BT for 18 months 0% but No checks available - Advice

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
16 posts
nvtech
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Postby nvtech » Tue Mar 11, 2014 7:35 pm

daniel2304 wrote:nvtech made a really smart move before when dealing with "moving free money." I'm interested in seeing what he will do it with 20k in 18 month :D Mind sharing, nvtech?


I don't know if its smart yet. The next big hurdle is when the balance gets posted as credit, I need to figure out what Chase would be saying when I ask a refund check. Hope that process is smooth.

Recently I got dinged with 6 inquires on the same day for a Stupid car loan applications from the dealer. Had a big drop in credit scores. I just thought I won't be applying for any more credit for the next 12-16 months.


So that being said, this BT offer came at a very perfect timing. Once this debt is posted, I would assume their would be a huge drop again in my credit scores. That is the only way which would make me to stay away from Credit for quite a while ;-)

I might plan to invest in some A+ rated funds/stocks when I have the money. Its a gamble though..but for 18 months, even if I am break even I might feel good.


daniel2304
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Postby daniel2304 » Tue Mar 11, 2014 11:17 pm

I do not know much about stocks so I am eager to learn. I always think I will need hundred of thousands to play in stock. Beside that, trading stocks and broker fee will add up more cost. Saying positive that stock price will go up, but how could you cover monthly payment while your money sit in stock though?
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

nvtech
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Postby nvtech » Wed Mar 12, 2014 9:29 am

daniel2304 wrote:I do not know much about stocks so I am eager to learn. I always think I will need hundred of thousands to play in stock. Beside that, trading stocks and broker fee will add up more cost. Saying positive that stock price will go up, but how could you cover monthly payment while your money sit in stock though?



I don't think I would put everything in Stock. Stocks are risky but with the bull market right now, I expect some min gains as long as I play in a conservative way. I am planning to invest a part of it in to some A+ rated stocks with Dividend.
In a span of 18 months, I just expect a 10% loss or profit. If I feel I am entering negative territory, I might sell off. I plan to keep the money there at-least 365 days+1 day, so that I don't get punished with any short term gains.

With regarding the monthly payment, I feel it would be 2% of the balance.
Ir-respective of min payment, I plan to pay a fixed amount of $500/month which would account to $9000 by end of the term. In the 18th month, I would need to pay $13500.

Yeah its tough but if I am able to pay the monthly payments, I would see some good savings by end of the term 18 months. It becomes very tough to manage but I feel eventually, I would be able to save something better than what I do now. So far my savings have been very poor or next to nothing.

These are all my plans man...I don't know if I will accomplish any part of it. All I can say is its cheap money with an over interest rate close to 0.75% for 18 months.

daniel2304
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Postby daniel2304 » Wed Mar 12, 2014 9:46 am

That's a great plan. I think using other money with little interest like that would be great consider with whom carry balance with interest rate of 14.99 or more. My aunt did kinda the same thing like you back in 2010 with houses. She took out money from BT and put for down payment for 5-6 houses. some of them she flipped and sold, others she kept and leased.

10% in return for 1 year is great. I really want to try lendingclub.com but unfortunately, it is not available in Texas.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

nvtech
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Postby nvtech » Wed Mar 12, 2014 10:44 pm

Ok...Final Update.

The entire BT got posted today on my Chase Freedom Card.

Called the customer service and requested a check for the excess negative balance.
I was told I would be receiving the check in 5-7 business days.

I was just little concerned on what would happen for requesting a check.

Overall, it all went smooth.

danthemanwhocant
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Postby danthemanwhocant » Tue Jun 24, 2014 11:36 pm

The sending bank may, in fact most will deny it. Finance department of the receiving bank will check the cheque and may deny it. At least that is what the bank I work for does.

You could have it transferred to a checking account, supposing you hold a deposit relationship with sending entity. When its in your DDA you can do what ever you want with it.



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