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Negative 3% balance transfer fee !!!

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rated:
I love this credit union, just keeps getting better.
https://www.americafirst.com/specials/cash-bonus.cfm?cid=WBABCBFEB17 
3% CASH BONUSON BALANCE TRANSFERS
Get Money by Bringing Your Balances to America First!
There are never any transfer fees with our VisaŽ credit cards.
And now, for a limited time, we're offering a 3% cash-back* bonus when you move your loan balances from other institutions to us!
That's right, we will pay you 3% of the amount you bring over.
Simply visit your local branch before March 31, transfer your balance, and we will deposit the cash in your savings account.
Take advantage of this benefit today.
Then you'll enjoy the low rates, superior security and generous perks of your America First Visa for years to come.
*Total cash return cannot exceed $300. Eligibility, terms & conditions apply.
Offer valid through March 31, 2017. Incentive will be paid to member's share savings account within three (3) calendar week of balance transfer.
Not available on business accounts or balances transferred from existing America First loans. Cannot be combined with any other offers.


I was able to do it over the phone, took a little while for them to figure it out.  Didn't have to go into a branch. 

Member Summary

service area map (48.46kB)
Thanks robstrash
Disclaimer
Most Recent Posts
Step 1) MS 10k on another card
Step 2) use this BT to transfer to that card and profit $300
Step 3) immediately pay off ca... (more)

shitrus (Mar. 06, 2017 @ 2:17p) |

I was rejected for membership.

jaytrader (Mar. 06, 2017 @ 2:34p) |

Parts of PHX.  Strange .It's in my work area... But I'm not sure if a hard pull is worth the hassle here...

needhelpplease (Mar. 06, 2017 @ 11:11p) |

Fine Print
*Total cash return cannot exceed $300..
Staff Summary
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rated:
Is the inbranch visit required?

rated:
I was able to do it without visiting a branch.

rated:
what kind of credit limits are people getting?

rated:
mickj said:   I love this credit union, just keeps getting better.
https://www.americafirst.com/specials/cash-bonus.cfm?cid=WBABCBFEB17 
3% CASH BONUSON BALANCE TRANSFERS
Get Money by Bringing Your Balances to America First!
There are never any transfer fees with our VisaŽ credit cards.
And now, for a limited time, we're offering a 3% cash-back* bonus when you move your loan balances from other institutions to us!
That's right, we will pay you 3% of the amount you bring over.
Simply visit your local branch before March 31, transfer your balance, and we will deposit the cash in your savings account.
Take advantage of this benefit today.
Then you'll enjoy the low rates, superior security and generous perks of your America First Visa for years to come.
*Total cash return cannot exceed $300. Eligibility, terms & conditions apply.
Offer valid through March 31, 2017. Incentive will be paid to member's share savings account within three (3) calendar week of balance transfer.
Not available on business accounts or balances transferred from existing America First loans. Cannot be combined with any other offers.


I was able to do it over the phone, took a little while for them to figure it out.  Didn't have to go into a branch. 

  
YMMV, membership is quite limited geographically.

rated:
How high is their APR to make back that 3% I wonder.

rated:
b534202 said:   How high is their APR to make back that 3% I wonder.
  Their lowest APR is 7.24% on their Platinum Low Rate card. Since they don't mention a transfer APR, I'm assuming it is the standard card rate. But there is nothing that says you can't pay it off right away or at least wait the 3 weeks until the bonus is deposited.

rated:
America First.  I thought it was related to http://www.everysecondcounts.eu/

rated:
b534202 said:   How high is their APR to make back that 3% I wonder.
  
There is money to be made....transfer the balance and pay it off the next day.  Easy 3%!

rated:
The CU seems limited to portions of Nevada, Utah and Arizona only. OP can you please state this in the thread title?

rated:
dpid said:   YMMV, membership is quite limited geographically.Website says there are "other ways to qualify" without specifying them and you must apply to find out. LOL.

rated:
Great CU, been using for years. good online tools.

(not a shill, just a fan)

rated:
Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

rated:
canoeguy1 said:   Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

  Of course. They CU is after all looking to make money by folks carrying a balance on their CC (which they were having at a different institution). This is the intention and a large majority of folks do it --- how else will the CU survive and be able to pay us the 3%. 

Also, I dont know of any CC issuer that will allow you to BT from another card issued by the same issuer. For example, you cannot BT from one Chase card to another Chase card. Same holds here.

rated:
scripta said:   Website says there are "other ways to qualify" without specifying them and you must apply to find out. LOL.
 

