Credit Card Programs - USAir MC Balance Transfer checks

Hello,

I normally just shred the balance transfer checks I get with my statements each month, but one I just received has made me think a bit harder. It is offering 0% APR until October 2013 and a fee of 1% (normally these are in the 3-5% range). That is at the level and length of interest free where I am thinking about biting on it.

According to the text, it says that one could write a check to themselves, but I want to confirm that this would not be considered a cash advance in this case. Can anyone confirm?

Also, do these earn mileage like a purchase would? (I am outside of the initial 30 day window, where I know balance transfers accrue miles)

Thanks for any help.

Hello,

I normally just shred the balance transfer checks I get with my statements each month, but one I just received has made me think a bit harder. It is offering 0% APR until October 2013 and a fee of 1% (normally these are in the 3-5% range). That is at the level and length of interest free where I am thinking about biting on it.

According to the text, it says that one could write a check to themselves, but I want to confirm that this would not be considered a cash advance in this case. Can anyone confirm?

Also, do these earn mileage like a purchase would? (I am outside of the initial 30 day window, where I know balance transfers accrue miles)

Thanks for any help.

I thought with US Airways it's 60 days, I would call and ask either way. Is there any type of fine print on the check? If there is a current promo, usually a check is sent as a courtesy.

I thought with US Airways it's 60 days, I would call and ask either way. Is there any type of fine print on the check? If there is a current promo, usually a check is sent as a courtesy.

Actually it is 90 days according to this:

http://www.mostmiles.com/chairmans

Hello,

I normally just shred the balance transfer checks I get with my statements each month, but one I just received has made me think a bit harder. It is offering 0% APR until October 2013 and a fee of 1% (normally these are in the 3-5% range). That is at the level and length of interest free where I am thinking about biting on it.

According to the text, it says that one could write a check to themselves, but I want to confirm that this would not be considered a cash advance in this case. Can anyone confirm?

Also, do these earn mileage like a purchase would? (I am outside of the initial 30 day window, where I know balance transfers accrue miles)

Thanks for any help.

I have done this twice (writing check to myself for almost the whole credit line) and it posted just fine as a purchase with the 1% transaction fee. I paid it off at one time 11 months later and made a nice little profit off of the investment I made with the funds. I am trying the same thing now, with the realization that the (relatively safe) mutual fund I invested in with the second US Airways transfer check will probably crash and erase the good memories from the first experience. After I did this the second time, I noticed that subsequent offers were for 2% instead of 1%, so don't expect an effective lifetime loan at 1% effective interest. The funny thing is that the annual fee posted and I expected 15% interest on the portion of the total balance attributable to the annual fee, but I never saw that happen. Maybe I paid the balance off at just the right time.

...I took full advantage of the offer. 1% loan for 15 months = free money.

Per the T&C: Balance Transfer Checks do not qualify for miles.

Per the T&C: Balance Transfer Checks do not qualify for miles.

Correct, and good point. My true transfer checks did not earn miles, and I did not expect them to. But the credit card offer allowed 10,000 miles for a balance transfer that I did within a certain # of days of opening the card. I did not use the checks for this transaction, as I had a big balance on AMEX for some reimburseable business expenses.

I normally just shred the balance transfer checks I get with my statements each month, but one I just received has made me think a bit harder. It is offering 0% APR until October 2013 and a fee of 1% (normally these are in the 3-5% range). That is at the level and length of interest free where I am thinking about biting on it.

According to the text, it says that one could write a check to themselves, but I want to confirm that this would not be considered a cash advance in this case. Can anyone confirm?


That 1% fee is way too high :)

I just received an offer of 0% APR until August 2013 with the normal transaction fee (usually the lesser of 3% or $75) waived completely. Different CC and bank though.