@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.
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.
