Join Date: Apr 2005
Location: Los Angeles, CA
Programs: AA Plat, HH Gold, SPG Gold, HH Gold, Marriott Silver, Amex Plat, GlobalEntry, SW A-List Preferred
Posts: 866
I have done it a few times myself. I love it.
Get a 0%/12 months offer or better. If there's a 3% fee with a cap, then the larger the amount, the more sense it makes. Make sure card balance is $0 before doing it and then stick it in a drawer afterward. Set up auto-pay (my checking account is also tied to my HELOC as overdraft protection). Find a savings account at >5%.
Credit score impact has been minimal for my wife and I.