Balance Transfer Question

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mattymatt808
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Posts: 60
Joined: Tue Feb 12, 2013 5:10 pm
Location: Honolulu, HI

Balance Transfer Question

Postby mattymatt808 » Tue Aug 20, 2013 12:43 pm

Aloha everyone, I have never done a balance transfer so I'm not sure I totally understand the process. I'm planning a few bigger purchases and I want to use them to meet minimum spends on some new cards. If I transfer the balance to a 0% BT card will I still receive the signup bonus on the new cards?
$2500 First Hawaiian Bank (6/10)
$4500 CHASE Freedom (2/13)
$3500 Citi Forward (2/13)
$2000 Discover it (2/13)
$9600 AMEX BCE (3/13)
$10000 CHASE Sapphire Preferred (7/13)
$5000 CHASE Ink Plus (8/13)


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djrez4
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Postby djrez4 » Tue Aug 20, 2013 4:11 pm

If you make the purchases on the new cards and transfer the balance to a 0% card, you should receive the bonuses. A balance transfer is like sending a check to the old card company from the balance transfer card, essentially paying the bill.

You cannot, however, transfer a balance to a card from the same company - i.e. no transfer from a CSP to a Slate card.

Also, if I may insert my two cents, you're treading dangerous ground. If the purchase is large enough, the balance transfer fee will erode or outweigh your bonus points value. Bonus chasing is a game you shouldn't play if you plan on carrying a balance, even if you transfer it to a 0% card. You're asking for financial trouble.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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Calipso
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Postby Calipso » Tue Aug 20, 2013 5:31 pm

You can make the minimum spend and then have it balance transfered to a 0% BT offer card.

Example:

-Spend $2,000 on a Chase Southwest. Get the points.
-Transfer the balance to a 0% APR card like the Citi Diamond Preferred.

You can't transfer balances within the same company. Example....citi-citi, chase-chase, amex-amex.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

mattymatt808
Platinum Member
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Posts: 60
Joined: Tue Feb 12, 2013 5:10 pm
Location: Honolulu, HI

Postby mattymatt808 » Tue Aug 20, 2013 8:03 pm

djrez4, thanks for the tip. I don't know why I thought 0% balance transfer also implied a 0% fee. You are the reason I asked on the forum :)
$2500 First Hawaiian Bank (6/10)
$4500 CHASE Freedom (2/13)
$3500 Citi Forward (2/13)
$2000 Discover it (2/13)
$9600 AMEX BCE (3/13)
$10000 CHASE Sapphire Preferred (7/13)
$5000 CHASE Ink Plus (8/13)



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