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much helpful thread....

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I need to start coming here more often. Lots of good information.

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Can someone help me figure out the logistics of doing a balance transfer? I owe $11,000 on a private student loan to Wells Fargo at 8.49%. I will pay it off in one year. I would like to BT this amount to credit cards to save $500 in interest.
Currently have: $2700 limit on Chase Plus One student card
Approved for, but not received: $5500 on US Bank FlexPerks Select (0% for 6 months)

Planning to apply for:
PNC Cashbuilder (0% for 12 months)
Citi Forward (0% for 12 months)
Chase Freedom (Might wait on this as it was only for the rewards)
Maybe Discover More (0% for 15 months)

How can I go about getting convenience checks? And can I take them directly to Wells Fargo or should I deposit them somewhere else then send a check? Or can I use the automatic balance transfer option and fill in my Wells Fargo account info like it's a credit card when I apply for the card?

I do know that Citi will refund an excess balance, so maybe I should get that card first, then BT to it from the other cards?

As of Sept. 1, my credit score should be approx. 740 (It's about 715 now).

Thanks in advance!

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discover more is gone, and already have slate. are there any other no fee 0% available out there? Alternatively anything =<2%...

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How many hard inquiries you have especially experian? what is your utilization ratio?

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solee said:   How many hard inquiries you have especially experian? what is your utilization ratio?

I'm going to assume this was directed at me. Utilization is about 30% right now, will be 0 once my last payment posts to my credit report around Sept. 1.

Experian showing 3: one from my apartment in Feb., one from PNC in April, and one from Citi for today.

Transunion was clear as of this AM before I did my Citi app.

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Automatic balance transfer is the easiest but you can also get convenience checks and deposited it to ATM. In my opinion 3 hard inquiries are considered high and most creditors pull experian. Signup at creditboards to check who the creditors pull before you apply. It is ok to balance transfer if you think you can pay it off in one year. If not I will think twice before tranfer the balance in case you got rejected for credit cards. You got 8.49 for life. Promo rate credit card only last for 6 months to a year. After that it goes from 10 to 25%..and you will be stucked at that rate ..

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solee said:   Automatic balance transfer is the easiest but you can also get convenience checks and deposited it to ATM. In my opinion 3 hard inquiries are considered high and most creditors pull experian. Signup at creditboards to check who the creditors pull before you apply. It is ok to balance transfer if you think you can pay it off in one year. If not I will think twice before tranfer the balance in case you got rejected for credit cards. You got 8.49 for life. Promo rate credit card only last for 6 months to a year. After that it goes from 10 to 25%..and you will be stucked at that rate ..

My plan is to pay off in one year. Not concerned about my ability to do that. Thanks for the input. My question is HOW can I get the convenience checks. Will they just offer them to me when they send me the card? Which of the listed BT cards are most likely to do so?

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Probably just citi... maybe discover. The rest of them you have to call or just balance transfer over the phone thru customer service

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rismoney said:   discover more is gone, and already have slate. are there any other no fee 0% available out there? Alternatively anything =<2%...

Alliant Credit Union (Visa)

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thanks teflonmail. it says rates is 0 to 2.99. is the rate conditional on approval? if my credit is excellent should i demand 0? I would hate to apply and get 2.99...

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rismoney said:   thanks teflonmail. it says rates is 0 to 2.99. is the rate conditional on approval? if my credit is excellent should i demand 0? I would hate to apply and get 2.99... Can you post an update when you get a response from them?

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rismoney said:   thanks teflonmail. it says rates is 0 to 2.99. is the rate conditional on approval? if my credit is excellent should i demand 0? I would hate to apply and get 2.99...



To get 0% for 12 month you need at least 780 on equifax. otherwise 2.99

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I got the Citi Forward card today and it came with checks which said that I could pay off credit cards with them, other loans, or just deposit the money. Just an FYI.

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solee said:   
To get 0% for 12 month you need at least 780 on equifax. otherwise 2.99


Wow, seriously? Are you positive? That seems awfully high (to me, at least--I'm around 750, and pretty spotless credit).

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yes seriously. I talked to Alliant.

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equifax info

20% of us consumers have scores range 825 to 926
19% 750 to 824
12% 700 to 749

I assume about 30% of us consumers qualify for 0% 12 months. Seems reasonable to me.

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discover more card will still honor a 12/mos 0 fee 0 rate if you call.
tell them you received an offer in the mail but can't find it...

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This is a dumb question but I'm paying off some accounts which are closed. Since they are closed, am I able to transfer them to another card? Without applying to so many cards, does anyone recommend any good credit cards that have good balance transfer rates for a credit score of around 620~? My salary is decent now (60,000s~) and I haven't missed a payment since 2010 but obviously the score is what really screws me.

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Hi,

Thanks for this,Great thread.

