topic Re: BoA Balance Transfer for 3%! Any other cards? in Credit Cards

BoA cash advance for 3%! Any other cards?

dlister70 — Wed, 22 Mar 2023 17:25:32 GMT

I was paying my BoA Customized Cash Rewards card and I noticed a tab for promotional offers. I figured that it would just be the standard lower percentage rate for a year type promotion, but I clicked to see what they had.

They offered 5.99% interest for 10 months. There was a balance transfer option with 0% until Feb 2024, with a 3% balance transfer fee (certainly better than the offers Discover has been giving me lately). And then there was a cash advance option which was the same as the balance transfer. 0% until Feb 2024, with a 3% fee.

I don't recall ever seeing or even hearing about a 0% cash advance (or really a 3% with the fee). I could use it to finance a new furnace or other major home repair for 14 months without having to try to find a new card that has an introductory 0% promotional rate (and hoping that they approve me for enough limit to make the purchase). I also had the same offer on my BoA Americard.

I don't need to use it at the moment, but I thought that it was really cool that it was there. It made me wonder if I've overlooked such an offer from any other bank. I checked Discover, but they had their standard cash advance interest rate of like 28 or 29%! Citi had their "Citi loans" gimick which is essentially the same thing where they loan you up to your credit limit, but it was 9.99%.

I haven't run through and checked every card I own yet, but I was just curious if anyone has seen a similar promotion anywhere else.

Re: BoA Balance Transfer for 3%! Any other cards?

BronzeTrader — Tue, 06 Dec 2022 00:51:08 GMT

Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.

Re: BoA Balance Transfer for 3%! Any other cards?

FinStar — Mon, 05 Dec 2022 22:32:30 GMT

It is not a cash advance per se as funds are not being withdrawn via teller, PIN, or at an ATM. A variety of lenders have used the balance transfer feature to provide a deposit of funds into a checking account for years, whether it's via ACH or BT checks. If it were a cash advance, the lender would provide such a stipulation and disclosure instead of the BT language. Barclays, Discover and Citi have similar BT offers where funds can be deposited directly via ACH to a checking account.

Re: BoA Balance Transfer for 3%! Any other cards?

FinStar — Tue, 06 Dec 2022 00:51:27 GMT

@BronzeTrader wrote:
Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.

However, plenty of individuals who are prudently fiscal about using them responsibly may find some of these BT offers attractive as a short term funding mechanism. Not everyone gets "into trouble for overspending". Individuals are free to decide what to do with those offers.

Re: BoA Balance Transfer for 3%! Any other cards?

Jnbmom — Tue, 06 Dec 2022 01:58:48 GMT

I agree with the others ,many members utilize BT offers are well aware of the terms and certainly know when they end . And if you read the post it is not a cash advance , the BT can be directed deposited into your account under the BT terms .

Re: BoA Balance Transfer for 3%! Any other cards?

UncleB — Tue, 06 Dec 2022 01:57:09 GMT

@FinStar wrote:
@BronzeTrader wrote:
Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.
However, plenty of individuals who are prudently fiscal about using them responsibly may find some of these BT offers attractive as a short term funding mechanism. Not everyone gets "into trouble for overspending". Individuals are free to decide what to do with those offers.

I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.

I have the funds in savings to pay the amount in full, but I would rather use BoA's money at 3% than deplete my savings. I realize this approach isn't right for everybody, but it works for me.

I'll add that BoA makes the terms/expiration of the promo crystal-clear on each statement. I've used a similar offer with Capital One in the past and it worked out well also, but they weren't as transparent about the ending date (it's not on the monthly statement, but you can call for it). Bank of America is definitely my preferred bank for 0% promos.

Re: BoA Balance Transfer for 3%! Any other cards?

gdale6 — Tue, 06 Dec 2022 17:45:21 GMT

Huntington Voice offers me 3%BT(12 months) or no BT fee for 3.99% APR (15 months time)

Re: BoA Balance Transfer for 3%! Any other cards?

