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0% APR balance transfer offers

xenon3030
Frequent Contributor

0% APR balance transfer offers

I have some 0% APR balance transfer offers from my credit cards. One of them is my Uber Barclay card. I do not carry balance on credit cards but I want to use the checks for my rent payment and also cash depsit to my checking account.

 

The offer says 2% fee for balance transfer. Is there any 2% fee to deposit check or use check for payments?

 

If I use this offer, does it get reported as a separate loan account in my credit reports? Or does it get reported as a balance in my credit card?

 


Current:::::::::::::EX8=780, EQ8=780, TU8=780.
12 month goal: EX8=840, EQ8=840, TU8=840.
AMEX BCE, AMEX PRG, AMEX HH, BOA CR, BOA Better CR, BOA PR, Chase AMZ, Chase Freedom, Discover IT, Uber, USB Cash+, USB Altitude Go, Walmart/Cap1.
9 REPLIES 9
KatSoDak
Regular Contributor

Re: 0% APR balance transfer offers

Yes, the 2% fee will be applied if you use the checks. If you write 2 checks it will be applied to each transaction.

 

It will be reported as charges to your credit card, not a loan.

 

 

FICO 8:

EQ FICO 9 - 808
EX FICO 9 - 781

Citi (2) | Discover | HSBC | BOA | NFCU | WF (2) | Simmons Bank | FNBO (2) | BBVA | US Bank | Lowes | Care Credit | Home Depot AU
Message 2 of 10
SouthJamaica
Super Contributor

Re: 0% APR balance transfer offers


@xenon3030 wrote:

I have some 0% APR balance transfer offers from my credit cards. One of them is my Uber Barclay card. I do not carry balance on credit cards but I want to use the checks for my rent payment and also cash depsit to my checking account.

 

The offer says 2% fee for balance transfer. Is there any 2% fee to deposit check or use check for payments?

 

If I use this offer, does it get reported as a separate loan account in my credit reports? Or does it get reported as a balance in my credit card?

 


1. If you are talking about 'balance transfer' checks, yes there is the 2% fee deducted for any use of the checks.

2. It gets reported as an addition to your credit card balance.

3. Be wary of using them. Barclays is a weird bank and has been known to take adverse action against customers who use balance transfer offers. It happened to me, and the only possible reason I could think of was that I had taken advantage of some balance transfer offers.  If you are a conservative, risk-averse person who would freak out if your account got closed, my advice is to shred them.


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 742 EX 713

Message 3 of 10
MitchDeerfield
New Contributor

Re: 0% APR balance transfer offers

A 2 percent transfer fee is very unusual.  I can't find anything under 3 percent with a zero interest rate. 

Message 4 of 10
xenon3030
Frequent Contributor

Re: 0% APR balance transfer offers

It looks enticing. It is 2%. This offer might be different from other Barclay's cards, because this card is backed by Uber. 

 

Did anybody use such balance transfer offer from Barclay Uber? What was the experience? Can it be risky to possibly lose the Uber card, if I use ~50% of my CL to use the check and PIF after ~1-2 months?


Current:::::::::::::EX8=780, EQ8=780, TU8=780.
12 month goal: EX8=840, EQ8=840, TU8=840.
AMEX BCE, AMEX PRG, AMEX HH, BOA CR, BOA Better CR, BOA PR, Chase AMZ, Chase Freedom, Discover IT, Uber, USB Cash+, USB Altitude Go, Walmart/Cap1.
Message 5 of 10
FinStar
Moderator

Re: 0% APR balance transfer offers


@xenon3030 wrote:

It looks enticing. It is 2%. This offer might be different from other Barclay's cards, because this card is backed by Uber. 

 

Did anybody use such balance transfer offer from Barclay Uber? What was the experience? Can it be risky to possibly lose the Uber card, if I use ~50% of my CL to use the check and PIF after ~1-2 months?


Just FYI - the Uber brand (in partnership with Barclays) has nothing to do with receiving the 2% BT offer since Uber itself has no influence on these types of offers.  I received similar offers on 2 Barclays CCs and neither is an Uber CC.  This is just Barclays targeting different BT promotions on different cards to a variety of their customers.

 

As far as the risk, we really don't know enough about your overall profile to make an assessment on what Barclays would do, if anything.  What has been reported is that in a variety of cases Barclays has been known to CLD, while in other instances accounts can remain intact 🤷‍♂️

Message 6 of 10
ibmrad7
Established Contributor

Re: 0% APR balance transfer offers

Like poster above mentioned, this has nothing to do with Uber. I have the AA and Barclay's standard rewards card and I have got the similar 2% offer.

Message 7 of 10
CramEiko
Established Contributor

Re: 0% APR balance transfer offers


@MitchDeerfield wrote:

A 2 percent transfer fee is very unusual.  I can't find anything under 3 percent with a zero interest rate. 


Look at the Plat card from NFCU - as a NFCU member this card allows BT a 0% fee with a 0% 12mo term (i think its 12mo).. I did mine last year to the Plat card from Chase and it went through flawlessly.. Truely was a 0%/0% BT

 

Good Luck!





RIP: EECU PLOC | BBVA PLOC | Chase SP | Chase Amazon | Chase Freedom | WF Propel | Cap1 QS | AMEX Gold
Message 8 of 10
xenon3030
Frequent Contributor

Re: 0% APR balance transfer offers

I want to see whether I can manage a few payments like rent, using my existing credit cards and without impacting my credit profile (no new CC/loan application), in this month and with a reasonable fee (<5%). I will do PIF in the next 1-2 months. If Barclay BT offer is risky, it might be good to pay rent by one credit card directly and PIF within a month to avoid paying ~18-20% APR (there is ~2.7% fee for rent payment by CC).

 

If not working, I had some prior BT offers from BOA/Chase several months ago on my existing cards. I may call them to see wehther they can provide them again.

 

I can be out of garden in the next 2 months and I may apply for ~1-2 new credit cards (Chase CSP is in my list)


Current:::::::::::::EX8=780, EQ8=780, TU8=780.
12 month goal: EX8=840, EQ8=840, TU8=840.
AMEX BCE, AMEX PRG, AMEX HH, BOA CR, BOA Better CR, BOA PR, Chase AMZ, Chase Freedom, Discover IT, Uber, USB Cash+, USB Altitude Go, Walmart/Cap1.
Message 9 of 10
Shooting-For-800
Senior Contributor

Re: 0% APR balance transfer offers

If you have a balance check, write it to yourself and deposit it in your checking account.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
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Message 10 of 10
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