@CaptinVantage wrote:Not sure if this is the correct section for this but I hope so. I will be making 4-5k purchase and would like to get my rewards on my card with the purchase and I will be making a few payments on the purchase so the interest rate on that card from becu is 16. I also have a credit line from them that is 10.4 so I'm curious if anyone knows is it against the rules or something I'm not realizing to buy it with the card then pull the money from my line to pay the card off?
I'm guessing that it's not against their rules to transfer money from your line of credit to your checking account, and to then pay off the card from your checking account.
Are you planning to pay directly from your LOC to the card? If so, their system may not even let you.
Also, 16% interest on a large $4-$5k purchase will more than negate any earned rewards. Just FYI.
@CaptinVantage wrote:
@OmarGB9 wrote:Are you planning to pay directly from your LOC to the card? If so, their system may not even let you.
Also, 16% interest on a large $4-$5k purchase will more than negate any earned rewards. Just FYI.
No my plans was to transfer to the checking then pay the card off with in 30 days. The loc is at 10.4 and it will be 2-3 months to pay it off. The rewards is a sub bonus no the regular 1.5% that's just a bonus. Just wasn't sure if that was a typical no no at most banks or an acceptable use of the loc.
It's acceptable.