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Hello all! I am sorry for the dumb question, but I want to make sure that I understand correctly how this works. I was just approved for NFCU nRewards for $4k. I am planning on buying appliances this weekend. I would like to use my Quicksilver to purchase them and then use the 0% BT offer from NFCU. Now, which card do I use going forward for purchasing? I am thinking I need to use QS and PIF to avoid interest charges, correct? If I use the nRewards, it will charge me interest on whatever I purchase no matter if I pay the new purchases in full before the due date?
@SnackTrader wrote:
Dd you recently get the QS? Because that card has an intro 0% APR for a significant period of time. So you wouldn't necessarily need to BT if your card is already 0%...
No, it was an upgrade from a regular no-AF platinum card. I don't believe they said it would have any special benefits besides the rewards.
Thanks! I will definitely read over everything thoroughly when I get it, but it sounds like I am on the right track.
@bostonte wrote:
Don't use the Navy card for new purchases while it has the 0% balance on it. The new purchases will not have a grace period and will begin accruing interest immediately. Yes, any payments over the minimum will be applied to the higher rate new purchases first (due to CARD act) -- but you will be paying interest on the amount of those purchases from the day you make them until the day enough payments have come in to clear them.
Far easier (and cheaper) to just use a second card and PIF, if you have another card to do that with.
Great! Yes, the QS has a zero balance anyway so once we buy the appliances (& get the rewards!) I can transfer the balance and pay it off whenever. We do have the cash for this and just planned to run the purchase through the card solely for the rewards, but then figured we might as well take advantage of the offer. Hopefully neither NFCU or Cap One frown on this type of thing.
You will be fine with the BT, they do it for a reason (to get you to use there cards!)
BT goes like this:
Purchase with the QS, go online to NFCU and do a BT to the c.c. (this will take two-three weeks sometimes due to it is not electronic)..then your balance is now on the NFCU at 0% for the 12 months. Just make sure to make the minimum payment on the QS if the BT does not get completed in time for the payment (your end up with a small negative balance on it)