If they are offering it to you, I don't see why not. I BT a small amount a couple of years ago on a card I just opened. You should read the fine print on the BT offer to make sure though.
Starting Score: 469
Yes and Yes, @SUPERSQUID.
The caveat is that balance transfers aren't instantaneous, even when done electronically, and whether it's for a new charge or a cash advance. It may take three days or even up to about a week for the original balance to show paid off by the BT. So you'll still owe the appropriate interest on the initial charges plus whatever the cash advance fee is on the original card. For many cards, that fee can be quite expensive. Plus, Cash advance APRs are often higher than your purchase APR and kick in immediately after a cash advance.
To estimate the daily interest, divide the interest rate by 365 to get the daily rate. Then multiply the estimated daily balance by that. For example, your 26.99% rate is 0.2699 divided by 365= 0.00073945. Let's say you post a $3,000 balance and run it for five days until it transfers. The daily rate is $2.21835 (let's call it $2.20 per day) x 5 days = $11.00. Plus, you'll pay the BT fee up-front. But a 3% BT fee for a 12-month period is equivalent to a 3% APR, which is a pretty decent loan. That $3,000 x .03 = $90.00 BT fee.
Edit to Add: Regarding the new card, lenders often have a screen on the initial application for you to enter any Balance Transfers as part of setting up the new account. And most lenders will allow you to do it at any time after the account has been approved, even before you receive the new card, if that was your question more than what I answered.
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
@SoCalGardener wrote:
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
If one wants to do CA and either pay 0 fee or lower interest, CUs are great options. CUs like Navy Fed or Penfed do not frown upon it either unlike many banks. Just a fyi
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
Yes and yes.
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
If one wants to do CA and either pay 0 fee or lower interest, CUs are great options. CUs like Navy Fed or Penfed do not frown upon it either unlike many banks. Just a fyi
I definitely have a vehicle repair coming up soon and mechanics arent cheap. i was thinking of charging the repair to my mercury or legacy and quickly doing a bt to my penfed PCR which has a bt offer zero for 12 months. the cutoff date for that bt offer is march 31.
I probably wont take a cash advance but it crossed my mind as something to ask.
so my repair interest can go from 26.99 int to zero quickly and then i can take my time paying it off, cool
@SUPERSQUID wrote:
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
If one wants to do CA and either pay 0 fee or lower interest, CUs are great options. CUs like Navy Fed or Penfed do not frown upon it either unlike many banks. Just a fyi
I definitely have a vehicle repair coming up soon and mechanics arent cheap. i was thinking of charging the repair to my mercury or legacy and quickly doing a bt to my penfed PCR which has a bt offer zero for 12 months. the cutoff date for that bt offer is march 31.
I probably wont take a cash advance but it crossed my mind as something to ask.
so my repair interest can go from 26.99 int to zero quickly and then i can take my time paying it off, cool
Yes, but just keep in mind that if you do a BT to your PCR card, you won't be able to make any purchases on it while carrying that BT; the purchase APR isn't 0%, it's whatever rate you were approved for, and if you charge anything to your card while carrying a BT, you'll have to pay off all purchases made PLUS the ENTIRE BT in that month to avoid interest charges.
@OmarGB9 wrote:
@SUPERSQUID wrote:
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
If one wants to do CA and either pay 0 fee or lower interest, CUs are great options. CUs like Navy Fed or Penfed do not frown upon it either unlike many banks. Just a fyi
I definitely have a vehicle repair coming up soon and mechanics arent cheap. i was thinking of charging the repair to my mercury or legacy and quickly doing a bt to my penfed PCR which has a bt offer zero for 12 months. the cutoff date for that bt offer is march 31.
I probably wont take a cash advance but it crossed my mind as something to ask.
so my repair interest can go from 26.99 int to zero quickly and then i can take my time paying it off, cool
Yes, but just keep in mind that if you do a BT to your PCR card, you won't be able to make any purchases on it while carrying that BT; the purchase APR isn't 0%, it's whatever rate you were approved for, and if you charge anything to your card while carrying a BT, you'll have to pay off all purchases made PLUS the ENTIRE BT in that month to avoid interest charges.
Thanks, i will call them tommorow
I understood if i had a charge after the bt i would have interest on the whole balance but i wasnt aware of adding a bt when i already had a balance causing that, at least that part of what you stated isnt clearly spelled out in the contract.
Anyway Discover is head and shoulders above that. i did a few balance transfers at the beginning and have new charges every month and everything is zero pct. unfortuneatly i dont presently have a bt offer from disco.
The PCR also has a sub, 100 for 1500 spend first 90 days. i presently have a balance of 147.00 but if i chase the sub i might have a balance at 3/31. I might elect to just pay my current balance and not chase the sub and just do a bt, I have to think it over.
@SUPERSQUID wrote:
@OmarGB9 wrote:
@SUPERSQUID wrote:
@AverageJoesCredit wrote:
@SoCalGardener wrote:
@SUPERSQUID wrote:Lets say i just got a card with an introductory bt offer, lets say zero pct for 12 months with a 3 pct fee.
I have another cc with 26.99 int rate. i put car repair charges on that card, can i bt to my new card right away?
The same question involves a cash advance. lets say i take a 500 buck cash advance from the 26.99 cc, can i bt that balance to the zero card right away?
What @Aim_High said about BTs not being instantaneous is *very* important, especially where cash advances are concerned.
I haven't done a cash advance in decades, but as I understand it, they typically start incurring interest IMMEDIATELY--and their APRs are very high. So let's say you get a CA on January 11, and you initiate a BT to cover it on January 12, but the BT doesn't hit the account until January 26, that's FOURTEEN days of sky-high interest you're being charged for the CA. If that's okay, fine, but I sure wouldn't want to pay it!
If one wants to do CA and either pay 0 fee or lower interest, CUs are great options. CUs like Navy Fed or Penfed do not frown upon it either unlike many banks. Just a fyi
I definitely have a vehicle repair coming up soon and mechanics arent cheap. i was thinking of charging the repair to my mercury or legacy and quickly doing a bt to my penfed PCR which has a bt offer zero for 12 months. the cutoff date for that bt offer is march 31.
I probably wont take a cash advance but it crossed my mind as something to ask.
so my repair interest can go from 26.99 int to zero quickly and then i can take my time paying it off, cool
Yes, but just keep in mind that if you do a BT to your PCR card, you won't be able to make any purchases on it while carrying that BT; the purchase APR isn't 0%, it's whatever rate you were approved for, and if you charge anything to your card while carrying a BT, you'll have to pay off all purchases made PLUS the ENTIRE BT in that month to avoid interest charges.
Thanks, i will call them tommorow
I understood if i had a charge after the bt i would have interest on the whole balance but i wasnt aware of adding a bt when i already had a balance causing that, at least that part of what you stated isnt clearly spelled out in the contract.
Anyway Discover is head and shoulders above that. i did a few balance transfers at the beginning and have new charges every month and everything is zero pct. unfortuneatly i dont presently have a bt offer from disco.
The PCR also has a sub, 100 for 1500 spend first 90 days. i presently have a balance of 147.00 but if i chase the sub i might have a balance at 3/31. I might elect to just pay my current balance and not chase the sub and just do a bt, I have to think it over.
0% APR promotional balance transfer rate for 12 Months on transfers made from now until March 31, 2022. After that, the APR for the unpaid balance and any new balance transfers will be 17.99%. A 3% balance transfer fee applies to each transfer. This transaction is subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.