for the first 60 days of opening card. And the APR is 0% for 15mo), and the Barclay Ring, but it has an APR of 8.25% variable. I've seen some other cards offer 1-2% BT fees depending on the size of the balance that's being transferred.

BTs also do not earn rewards nor count towards spend needed for a bonus.

I would avoid the suggestion of buying gift cards. That can look like MS in their eyes and can either not grant you the bonus or take it away later.

You sure there's nothing you can buy or splurge on to meet the requirement? Do some early holiday shopping? Have a trip or travel to do next year and you can book now?

I'm sorry but that is plain wrong. Amex does not care if you purchase their gift cards. In fact they often have offers for them on their cards as they do now. And they will always count buying their gift cards towards meeting the spend requirement. You won't earn bonus points from the spend alone but the purchases definitely count towards meeting the spend requirement. And they certainly won't take the bonus away.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 16:50:02 GMT

Thanks all. I'll be able to meet the minimum spend in other ways I'm sure. Was just trying to get it done asap. I leave to go backpack throughout India for 6 months soon. In my experience it's hard enough to find ATMs in many small towns in the developing world, let alone a place which accepts credit cards. I have a $35/day budget so certainly won't have much use, if any, for credit so I'm leaving them at home and just bringing my Schwab debit and cash. ok, maybe 1 backup card just to be safe. I leave in a month, so I shouldn't have a problem putting 500 on that card during that time.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 16:52:23 GMT

as for the amex gift cards via my account page, they charge a $9 shipping fee. I'll pass.

Re: 0% balance transfers?

NRB525 — Sun, 02 Oct 2016 16:54:08 GMT

@Anonymous wrote:
@NRB525 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?
No, the balance transfer offer comes with a fee of either $5 or 3% whichever is greater. Also balance transfers do not earn any rewards points
OP is finding out why a "$3,000 spend requirement" with AMEX bonus requirements is a different number than a "$3,000 spend requirement" with any MC or VISA bonus

The AMEX $3k is a bigger number, harder to get to, than the easy $3k on a MC or VISA spend.
If time is short to meet the spend requirement then there is always the option of buying Amex gift cards and using them as needed. I never really found it that hard to meet the spend requirements for any of my Amex cards

True enough, but OP would like to pay house insurance with a card, which apparently doesn't have a transaction fee, and avoid gift card fees.

With MC and VISA spend requirements, one can also pay a mortgage, but that incurs a transaction fee to the cardholder. I've used that route, because for the bonus it made sense. Same with the AMEX gift cards, extra fee to get to the spend bonus. I haven't used that route, mostly because that simply shifts the AMEX spend requirement to a new piece of plastic; one still has to find merchants who take AMEX to complete the cycle. It allows more time to complete the cycle, but still an AMEX merchant to be located.

If one is trying to stay pristine in just "regular spend items" during a specific time period to get to the bonus, the AMEX dollar is still harder to get to, which was my main point.

I get your point, and it's true that is an option to follow, but it comes with a cost.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 17:08:01 GMT

@Anonymous wrote:
as for the amex gift cards via my account page, they charge a $9 shipping fee. I'll pass.

There are discount codes easily found that give you free shipping. You still would have the $3.95 activation but it's always an option if someone needs to spend some to meet their bonus requirement or speed the process to get your points quickly if you need them.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 17:10:03 GMT

@NRB525 wrote:
@Anonymous wrote:
@NRB525 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have a new ED card. It says 0% apr on purchases and balance transfers for a year. Does that mean no balance transfer fee?

I'm wondering if I could pay my house insurance with a card which gives me double points for paying utilites (is insurance a utility) or any card really, then transfering that balance to the ED and paying it off. I need to spend $500 more to meet my min spend. The insurance company doesn't accept amex, or i probably never would have gotten this idea. Will I also earn points from amex?
No, the balance transfer offer comes with a fee of either $5 or 3% whichever is greater. Also balance transfers do not earn any rewards points
OP is finding out why a "$3,000 spend requirement" with AMEX bonus requirements is a different number than a "$3,000 spend requirement" with any MC or VISA bonus

The AMEX $3k is a bigger number, harder to get to, than the easy $3k on a MC or VISA spend.
If time is short to meet the spend requirement then there is always the option of buying Amex gift cards and using them as needed. I never really found it that hard to meet the spend requirements for any of my Amex cards
True enough, but OP would like to pay house insurance with a card, which apparently doesn't have a transaction fee, and avoid gift card fees.

With MC and VISA spend requirements, one can also pay a mortgage, but that incurs a transaction fee to the cardholder. I've used that route, because for the bonus it made sense. Same with the AMEX gift cards, extra fee to get to the spend bonus. I haven't used that route, mostly because that simply shifts the AMEX spend requirement to a new piece of plastic; one still has to find merchants who take AMEX to complete the cycle. It allows more time to complete the cycle, but still an AMEX merchant to be located.

If one is trying to stay pristine in just "regular spend items" during a specific time period to get to the bonus, the AMEX dollar is still harder to get to, which was my main point.

I get your point, and it's true that is an option to follow, but it comes with a cost.

True it comes with a cost but I don't think the OP has a no cost option to pay home insurance as home insurance isn't considered a utility.

Re: 0% balance transfers?

NRB525 — Sun, 02 Oct 2016 17:49:56 GMT

@Anonymous wrote:

True it comes with a cost but I don't think the OP has a no cost option to pay home insurance as home insurance isn't considered a utility.

I pay my State Farm insurance plan bills with all manner of cards, including AMEX. When I need to route some spend to a card in a given month, I just update the Payment Plan payment method, and route a nice chunk of regular spend to that card.

Other insurance companies don't accept AMEX, but often accept MC/VISA.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 20:21:51 GMT

i think there's like a $5 fee for paying the insurance online, that's not the issue. they simply do not accept amex. i have visa/mc which i'll use, its just that i was like perfect I'll just pay the insurance to meet the spend. there's a $10 statement credit this month if you buy amex gift cards. If i can find the free shipping code and it lets me use that as well then heck yea i'm gonna do it.

Re: 0% balance transfers?

Anonymous — Sun, 02 Oct 2016 20:39:24 GMT

@Anonymous wrote:
i think there's like a $5 fee for paying the insurance online, that's not the issue. they simply do not accept amex. i have visa/mc which i'll use, its just that i was like perfect I'll just pay the insurance to meet the spend. there's a $10 statement credit this month if you buy amex gift cards. If i can find the free shipping code and it lets me use that as well then heck yea i'm gonna do it.

It's FREESHIP16