I receive several a week in my mail amd I just had a few question on these 0% APR credit cards.
Can you transfer the balance (a sum) to a card that you don’t owe money and then (possibly) have them send you the check for overpayment?
Can you transfer a sum directly to your bank? And if yes, will it be considered a “Blanace Transfer” or a “Cash Advance?” The reason I am asking this is that the Cash Advnaces usually mean 3% fee with No Maximum whereas a the Balance Transfers are completely Free.
When you open up a new credit card with the 0% APR offers, that offer is useful in the case that you have another credit card which you are paying interest on. By opening this new credit card you simply transfer the balance from your other credit cards on to the new 0% APR one and get away from paying any sort of interest on it for the first 6 or 12 or how many ever months.
To be able to transfer a balance to a card that you don;t owe money on this 0% APR card would have to give you a start off balance that you can go transfering around to any other card of your choice.
Balance transfer would not mean that the money would go to your bank account but the amount owed on ur bank account would be transfered to the new 0% apr card.
apply, and soon you will receive a crappy $800 credit limit card from potato bank of idaho with 0% APR on balance transfers for 6 months, and a credit score that is now lower by 10 points.
I don't believe you can get money in your pocket, through balance transfer. I also don't think that getting a 0% card will necessarily lower your credit score either, except for the normal, "too many accounts" kinda ding that you can get for a regular credit card too (and you may already have it anyway). I know people who have used the 0% APR credit cards successfully to defer a higher-than-normal credit card bill and timed it to pay with their annual bonus or something.
Of course, as a rule I don't recommend too many credit cards. And yes, you should pay fully every month. Credit card debt is the most expensive. If you run up a huge bill, you better look at other options, including cheaper re-fi where interest is actually tax deductable.
Faisal but isn't it possible for soeoen to take a cash advance on one card with a high rate and then trasnfer it to a zero apr card, this way u get an interest free loan?
asif wants the inerest free loan WITHOUT paying the fee for cash advances. If he does what you are asking he would still have to pay the cash advance fe to the card with the higher rate, no?
I am trying to buy a car from an individual who is moving overseas for good. I am also trying to take advantage of 0% APR CC offers. Its a sweet deal. He is a good friend and I know how well maintained the car is. Obviously the guy cannot accept CC as a method of payment because he doesn't have a merchant account. I was trying to explore my options.
The CC offer that I currently have doesn't offer 0% APR on Cash Advance, only on Balance Transfer and Purchases. I can get another one that does offer 0% on cash advance but it comes with a 3% fee than can get pretty high on large transactions. If I use a convenience check, its going to be considered a cash advance I assume. I have heard of terms "Balance Transfer Checks" and "Purchase Checks" but don't know what they are. The CC offer customer service (at the new application processing center) rings somewhere in overseas. And those guys/gals repeat after everything I say instead of providing me some answers.
I am trying to buy a car from an individual who is moving overseas for good. I am also trying to take advantage of 0% APR CC offers. Its a sweet deal. He is a good friend and I know how well maintained the car is. Obviously the guy cannot accept CC as a method of payment because he doesn't have a merchant account. I was trying to explore my options.
The CC offer that I currently have doesn't offer 0% APR on Cash Advance, only on Balance Transfer and Purchases. I can get another one that does offer 0% on cash advance but it comes with a 3% fee than can get pretty high on large transactions. If I use a convenience check, its going to be considered a cash advance I assume. I have heard of terms "Balance Transfer Checks" and "Purchase Checks" but don't know what they are. The CC offer customer service (at the new application processing center) rings somewhere in overseas. And those guys/gals repeat after everything I say instead of providing me some answers.
What are my REAL options?
how much do you think the credit limit is going to be on your new card, pal? =)
if the credit limit is guaranteed to be what i expect it to be, and i needed the cash urgently, i'd go for it. typically the ones i have seen say stuff like "you are preapproved for a cash limit of upto $xyz".
For your situation, esp. since he's a friend, you can use one of those checks that come in with your cc statement sometimes, and your friend can cash it. I'm sure if your credit score is good which seems so you get them in mail with APRs of about 1.99%, those are really good.
If not, cash advance is money taken out from credit card and usually has higher APRs for that, read the fine print in statement, and balance transfers usually cost a one-time fee n i don't know how u cud use balance transfers in this case
Purchasers checks are bank checks/official checks, they are usually bought with cash, has nothing to do with loans or cc. It basically just means guaranteed money for the seller. hope it helps!