@beautifulblaquepearl wrote:
I don't see a down side. Is the 3% BT fee less than the interest you will be billed once the introductory period is over? If yes, it's a win-win for you. Enjoy!
Oh yes. The interest in the first month would be more than the BT fee for sixteen months. If I couldn't BT it then I would just PIF to avoid the interest.
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@red259 wrote:
@beautifulblaquepearl wrote:
I don't see a down side. Is the 3% BT fee less than the interest you will be billed once the introductory period is over? If yes, it's a win-win for you. Enjoy!Oh yes. The interest in the first month would be more than the BT fee for sixteen months. If I couldn't BT it then I would just PIF to avoid the interest.
Okay. Then I would do it. It may be best to deposit the check into your account like someone else mentioned and then make a payment to Barclay. Please verify that writing the check to yourself won't be treated like a cash advance. Keep us posted.
@beautifulblaquepearl wrote:
@red259 wrote:
@beautifulblaquepearl wrote:
I don't see a down side. Is the 3% BT fee less than the interest you will be billed once the introductory period is over? If yes, it's a win-win for you. Enjoy!Oh yes. The interest in the first month would be more than the BT fee for sixteen months. If I couldn't BT it then I would just PIF to avoid the interest.
Okay. Then I would do it. It may be best to deposit the check into your account like someone else mentioned and then make a payment to Barclay. Please verify that writing the check to yourself won't be treated like a cash advance. Keep us posted.
Weird I don't remember seeing that. I wouldn't think they would allow you to deposit a check for a BT like that, since its a special offer to do BT not a cash advance...
have to read the terms, but usually all the balance transfer checks I receive have this kind of statement on it; this is a recent one from 5/3 bank.
@red259 wrote:
@Anonymous wrote:You said it's 0% APR, but is there a BT fee? Often they're in the neighborhood of 3%. Sometimes there are no fee offers. Not saying that means you shouldn't do it if there's a fee if it helps in other ways. Just want to make sure you're aware of the cost if there is one.
Yea there is a 3% fee, but the longterm 0% apr makes it worth it to me. I'd probably pay down the barclays card to 3k and then transfer the rest. I don't recall getting any no-fee offers (at least not ones where I would have the 0%apr). Chase sent me a 2% offer for my chase sapphire card but the problem is I actually use that card for restautant spend, so don't really want to be putting a long term BT on it.
For the Chase non-CoBranded cards (at least my Slate and Freedom, and I'm guessing the CSP as well) they have the "Blueprint" payment modifiers available. One of these modifiers is "Full Pay". If you are carrying any kind of a balance, whether low rate BT or you just don't want to add to an interest paying balance, setting Full Pay to pick out certain categories of charges, such as Dining (or all categories of new charges) sets up your account to pay those items as part of your "Blueprint" autopayment. So, you could put a BT on the card, set up 1) Autopay for the minimum payment, set up 2) Full Pay for any new charges (selecting many or all categories), and 3) Finish It to set a higher payment amount than minimum payment, and Chase will auto calculate and auto pay those 3 items on your regular monthly payment, all in one payment.
I've tried this on my Slate, which is carrying a Forever 4.99% BT offer, and indeed, the new charges were paid with no additional interest, through the Full Pay option. Along with the Finish It, which I set up for $600 additional each 12 months, and it allocates out to just over $50 per month. I just set up Finish It for another 12 months since the old one, well, finished.
@red259 wrote:
@beautifulblaquepearl wrote:
@red259 wrote:
@beautifulblaquepearl wrote:
I don't see a down side. Is the 3% BT fee less than the interest you will be billed once the introductory period is over? If yes, it's a win-win for you. Enjoy!Oh yes. The interest in the first month would be more than the BT fee for sixteen months. If I couldn't BT it then I would just PIF to avoid the interest.
Okay. Then I would do it. It may be best to deposit the check into your account like someone else mentioned and then make a payment to Barclay. Please verify that writing the check to yourself won't be treated like a cash advance. Keep us posted.
Weird I don't remember seeing that. I wouldn't think they would allow you to deposit a check for a BT like that, since its a special offer to do BT not a cash advance...
Not all institutions consider it a cash advance. I have the ability to direct deposit money into my personal account with Citibank [Simplicity & Double Cash], Bank of America [BBR & Cash Rewards], and Barclay [Ring]. I don't know if it's an option with Capital One which is why I suggested you verify before doing it.