Can you do a balance transfer with the same company?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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NJE
 
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Location: California

Can you do a balance transfer with the same company?

Postby NJE » Fri Dec 14, 2012 12:54 pm

Hey guys, im a newbie and cant find the answer to my dilemma/question anywhere so hopefully you can help.

So here is our situation. We have a Chase Marriott Rewards card with about a $13k balance. They are offering a promotion for 0% till 1/2014 on all balance transfers.

We would like to transfer our existing Chase balance to another non-Chase card, then transfer that back to the first company, Chase, to get the 0% they offer. Nothing in the fine print indicated we cant do it, but I have a feeling that its too good to be possible.

Has anyone done this or have any experience with this type of situation? Also, if we did it over multiple transactions, how is the existing APR and new APR kept track of?

Supplemental info: We already asked Chase to lower our APR and they couldn't. If we did proceed with doing this, we would have to do multiple transfers (about 3) to our capitalone card (has a lower limit & wont charge us a bal tr fee). The Chase Balance transfer fee is 3% and as far as I know has no limit on the number of transfers. Yes, we will be able to pay off the entire balance before the 1/2014 promotion ends. Doing this will save us money on financing costs, as well as allow us to focus on other debt.

Any input is greatly appreciated. Thanks!!


Vermonster
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Postby Vermonster » Fri Dec 14, 2012 6:29 pm

Why not just try and put it on a Chase Slate? Then you get 15 months of 0%.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

NJE
 
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Joined: Fri Dec 14, 2012 12:33 pm
Location: California

Postby NJE » Fri Dec 14, 2012 8:09 pm

We don't want to open anymore credit cards, it's not an option at this point.

Ratfacedudeguy
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Postby Ratfacedudeguy » Fri Dec 14, 2012 10:49 pm

The thing you really have to consider at this point is if juggling multiple balance transfers will indeed save you money versus just making accelerated payments at your current interest rate. Sit down and do the calculations first before you pull the trigger. But to answer your question though, yes, you can technically transfer balances within the same company by using an intermediary card to juggle the balance. I second the notion that the Slate should be your prime candidate to ensure this plan's success, given that the balance transfer fee is waived for the first 60 days. The downside to that is that after you pay the balance off the card will be essentially useless.
Amex Green - NPSL - 05/12
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Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
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birdman22
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Postby birdman22 » Wed Feb 20, 2013 3:07 pm

Vermonster wrote:Why not just try and put it on a Chase Slate? Then you get 15 months of 0%.


Couldn't pay off a chase credit card with another chase credit card... they would have to utilize some type of balance transfer offer through another company.



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