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solee said:   equifax info

20% of us consumers have scores range 825 to 926
19% 750 to 824
12% 700 to 749

I assume about 30% of us consumers qualify for 0% 12 months. Seems reasonable to me.


Okay, thanks for that info, I had no idea. I actually thought credit scores maxed at 800, but now I realize i was thinking of the old SAT scores...

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Another FYI, got checks w/the PNC Cashbuilder card. They explicitly say you're not allowed to cash them, but I don't know anything beyond that; I decided not to use them.

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Helpful forum! Thanks for the tips!

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The PenFed Rewards American Express Card has a promotion where Balance Transfers made between 9/1/2012 and 12/31/2012 have no fee. The APR is 4.99% for the life of the balance.

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thanks for sharing your ideas and tips here on the best balance transfer. This is a great thread to read.

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gunnmjk said:   The PenFed Rewards American Express Card has a promotion where Balance Transfers made between 9/1/2012 and 12/31/2012 have no fee. The APR is 4.99% for the life of the balance.

What kind of credit score do you think is needed to qualify for that card?

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Looks like the Chase Slate is at 15 months 0% 0 fee again: LINK

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rezzor said:   Looks like the Chase Slate is at 15 months 0% 0 fee again: LINK

Offer Unavailable

The information you requested is no longer available. Please visit www.chasecreditcards.com to view additional offers and apply online. Please note the terms and conditions of these offers may vary.

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the link somehow changes when you clink on it:

type this in without the spaces after //

https:// creditcards.Chase.com/credit-cards/slate.aspx

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Member Summary said:   Capital One continues to send out no-fee purchase checks to prime customers, so might be worth 3 inquiries for some (e.g. as a balance transfer target)
I have two C1 accounts, and receive their no-fee/purchase APR BT checks all the time, effectively offering me a free loan for one statement cycle, as well as their 2% fee/0% APR/12 months BT checks.

However, I just received a new and more exciting offer that wasn't available to me before: 0% APR/zero fee/12 months. While logged onto my accounts online, I saw this under the BT offers: Screenshot

I almost wonder if the first offer on this list is made in error; why would anyone take the version with a 2% fee when they can get the same terms without the fee? I immediately maxed out my full $5,000 credit limit with this new offer in the form of a "no hassle check". When the check arrives, I'll put it into a municipal bond mutual fund currently earning ~3% tax-free.

Has anyone else received this offer recently, whether online or in the form of purchase checks?

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You have shared really informative and interesting post i will like to say thanks and also request you to keep post that kind of stuff in your more posts.

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rezzor said:   the link somehow changes when you clink on it:

type this in without the spaces after //

https:// creditcards.Chase.com/credit-cards/slate.aspx


I just took advantage of this one from Chase: 0% and no BT fee for 15 months. Approved over the phone but they didn't have the credit line yet. I'm planning on putting my 0% balance from the Discover deal on this new card. Thanks!

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Maybe someone can help me with this. I have a 0% APR on purchases with Citi. It ends on Nov 1 which is also my due date. Should I pay it off on Nov 1 or do I have until the following due date of Dec 1 because of the grace period?

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Snezz said:   Maybe someone can help me with this. I have a 0% APR on purchases with Citi. It ends on Nov 1 which is also my due date. Should I pay it off on Nov 1 or do I have until the following due date of Dec 1 because of the grace period?

I'd say.. When in doubt, pay it off the month earlier. Even if it's a $20,000 BT earning 5%, the profit loss from paying it off 1 month early comes out to ~$83.

How much would your cardholder charge YOU in interest if you misunderstand the BT terms. 12%? 18%?

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I just noticed that PenFed has a $0 fee / 4.99% APR for LIFE on all BTs until the end of the year for all its CC products.

It's not 0%, but it might be an usable option for anyone with large balances at higher rates.

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Discover More is still live. 0% for the first 15 months.

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TTextoday all banks try to induce potential customers to switch from one credit card to another by offering balance transfer that too at a cheaper rate. It is generally known that low interest rates or sometimes even zero interest rates are available for balance transfer. But you should know that these rates are for introductory period only (say 3-6 months) and once this grace period is over, it returns to the normal rates, that is, what your previous credit card company charged you

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Whoa. I think that should have been mentioned somewhere earlier in the thread.

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Any recent experiences with credit refund from Citi, AMEX, BOA? I have a very tempting offer on AARP (0% for 1 year with 1% fees,over $30K credit line) but they can only transfer $5k into my checking account, rest has to go the credit cards. I am thinking of either using Citi (with a limit of $12K) or BOA (actually old Charles Schwab card with a limit of $15K) to use as intermediary for BT. I also have PenFed (both AMEX and Visa) with 0% transfer fees but the limit is only $5k on each card.

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No point

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