Best balance-transfer card?
Jan 27, 2005 | 2:59 pm
#1
Original Poster
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Best balance-transfer card?
I need to transfer a substantial balance to a credit card. I suspect that none of the mile-earning cards let you earn miles on such a transfer, but I'd love to be proven wrong 
Jan 27, 2005 | 3:22 pm
#2
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You Are Right!
Originally Posted by paulr
I suspect that none of the mile-earning cards let you earn miles on such a transfer, but I'd love to be proven wrong
Jan 27, 2005 | 3:59 pm
#3
Join Date: Feb 2004
Location: Syosset, NY, USA
Posts: 125
Some issuers used to offer rewards (not sure about miles) for BT's, but as far as I know the only one who still does is your first BT with a new GM card. I'm pretty sure you can't get miles for a BT.
On a happier note, there are a lot of cards offering 0% BT on new cards. I know Bank One and Citi among others. Check out www.fatwallet.com. I myself have $150K in 0% BT's.
On a happier note, there are a lot of cards offering 0% BT on new cards. I know Bank One and Citi among others. Check out www.fatwallet.com. I myself have $150K in 0% BT's.
Jan 27, 2005 | 7:44 pm
#4
Join Date: Oct 2002
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Originally Posted by paulr
I need to transfer a substantial balance to a credit card. I suspect that none of the mile-earning cards let you earn miles on such a transfer, but I'd love to be proven wrong
Jan 27, 2005 | 8:34 pm
#5
Join Date: Sep 2004
Location: Seattle
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Frontier Earlyreturns Mastercard
I think the Frontier Mastercard for their earlyreturns program gives bonus miles for Balance transfers as well. Combine that with the bonus for signing up and miles for the balance transfer you'll get to that free ticket for only 15,000 miles in no time.
I hope it helps!
-Keith
I hope it helps!
-Keith
Jan 28, 2005 | 8:19 am
#6
Join Date: May 2003
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Originally Posted by kleeman
I think the Frontier Mastercard for their earlyreturns program gives bonus miles for Balance transfers as well. Combine that with the bonus for signing up and miles for the balance transfer you'll get to that free ticket for only 15,000 miles in no time.
I hope it helps!
-Keith
I hope it helps!
-Keith
Jul 18, 2005 | 10:30 pm
#8
Join Date: Jul 2005
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FYI the Southwest Visa BT offer is only valid for the first 90 days of the card. The deal is, you get 4 credits for your first purchase, and up to 5 for BT as ppisklak said above. Total of 9 credits possible.
Jul 19, 2005 | 7:14 am
#9
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One thing to watch out for is the concept called (IIRC) "universal default". Under this philosophy, any default, late payment, etc, on any of your obligations triggers a rate increase on your 0% card.
So, you've got a substantial amount out there at 0%, but for some reason your phone bill slips through the cracks one month. Fifty bucks. No big deal. Suddenly your 0% balance is now at 13.4% or 21.9% or something like that.
These guys just love to do that.
So, you've got a substantial amount out there at 0%, but for some reason your phone bill slips through the cracks one month. Fifty bucks. No big deal. Suddenly your 0% balance is now at 13.4% or 21.9% or something like that.
These guys just love to do that.
Jul 19, 2005 | 7:45 am
#10
Join Date: Jan 2003
Location: NYC
Posts: 8,688
I've never seen a card that gave rewards for truly free balance transfers. Watch out for those "0%" (but with a 3% transaction fee) cards.
The best BT card I know of is the Chase Cashbuilder. It has no annual fee and 0% + no transaction fees on BTs for a full year. They seem generous with credit lines, and even give you balance xfer checks so you can write yourself a check and deposit it for the full amount of your credit line. Three catches:
The best BT card I know of is the Chase Cashbuilder. It has no annual fee and 0% + no transaction fees on BTs for a full year. They seem generous with credit lines, and even give you balance xfer checks so you can write yourself a check and deposit it for the full amount of your credit line. Three catches:
- Watch out for missed payments, including "universal default" (see BigLar's post above). All it takes is one missed payment, and you're screwed.
- Be aware that maxing out the limit will have a temporary negative effect on your credit rating. Once you pay it off, your credit will be good again within a short time.
- It's not 0% for purchases, so do NOT use it for purchases or you'll have to pay off the full BT amount before you can pay off any of the purchase amount.
Jul 19, 2005 | 10:03 am
#11
Join Date: Apr 2005
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Originally Posted by sbc94523
The only card I know of is the UAL M+ "Gold" card. It allows you to earn 1 mile per $2 transferred with max of 10K miles/year.
I did with all 3 of my M+ cards.
GO HERE FOR MORE INFO ON THIS CARD
Jul 19, 2005 | 10:44 am
#13
Join Date: Feb 2004
Location: Syosset, NY, USA
Posts: 125
Originally Posted by kedcr22
I sure hope you've got at least $150K sitting in a mutual fund somewhere actually earning interest...
Actually, most of it was used to pay down a HELOC ($85K) which was used to purchase my home. When the BT's come due I pay them with excess cash or the open HELOC. I save $450/month in interest charges on the HELOC, plus make some interest on the remaining cash.
Jul 23, 2005 | 4:13 pm
#14
Join Date: May 2002
Posts: 132
Discover
Originally Posted by paulr
I need to transfer a substantial balance to a credit card. I suspect that none of the mile-earning cards let you earn miles on such a transfer, but I'd love to be proven wrong
Jul 23, 2005 | 4:14 pm
#15
Join Date: May 2002
Posts: 132
In addition...
Originally Posted by bwelliott
You may want to check out the Discover Miles card. When I got it last year, there was no annual fee and I actually received points for the balance transfer.