Revelate — Tue, 06 Dec 2022 18:00:53 GMT

Just got a BT offer on my Fidelity card (Elan I think if the servicing hasn't switched again). 2.99% fee, 0% through June 2024.

If I had the option to dump that into a checking account under their terms, I'd probably take it... well maybe not right now when I'm still in flight for a mortgage probably in January at this point, but 2.99% fee today vs. 6.5% or so APR over the year on a 15K chunk out of my mortgage: I haven't done the real math but I'm pretty sure that's a good offer.

Re: BoA Balance Transfer for 3%! Any other cards?

CreditCuriosity — Tue, 06 Dec 2022 18:49:50 GMT

@Revelate wrote:
Just got a BT offer on my Fidelity card (Elan I think if the servicing hasn't switched again). 2.99% fee, 0% through June 2024.

If I had the option to dump that into a checking account under their terms, I'd probably take it... well maybe not right now when I'm still in flight for a mortgage probably in January at this point, but 2.99% fee today vs. 6.5% or so APR over the year on a 15K chunk out of my mortgage: I haven't done the real math but I'm pretty sure that's a good offer.

Indeed getting several offers this one included 2.99 on us bank card along with 3% of others with checks.. Tempted to try to make a bit of money out of it in some fashion possible I Bond for 10k or something that I know I will come out ahead. Never really thought of stuff like this before, but if one can come out ahead then why not use others $ and make some $ although won't become, but rich every bit helps. What the point of having great credit if don't utilize it.

Re: BoA Balance Transfer for 3%! Any other cards?

ptatohed — Tue, 06 Dec 2022 19:14:39 GMT

To answer the question asked in the thread title, there are lots of cards that offer a 3% balance transfer fee. BT fees usually range from 3% to 5% and a lot of times the 3% BT fee is for the first XXX days, then 5%. So, 3% is not uncommon. You can even find 0% BT fees if you look hard enough.

Re: BoA Balance Transfer for 3%! Any other cards?

Absolution16 — Fri, 10 Mar 2023 03:32:02 GMT

@dlister70

How long have you had your Americard until you got the BT offer? I am in pending status for application of that card, and if I am approved, I would like to keep it long term if the card continues to offer BT after the 21-month intro period is over.

Re: BoA Balance Transfer for 3%! Any other cards?

Roisin — Fri, 10 Mar 2023 03:47:04 GMT

I've had the BoA CCR card for a few years and received the 5.99% APR offer late last year. I'm still happily riding out the reduced APR, which is a delight because as one of my frst CCs, my regular APR for that card is not particularly friendly!

Re: BoA Balance Transfer for 3%! Any other cards?

spongeavenger — Wed, 15 Mar 2023 14:32:02 GMT

I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.

How do you propose to do that? I doubt you can transfer a balance from one BoA card to another BoA card.

Re: BoA Balance Transfer for 3%! Any other cards?

UncleB — Sun, 19 Mar 2023 23:31:48 GMT

@spongeavenger wrote:
I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.
How do you propose to do that? I doubt you can transfer a balance from one BoA card to another BoA card.

Easy peasy... I use my savings to pay off the existing balance, then I submit the BT request online for the funds to be direct deposited to my bank account (on my offers, I have the choice of direct deposit or letting them send the payment directly to the other card).

Re: BoA Balance Transfer for 3%! Any other cards?

markhs777 — Mon, 20 Mar 2023 04:43:52 GMT

I get 3% convenience checks with 12+ 0% months from the like of PenFed, PNC, CapOne, USB among others.

Just write the check to myself and pay higher interest rates or use it for everything I like.

