- Posts: 2
- Joined: Fri Dec 14, 2012 12:33 pm
- Location: California
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!!