Credit Card Spend and Balance Transfers

Discussion in 'General Discussion | Miles/Points' started by bonesaz, Aug 6, 2011.  |  Print Topic

  1. bonesaz

    bonesaz Silver Member

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    Not sure this is the proper place for this but I currently have 2 cards I'm working on spending requirements, Chase Sapphire and SPG Business, the Chase card said that balance transfers count towards spend. I don't currently carry balances, could i realistically spend 1k on the SPG card and before the statement closes transfer it to the chase card and pay off the chase card? Would this then count towards the SPG spend and then the Chase spend? I realize I have to pay a fee to do the transfer, but for lack of other options and having to spend $7,500 in the next 3 months it might be worth the few $. Right now I'm looking at my normal monthly spend and doing Amazon payments. Would the balance transfer work? I just don't want to also have to pay interest on a balance if it needs to sit while a statement closes. Thanks
     
  2. MyMiles&Points
    Original Member

    MyMiles&Points Milepoint Guide

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    I know that some of the Chase cards do count balance transfers towards spend requirement (the Southwest Visa did last year). I've used it to earn points and have it count towards purchases and made sure to pay it off the same day. I didn't have to wait until the statement closed, and you don't want to do so if you don't want to pay interest as they normally start charging interest from day one. The thing for you to keep in mind is that you'll incur a balance transfer fee of 3 or 4% (I assume - check your Sapphire card to confirm). So keep that cost in mind with your plans and payment amount - if I transferred $1K with a 3% transfer fee, I'd make a payment of $1,050 or something like that on the same day just to make sure I was covered in case they charged a day's worth of interest so it would all be paid off. Good luck.
     
  3. bonesaz

    bonesaz Silver Member

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    Thanks for the information :)
     

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