Cap 1 - Balance Transfer Question

[Jansroom726]

Hi Guys. I'm a little confused and could use some advice.

I got a promo offer from Cap 1 today...... 0% apr on balance transfers for 12 months. They also included "checks" that would be part of the same promo.

3% transaction fee applies.

My question is this.... 

I'd like to take a $2500 0% promo check and write it out to myself, (I'd like to have a cash cushion for about 2 months while I wait for something financially) 

However, it says the following:

"After using this offer to transfer a balance, you'll pay interest differently. Here's an example:

Let's say you transfer $1,000 with this promotional offer. No matter how else you use your card, that part of your balance has a 0% promo for 12 months. Then you make a $100 purchase with your card. Purchases are charged 17.9% APR the month after you begin carrying a balance. If you pay the entire $1,100 you will not pay any interest charges."

Does this mean that if I take advantage of this offer, and also charge a few things throughout the month and even PIF the other "misc" charges, the 0% promo no longer applies? I'm a tad confused....

Thanks everyone.

[creditguy-378]

they might charge you a cash advance fee if you use the checks if they do  i would just go to the bank and have them run the card for the amount and have it put in my account.... also you may not have a cash advance limit that is the full amount of your card it probably will be 50% of the limit

[juggalo9er]

if your wondering if it will show the cash advance seperately from swiped purchases the answer is no. internally they will seperate the two just like the letter said. as far as writing them to yourself i would call and see how that would work and make sure you write down the rep's number

[FinStar]

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@Jansroom726 wrote:

Hi Guys. I'm a little confused and could use some advice.

I got a promo offer from Cap 1 today...... 0% apr on balance transfers for 12 months. They also included "checks" that would be part of the same promo.

3% transaction fee applies.

My question is this.... 

I'd like to take a $2500 0% promo check and write it out to myself, (I'd like to have a cash cushion for about 2 months while I wait for something financially) 

However, it says the following:

"After using this offer to transfer a balance, you'll pay interest differently. Here's an example:

Let's say you transfer $1,000 with this promotional offer. No matter how else you use your card, that part of your balance has a 0% promo for 12 months. Then you make a $100 purchase with your card. Purchases are charged 17.9% APR the month after you begin carrying a balance. If you pay the entire $1,100 you will not pay any interest charges."

Does this mean that if I take advantage of this offer, and also charge a few things throughout the month and even PIF the other "misc" charges, the 0% promo no longer applies? I'm a tad confused....

Thanks everyone.

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Aside from the standard BT fee that is imposed with the BT check, do not mix purchases while carrying the BT promotion unless you plan to PIF both.  Otherwise, as stated in the terms, the non-BT transactions will be subject to finance charges the minute your balance revolves.

[improvingmycredit]

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@FinStar wrote:

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@Jansroom726 wrote:

Hi Guys. I'm a little confused and could use some advice.

I got a promo offer from Cap 1 today...... 0% apr on balance transfers for 12 months. They also included "checks" that would be part of the same promo.

3% transaction fee applies.

My question is this.... 

I'd like to take a $2500 0% promo check and write it out to myself, (I'd like to have a cash cushion for about 2 months while I wait for something financially) 

However, it says the following:

"After using this offer to transfer a balance, you'll pay interest differently. Here's an example:

Let's say you transfer $1,000 with this promotional offer. No matter how else you use your card, that part of your balance has a 0% promo for 12 months. Then you make a $100 purchase with your card. Purchases are charged 17.9% APR the month after you begin carrying a balance. If you pay the entire $1,100 you will not pay any interest charges."

Does this mean that if I take advantage of this offer, and also charge a few things throughout the month and even PIF the other "misc" charges, the 0% promo no longer applies? I'm a tad confused....

Thanks everyone.

---

Aside from the standard BT fee that is imposed with the BT check, do not mix purchases while carrying the BT promotion unless you plan to PIF both.  Otherwise, as stated in the terms, the non-BT transactions will be subject to finance charges the minute your balance revolves.

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+1

The original balance transfer offer will apply to all balances transferred.  Any subsequent charges if revolved will accrue interest as normal.  A couple of things to note- under the new laws, all payments will go to the highest APR balance so if you do not pay the new charges in full plus any payment you wish applied to the 0% balance, your 0% balance will not decrease.  You can indeed write the check to yourself (unless it specifically states limitations) or anything else you wish to use it for to access the 0% offer.  Just remember that the 3% BT fee will apply and reduce your available credit by that much more.  As a general rule, I would not charge anything else to your card if you decide to take the offer to help keep track of what you actually owe on the original BT.  Please read the fine print- some offers have a catch... For example; If you fail to pay the full amount during the 12 months, the normal APR will apply to the original balance from the loan date and be applied to the balance owed. Hope this helps

[red259]

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@Jansroom726 wrote:

Hi Guys. I'm a little confused and could use some advice.

I got a promo offer from Cap 1 today...... 0% apr on balance transfers for 12 months. They also included "checks" that would be part of the same promo.

3% transaction fee applies.

My question is this.... 

I'd like to take a $2500 0% promo check and write it out to myself, (I'd like to have a cash cushion for about 2 months while I wait for something financially) 

However, it says the following:

"After using this offer to transfer a balance, you'll pay interest differently. Here's an example:

Let's say you transfer $1,000 with this promotional offer. No matter how else you use your card, that part of your balance has a 0% promo for 12 months. Then you make a $100 purchase with your card. Purchases are charged 17.9% APR the month after you begin carrying a balance. If you pay the entire $1,100 you will not pay any interest charges."

Does this mean that if I take advantage of this offer, and also charge a few things throughout the month and even PIF the other "misc" charges, the 0% promo no longer applies? I'm a tad confused....

Thanks everyone.

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I go this same offer today only it was  2% transaction fee. At first I did not notice the transaction fee and I was considering transferring my balance from another credit card over to my cap 1 venture and then just PIF, so I could show cap 1 use for the next time I ask for a cli (I dont really use this card anymore). Since there is a transaction fee though I decided to just forgo the balance transfer and PIF my other card. 

[jsucool76]

I was under the impression that as long as you paid your minimum payment, plus the FULL amount of the purchases, you wouldnt be charged interest. 

IE Min payment is $50

purchases are $100

if you pay $150 rather than just the minimum payment you wont be charged interest. 

most banks put the minimum payment towards the lowest APR tier of your balance, and anything more than the minimum payment towards the highest APR tier of your balance. 

Maybe cap1 just sucks. haha. 

[Chris679]

If you do a balance transfer and don't PIF you no longer have a grace period for new purchases. The balance transfer will not be subject to interest if you have a 0% promo but new purchases will be until you pay the card in full. This is why they keep sending those checks constantly.