Balance Transfers?

Discussion in 'Newbies' started by burdender, Aug 4, 2011.  |  Print Topic

  1. I was wondering if anyone knows of a good card that will provide 0% APR on balance transers and also mile rewards for the transfer. Looking for the best deal involving transers. Any help would be very much appreciated. Thanks in advance!
     
  2. MSPeconomist
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    MSPeconomist Gold Member

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    Welcome to MP.

    That's asking for a lot. I think cards were much more eager to do balance transfers several years ago, before the economy became bad. Your best place to look might be a credit union or card associated with a smaller financial institution that's not a major full service commercial bank, such as a S&L or state-chartered bank, that nevertheless is associated with a FF program for miles. These cards aren't as well known and don't advertise much. OTOH, if you find a card that otherwise works for you with good sign-up bonuses but no miles for the balance transfer, the miles for your balance transfer might not matter.
     
  3. Sweet Willie
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    Sweet Willie Gold Member

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    agreed, I don't know that I've ever known of any cards that offer points/miles for each dollar that is transferred and I used to work in the business.
    Personally I believe that is changing, I'm seeing a ton of offers to transfer balances as well as pre-approved CC offers. I was not seeing these a year or more ago & nothing has really changed with my credit.
     
  4. I should have phrased it better I guess. I'm not expecting mile per dollar transfers....Actually just curious if any of the travel cards have an option for 0% APR on transfers. 0% is easy enough to get on most cards transfer offer, just wasn't sure if points/miles cards ever offer it
     
  5. Sweet Willie
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    Sweet Willie Gold Member

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    got it, in that case, yes a number of airline cards (different banks) have sent me 0% APR on transfers. Fine print usually states a transfer fee of $X or % of total transfer.
     
  6. travelinmike33
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    travelinmike33 Silver Member

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    I'm also getting a lot of the 0% offers, but all have poor or nonexistent points programs. I may have gotten some with OK cashback options, but points and balance transfers on the same card seem to be hard to come by. I believe they are generally targeted at different markets.
     
  7. BurBunny
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    BurBunny Silver Member

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    The best I've gotten recently was from Chase on my business MP card, 0% on the transfer, 1% transfer fee. No points earned on the transfer, but definitely a points-earning card. My MP Platinum is almost as good. 2.99% interest, but no transfer fee. Since I count the two together to get the net "attractive offer" quotient, I view that better than a 0% rate but 4% fee (which I also have in hand from another card).
     
  8. LizzyDragon84
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    LizzyDragon84 Gold Member

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    I just got offered a 0% APR balance transfer offer from I think Citibank. I've seen them on my mileage cards from time to time.
     
  9. Wandering Aramean
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    Wandering Aramean Gold Member

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    In the late 90s I had a Sony card that earned points on balance transfers. I bought a LOT of CDs in college with no cash out-lay on my part. No transfer fees in those days, either. It was sweet.
    If you're not looking to earn points on the transfer itself then you probably don't want to transfer the balance to a card that you'll use such as one that is earning you points. If you also make charges on the card then the payments you make will go against the 0% bit while the new purchases accrue interest against you. Essentially you're paying a lot of money to earn not enough points.

    Unless you're paying off bills in full then point-earning cards are nearly always a horrible investment. And if you're talking about balance transfers and seeking out a 0% card then it sounds like you're carrying a balance. Fix that first then come back for the points.
     
  10. Sweet Willie
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    Sweet Willie Gold Member

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    I never had that great bene but in the 90's my UA visa would send a check that earned miles for each dollar that the check was written for. Needless to say I would write a $50,000 check to myself to earn 50k miles. Nice !
     
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  11. travelinmike33
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    travelinmike33 Silver Member

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    Assuming US-based, the new-ish credit card regulations changed this. I believe card issuers are obligated to credit payments toward the highest interest balances first.
     
  12. sunspotzsz
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    sunspotzsz Silver Member

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    Can they change the apr during the original 0% period due to high balance or something?
     
  13. DJP_707
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    DJP_707 Silver Member

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    They can change it for being late on your payment!, even a few hours late, make sure you pay online or send in your payment with plenty of time to get it credited to your account before the due date. The default rate can be 30% or more on some cards I've seen.
     
  14. sunspotzsz
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    sunspotzsz Silver Member

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    Thanks, I always use auto-pay if it is available.

    30% default rate? Where can you find this kind of information?
     
  15. travelinmike33
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    travelinmike33 Silver Member

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    Also I believe as part of the credit card law I referenced earlier, issuers are required to show late payment warnings on bills/statements. My citi account also has a link to the late payment warning on the normal online account page.
     

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