Re: BoA Balance Transfer for 3%! Any other cards?

kremonis — Mon, 20 Mar 2023 16:10:16 GMT

@UncleB wrote:
@FinStar wrote:
@BronzeTrader wrote:
Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.
However, plenty of individuals who are prudently fiscal about using them responsibly may find some of these BT offers attractive as a short term funding mechanism. Not everyone gets "into trouble for overspending". Individuals are free to decide what to do with those offers.
+1

I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.

I have the funds in savings to pay the amount in full, but I would rather use BoA's money at 3% than deplete my savings. I realize this approach isn't right for everybody, but it works for me.

I'll add that BoA makes the terms/expiration of the promo crystal-clear on each statement. I've used a similar offer with Capital One in the past and it worked out well also, but they weren't as transparent about the ending date (it's not on the monthly statement, but you can call for it). Bank of America is definitely my preferred bank for 0% promos.

@UncleB

BOA will let you BT into another BOA CC? I thought that was a universal NO-NO. BTs only allowed from external non-affliated CCs. Is a BT fee still paid?

Re: BoA Balance Transfer for 3%! Any other cards?

dlister70 — Mon, 20 Mar 2023 16:43:49 GMT

@kremonis wrote:
@UncleB wrote:
@FinStar wrote:
@BronzeTrader wrote:
Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.
However, plenty of individuals who are prudently fiscal about using them responsibly may find some of these BT offers attractive as a short term funding mechanism. Not everyone gets "into trouble for overspending". Individuals are free to decide what to do with those offers.
+1

I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.

I have the funds in savings to pay the amount in full, but I would rather use BoA's money at 3% than deplete my savings. I realize this approach isn't right for everybody, but it works for me.

I'll add that BoA makes the terms/expiration of the promo crystal-clear on each statement. I've used a similar offer with Capital One in the past and it worked out well also, but they weren't as transparent about the ending date (it's not on the monthly statement, but you can call for it). Bank of America is definitely my preferred bank for 0% promos.
@UncleB
BOA will let you BT into another BOA CC? I thought that was a universal NO-NO. BTs only allowed from external non-affliated CCs. Is a BT fee still paid?

I titled this thread wrong. My surprise was that BoA would just give you cash deposited into your account for 3% which was the same rate as a balance transfer. I can deposit the amount into my account instead and use it as a cash advance for a much lower fee than a cash advance would usually be.

I guess if you did that, then you could use the money to pay off your other BoA card to effectively transfer balances from one card to another.

Re: BoA Balance Transfer for 3%! Any other cards?

UncleB — Mon, 20 Mar 2023 19:30:45 GMT

@kremonis wrote:
@UncleB wrote:
@FinStar wrote:
@BronzeTrader wrote:
Do not get traped with those low rate cash advance offers. They can get you into trouble for over-spending. I ignore those 0% balance transfer. They will become due at some time in the near future. Or CC banks will charge you 20% interest.
However, plenty of individuals who are prudently fiscal about using them responsibly may find some of these BT offers attractive as a short term funding mechanism. Not everyone gets "into trouble for overspending". Individuals are free to decide what to do with those offers.
+1

I have a 0% promo balance on a BoA credit card right now, and if it's not PIF by the time the promo expires next year I'll roll it over to my other BoA card which usually has a promo offer available as well.

I have the funds in savings to pay the amount in full, but I would rather use BoA's money at 3% than deplete my savings. I realize this approach isn't right for everybody, but it works for me.

I'll add that BoA makes the terms/expiration of the promo crystal-clear on each statement. I've used a similar offer with Capital One in the past and it worked out well also, but they weren't as transparent about the ending date (it's not on the monthly statement, but you can call for it). Bank of America is definitely my preferred bank for 0% promos.
@UncleB
BOA will let you BT into another BOA CC? I thought that was a universal NO-NO. BTs only allowed from external non-affliated CCs. Is a BT fee still paid?

You can't have BoA directly pay-off another BoA account, but as @dlister70 mentions above you can have BoA send you the funds via direct deposit. Once you have the funds you can do whatever you want with them.