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Any good 0% balance transfers for 1 year offers left?
Old 09-21-2005, 01:01 PM   #1
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Any good 0% balance transfers for 1 year offers left?

I have excellent credit and was thinking about trying to get in on the 0% balance transfer scheme (where you cash the BT checks and put them in a high-yield savings account like Emigrant at 4%). I know I'm a little late to the party...does anyone know of credit cards that will currently let you do this? I checked some online applications from Chase and Citibank, but they both specify that if you cash the BT check (instead of sending it to pay off another card's balance) then it counts as a cash advance and doesn't qualify for the 0% rate (plus there are additional cash advance fees). Maybe they've gotten wise to this ruse?

Any ideas are appreciated.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-21-2005, 01:07 PM   #2
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Re: Any good 0% balance transfers for 1 year offers left?

Citibank allows you to have the bt check sent to you directly when you request online. If not sure, ask the cc company.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-21-2005, 01:34 PM   #3
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Re: Any good 0% balance transfers for 1 year offers left?

Ok, so they send you the checks with the welcome package...I'm thinking that if you make them out to yourself and cash them, they hit you with the cash advance fees/rates, whereas if they are made out to another CC company, it gets treated as a balance transfer.

Am I misunderstanding things? Maybe I need to call them up myself.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-21-2005, 01:40 PM   #4
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Re: Any good 0% balance transfers for 1 year offers left?

On many occasions, I have written the convenience check to myself and deposited the check into my own account. They were always treated as balance transfer/convenience checks, NOT cash advances. I even called in one situation to make sure. I have done this with First USA/Bankone/Chase (First USA became BankOne, who then was eaten by Chase) and with Citibank Premiere Card. Some cards charge balance transfer fees with the convenience checks. Citibank has some cards with no balance transfer fees (dividend rewards platinum or something like that). To be safe, call first.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-23-2005, 12:24 PM   #5
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Re: Any good 0% balance transfers for 1 year offers left?

I'm thinking of doing the same thing. From some rough figuring I could make about $500 for just some paperwork hassle. Sign me up ;-)

Over on fatwallet, they also point out that if you have a Visa debit card associated with your checking account, you can ask the CC company to do a balance transfer to your Visa debit card number and it will end up being deposited into your checking account. This seems to me to be the easiest/fastest way to do what you're talking about.

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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-23-2005, 12:58 PM   #6
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Re: Any good 0% balance transfers for 1 year offers left?

Quote:
Over on fatwallet, they also point out that if you have a Visa debit card associated with your checking account, you can ask the CC company to do a balance transfer to your Visa debit card number and it will end up being deposited into your checking account. This seems to me to be the easiest/fastest way to do what you're talking about.
I have also heard that this works, but havent tried since I dont have a debit card.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-25-2005, 05:33 PM   #7
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Re: Any good 0% balance transfers for 1 year offers left?

I have 2 Citibank cards, and every once in awhile they send me balance transfer checks (which are the same offers I get if I look in my online account). SOMETIMES, they allow me to make one out to myself, but not always. Just like sometimes there is a transfer fee and other times not. The offers slightly differ each time.
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-25-2005, 08:31 PM   #8
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Re: Any good 0% balance transfers for 1 year offers left?

I've been doing this for years and have made thousands playing
the spread. Currently have about 120K sitting in MM accounts
or short term CDs. About 5 different cards in play with promo
rates out as far as next June. The offers seem to have dried up lately.
If you get any, read the fine print carefully.

JG
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-25-2005, 08:31 PM   #9
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Re: Any good 0% balance transfers for 1 year offers left?

All those balance transfer checks I get about once a week in the mail say, in the fine print, that there is a 3% cash advance fee but no interest. *
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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-25-2005, 08:53 PM   #10
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Re: Any good 0% balance transfers for 1 year offers left?

Quote:
Originally Posted by dory36
All those balance transfer checks I get about once a week in the mail say, in the fine print, that there is a 3% cash advance fee but no interest. *
They used to all cap the fee at say.....$50. Lately when I get one the fee
cap has been removed, thus obviously not workable if you just want to pocket the interest spread.

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Re: Any good 0% balance transfers for 1 year offers left?
Old 09-25-2005, 09:33 PM   #11
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Re: Any good 0% balance transfers for 1 year offers left?

Yes, some are moving away from the fee cap and are waste of time. I have an MBNA card I just filed with those terms. Discover Card and Citibank are pretty easy to get new accounts without bt fees.
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