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I am sure this has been asked a million times, but I need to know asap.
My parents are looking to use a zero % 12-month balance transfer offer from Chase for some home repairs. It has a 4% fee, and I, being a great son, was thinking it makes sense to put the charge on my 2% cash back card as a way to help them reduce the cost. They have no non-Chase cards except for AMEX and the provider doesn't accept AMEX.
Is there any downside to paying an issuer off from a balance transfer? In other words, will Bank A be bothered by the fact I am paying off the balance using a BT from Bank B? We will probably do this twice before 1/31.
Not worried about utilization for my card.
@Anonymous wrote:I am sure this has been asked a million times, but I need to know asap.
My parents are looking to use a zero % 12-month balance transfer offer from Chase for some home repairs. It has a 4% fee, and I, being a great son, was thinking it makes sense to put the charge on my 2% cash back card as a way to help them reduce the cost. They have no non-Chase cards except for AMEX and the provider doesn't accept AMEX.
Is there any downside to paying an issuer off from a balance transfer? In other words, will Bank A be bothered by the fact I am paying off the balance using a BT from Bank B? We will probably do this twice before 1/31.
Not worried about utilization for my card.
I think this is probablt quite common, and I don't see an issue. Personally I would try to keep you utilization as low as possible.
and anything over 89% is considered maxed to the limit. I also suggest making more than the minumum payments
on cards with BT's. .. All JMHO
Zero issues whatsoever. It may be worth your parents calling Chase to see if there might be any 0% promotional purchase offers available for them. May be a long shot but it saves 2% of the 4% fee after taking into account your 2% cash back, and depending on the Chase card there might be rewards on top of it earned for their purchase. Alternately, if they're up for it, a new application for a card with a 0% introductory offer that also earns rewards would also cost less than zero for them to carry.
Thanks!
I thought about it, and they can transfer the $ from the BT into their checking account, transfer the funds to me, and I can pay from my checking account, avoiding my concern.
None of the accounts will go into dangerous utilization.