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Balance Transfer Checks?

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iDShaDoW
Regular Contributor

Re: Balance Transfer Checks?


@CreditCuriosity wrote:

Although if i was to use a BT I will wait to jan/feb for NFCU offers or Comenity offers again


Does NFCU have a tendency of sending out BT promos on existing CC's around JAN/FEB of each year?  I got one way back but never saw another.  I've also tried contacting them and asking but the chat support says they don't see any available.

 

Getting ready to install solar at the house and it would be awesome to be able to get a 0% APR BT going on it.

 

I've yet to see any promo's in the mail from NFCU, BOA, or AMEX.  I got one recently from Chase but my Credit Limit with them isn't sufficient for what I'd need.





Message 11 of 16
Shooting-For-800
Senior Contributor

Re: Balance Transfer Checks?

Depends on the issuer, but I have ALWAYS written the check to myself and deposited it.

This allows you to pay whoever whenever (including the card that issued to promo.)

Read the terms and see...

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

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



Message 12 of 16
Shooting-For-800
Senior Contributor

Re: Balance Transfer Checks?

BE VERY CAREFULL...

If you do a 0%, do not charge ANYTHING to the account.

Ideally, pay off the card first, do the 0% check, charge nothing else EVER until it is paid off.

If you charge something on most cards, your 0% is over.

 

Cap One is the only bank that this does not apply to as far as I know...

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

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



Message 13 of 16
Anonymous
Not applicable

Re: Balance Transfer Checks?


@iDShaDoW wrote:

@CreditCuriosity wrote:

Although if i was to use a BT I will wait to jan/feb for NFCU offers or Comenity offers again


Does NFCU have a tendency of sending out BT promos on existing CC's around JAN/FEB of each year?  I got one way back but never saw another.  I've also tried contacting them and asking but the chat support says they don't see any available.

 

Getting ready to install solar at the house and it would be awesome to be able to get a 0% APR BT going on it.

 

I've yet to see any promo's in the mail from NFCU, BOA, or AMEX.  I got one recently from Chase but my Credit Limit with them isn't sufficient for what I'd need.


NFCU seems to offer a low or no APR BT in the beginning of the year but they don't always send email about it. This year they had targeted 0% and everyone else got 1.99%. 

I also asked them and they will send you BT checks but they do not work for promo APR offers and will always hit your account at regular purchase APR. 

Message 14 of 16
EaglesFan2006
Established Contributor

Re: Balance Transfer Checks?

So I logged into Citi and saw I had two offers

 

1 BT for 0% promo until 9/2020 and 1 for 0.99% promo until 4/2021.  Kind of an interesting option either way.  I'm pretty sure I can pay it all off before September so 0 works, but having that 1% and an additional 7 months alleviates a bit of stress in case some emergency comes up.  Rate goes to 19% after 9/21 with the 0%.  I don't know something to think about I guess!

Message 15 of 16
K-in-Boston
Epic Contributor

Re: Balance Transfer Checks?


@Shooting-For-800 wrote:

BE VERY CAREFULL...

If you do a 0%, do not charge ANYTHING to the account.

Ideally, pay off the card first, do the 0% check, charge nothing else EVER until it is paid off.

If you charge something on most cards, your 0% is over.

 

Cap One is the only bank that this does not apply to as far as I know...


Clarifying this, the 0% remains on the balance transfer portion, just not on the new purchase if the previous statement balance was not paid in full.  If you have a $2000 balance transfer, a new $100 purchase, and a 23.99% APR on purchases, at most you'll end up being hit with $2-4 of interest depending on when the purchase was made in your statement cycle, whether it is a new BT, and when you pay as long as the total is at least minimum payment + new charge(s) + fees/interest.

Message 16 of 16
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