Yoshi212

-You do have to make at least the minimum payment each month to maintain the 0% interest offer. It's wise to either make a large initial payment to help bring your credit back up or at least divide the total transferred debt (plus the fee Chase will charge you which can be anywhere from 2% to 6%) by 15 and make that payment so you pay off that debt by the end of the 15 month period. Chase currently has a 0% fee offer with the Slate card if you initiate the transfer within 60 days of card approval.
-You usually can do the transfer online which is faster than using the checks many banks send with their new cards for balance transfers. Should be no issues. If you need paper checks ask about them before applying just to make sure.
-Your credit will be effected with the new card as you'll have a hard pull recorded and a new line of credit extended to you. If you were to max out or mostly use your new credit you'll again take a hit as your credit line utilization for that card and overall credit utilization will go up. Generally this large dip will be short lived if you don't use the majority of the credit line and/or make a large initial payment at first to reduce the utilization.
-Balance transfers don't count towards points or bonuses. The low or no interest is the benefit.
-Discover was very generous to me when I got them. I got a $10k initial credit line with an 18 month 0% offer (with a 3% fee) and they continue to make these offers to me over the past several years and increase my credit line too without me requesting.

sikorloa

Just realized I spent $3.5k more than I can afford this month... I have 1 month to come up with that money, and I don't think I'll be able to.

I own alot of the major credit cards mentioned on here... so I might already own one that is good for balance transfers. I think I could pay that $3.5k off in 4 or 5 months.

Which card is the best for 0% Balance Transfers?

Many thanks

Yoshi212

@sikorloa Check your current cards for balance transfer options. Citi, Cap1 & Discover send me offers at least twice a month and online they're also available. I've found that Cap1 & Discover tend to offer better terms compared to Citi. Barclays are a joke.

joe_miami

Why is Barclaycard a “joke”? Barclaycard routinely offers me 6 to 8 months at 0% with only a 1% BT fee.

Yoshi212

Last offer I got from Barclays was 12 months 0% with a 5% fee. Been getting that one for past two years which is almost the whole time I've been with Barclays which is relatively short compared to the other cards I carry. The offer you got is not bad for a short balance payoff. Discover offered me 18 months 0% with 2% fee but I have been with them for awhile now.

sikorloa

Thanks Yoshi - I have cards from Amex, Citi, Chase, Barclay, US Bank, and B of A - the $3.5k debt is on a Bank of America card (Alaska Airlines).

I have the Capital 1 Venture, however it's for my small business (different EIN number). Could I transfer it to that card? Or would that be a bad idea (since my debt is my personal debt? Not sure it would matter...).

Don't have any discover cards - I will check out the Cap 1

I also get balance transfer offers all the time, I just shred them though lol. I just got one yesterday, from B of A though - so I don't think I can transfer B of A debt to BofA balance transfer. I'll call them to check though.

Again, thanks for the suggestions!

PS - could I theoretically use a 6 month Balance Transfer offer, and before the % APR kicks in, I could transfer it to another Balance Transfer offer, to have more time to pay it off?

Yoshi212

Bolding is mine.

sikorloa

Thanks Yoshi -

Regarding the checks, I actually got one of those from BofA for a 0% Balance Transfer until April 2019.

I called a rep and they said "no balance transfers within the bank, we only accept balances from other banks", but I didn't tell them about the checks.

So theoretically... I could use that BofA balance transfer check (from a different BofA card) and write it out for $3.5k to pay off the Alaska Airlines BofA balance?

joe_miami

No, they’ll reject it. However, some BofA BT offers allow cash deposits into a checking account (or direct deposit, if the BT is originated from BofA’s web site), so you might be able to use a check to deposit $3,500 into your checking and then use it to pay off the other BofA card. But be careful: If deposits aren’t allowed, the interest rate and fees will be very high.

Read the info. that came with the checks. Also go into your BofA account and go card by card, checking the “consolidate debt” section to see what offers are listed.

Yoshi212

I would not risk that. If the terms of the deal say no BoA accounts they can hit you with the full interest rate which you've then paid the transfer fee on top of it.

sunk818

Do you have a checking account with another check? Deposit the BT to that account. Then transfer it to your BofA account. Might be a good time to sign up for the Chase $200/$300 promo then you can use that as a way to use non-BofA. There are also lots of local credit unions that will give you free checking accounts.

cyno

Of all my cards, barclays has been the best so far. consistently getting 0% with 1% bt fee for the last 5 years. Chase is second best with 2% fee. BOA, Citi and Discover are all common at 3%.

bklgafly

Hey,

I got transfer balance checks with 3% balance transfer fee. It says until end of cycle that ends on 12/2019? so assuming 1.1?

I am leaning to use those as I pay 5.5% on my heloc so I will be saving $750 for the year about if I do the max which seems to be 30k? (can do two 15k checks)

Another question, is the 0% apr is just on balance transfer right? so regular charges I put on card won't be 0%?

I usually never have a rolling balance... and always pay entire balance in full but recently, as I opened a few cards with 18 months 0% apr - I have been running balances on them . Will this hurt my credit score?

Lastly, any general notes or things I should keep in mind when using these checks? the 3% they tack onto the card? so if I write a 15k check they will add 3& to that?

mia

Even though your offer is from Chase, I have moved your question into this thread in the Credit Card Programs forum because the principles are the same for all issuers. Reviewing the older posts should answer many of your questions, and alert you to the risks.

EasternTraveler

There used to be a lot of these, but I am looking for some great sign up bonus offers on business cards that also have a 0% balance transfer offer. Does anyone have any information on any of these right now?