@jonblaze24 wrote:Forgive me if this is a dumb question but can i balance transfer from other cards such as cap 1 and Venmo??
i have 3 cap ones and a Venmo that carry a smaller balance (1kish) but they are by far my highest APR....just got approved for the FNBO with a 14k SL, and i believe it's 12 months interest free. Is this an option?
@jonblaze24, Absolutely
The only dumb question, is the one NOT asked!
@M_Smart007 wrote:
@jonblaze24 wrote:Forgive me if this is a dumb question but can i balance transfer from other cards such as cap 1 and Venmo??
i have 3 cap ones and a Venmo that carry a smaller balance (1kish) but they are by far my highest APR....just got approved for the FNBO with a 14k SL, and i believe it's 12 months interest free. Is this an option?
@jonblaze24, Absolutely
(click image to enlarge)
The only dumb question, is the one NOT asked!
Thats fantastic, thanks for your response. So let's say I essentially take $3,500 worth of debt from 3-4 other cards....all I am paying is the initial balance transfer fee and then I am getting 4.99 APR as opposed to the 23.99%+ that they currrently are subject to?
That's correct. The fee would just be added onto the balances and you would pay 4.99% until the end of the promotional period (that date will be clearly listed on your statement). After that, if there is a remaining balance the APR will increase to either your purchase APR or cash advance APR, depending on the terms of the offer (that is disclosed in your offer).
The one caveat here would be that FNBO can sometimes have somewhat larger transfer fees than average. If it is 4.99% APR with a 5% fee and these were balances you would plan to pay off in say 4-5 months, the 4.99% APR would actually cost you more in the long run than leaving them at the 20-something they are at now since the fee is charged.
Absolutely, again the only time it wouldn't make sense is if there is a large fee and you plan to pay these off completely in the next few months anyway.
Also bears stating that after you pay off the other cards with the balance transfers, watch your next couple of statements on those cards for trailing interest (interest charged between your statement date and the date payment is applied). You definitely don't want 30+ lates on your report because of a small interest charge that appeared after you paid them off.
@jonblaze24 The beauty of FNBO Balance transfer is that once you get the promotion, it would last till the balance is paid off! So if you want to drag that for couple of years, so be it.
@jonblaze24 wrote:
@CYBERSAM wrote:@jonblaze24 The beauty of FNBO Balance transfer is that once you get the promotion, it would last till the balance is paid off! So if you want to drag that for couple of years, so be it.
Thats great to hear. Now is this something that I will have available when I get my card? Or is it a promotion that I may randomly get once my account ages a little?
As you see the Pic @M_Smart007 posted, FNBO Balance Transfer has its own section. I have a similar offer too. Generally most Card holder get an offer of either 4.99 or 5.99.
You may need to wait for one statement to be cut, but I'm sure you get an offer as long as you have good amount of credit available.