One option is joining the "Utah PTA" or "Nevada PTA".  The application asks if you want to join one of those PTAs, and asks you to select a school you want to be affiliated with.  I don't know what the requirements are to join them though.

rated:
I can't wait for other banks to do the same thing!

rated:
fwuser12 said:   
canoeguy1 said:   Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

  Of course. They CU is after all looking to make money by folks carrying a balance on their CC (which they were having at a different institution). This is the intention and a large majority of folks do it --- how else will the CU survive and be able to pay us the 3%. 

Also, I dont know of any CC issuer that will allow you to BT from another card issued by the same issuer. For example, you cannot BT from one Chase card to another Chase card. Same holds here.

  Correct. But the point is, it's not really a deal. You don't "get" 3%. You pay 7+% in interest on your debt, and have that reduced to 4% using this offer. Not much of a deal at all, when you consider that a few credit cards offer a 0% APR.

In other words:
1) If you have CC debt, you're much farther ahead just paying it off, rather than transferring it to this CU.
2) If you can't pay it off, you're  further ahead if you transfer to a different credit card that gives you a 0% APR for a year, and doesn't have a transfer fee.

The only value I see in this offer is a two-step transaction:
1) Transfer debt to this CU, and get the 3%
2) Immediately open ANOTHER credit card, with 0% APR and no fees. Then transfer the money from this CU to the new card.

That costs you TWO hard pulls on your credit, and a bunch of work. Your max payout is capped at $300.
Really not worth it. You can make $300 just by applying for ONE credit card, and without all this hassle.


BTW: For those who weren't churning cards before the Great Recession:
The usual way to make money off BT's was to NOT have debt to transfer. Rather, you took the money straight into a checking account and made a profit off the float by putting it into a high-yield CD for a year. Those were the times....

rated:
That credit card would of of value if there was a 0% promo APY

rated:
Tried to post a map above but it didn't work.

Phoenix, Vegas area, northern Utah onlyl.

rated:
canoeguy1 said:   
fwuser12 said:   
canoeguy1 said:   Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

  Of course. They CU is after all looking to make money by folks carrying a balance on their CC (which they were having at a different institution). This is the intention and a large majority of folks do it --- how else will the CU survive and be able to pay us the 3%. 

Also, I dont know of any CC issuer that will allow you to BT from another card issued by the same issuer. For example, you cannot BT from one Chase card to another Chase card. Same holds here.

  Correct.
 

My main point was regarding the first part of your post. Not whether it is a deal or how to make it a deal.

One other way to make it a deal: if you are carrying debt that you are planning to pay off anyway (e.g. 0% promotional period ending). Or if you can easily "create " a debt e.g., draw from HELOC.

rated:
canoeguy1 said:   
fwuser12 said:   
canoeguy1 said:   Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

  Of course. They CU is after all looking to make money by folks carrying a balance on their CC (which they were having at a different institution). This is the intention and a large majority of folks do it --- how else will the CU survive and be able to pay us the 3%. 

Also, I dont know of any CC issuer that will allow you to BT from another card issued by the same issuer. For example, you cannot BT from one Chase card to another Chase card. Same holds here.

  Correct. But the point is, it's not really a deal. You don't "get" 3%. You pay 7+% in interest on your debt, and have that reduced to 4% using this offer. Not much of a deal at all, when you consider that a few credit cards offer a 0% APR.

In other words:
1) If you have CC debt, you're much farther ahead just paying it off, rather than transferring it to this CU.
2) If you can't pay it off, you're  further ahead if you transfer to a different credit card that gives you a 0% APR for a year, and doesn't have a transfer fee.

The only value I see in this offer is a two-step transaction:
1) Transfer debt to this CU, and get the 3%
2) Immediately open ANOTHER credit card, with 0% APR and no fees. Then transfer the money from this CU to the new card.

That costs you TWO hard pulls on your credit, and a bunch of work. Your max payout is capped at $300.
Really not worth it. You can make $300 just by applying for ONE credit card, and without all this hassle.


BTW: For those who weren't churning cards before the Great Recession:
The usual way to make money off BT's was to NOT have debt to transfer. Rather, you took the money straight into a checking account and made a profit off the float by putting it into a high-yield CD for a year. Those were the times....

  
The max transfer to get the 3% benefit is $10k ($300 max benefit).  So, manufacture $10k in spending on your preferred card, then do a BT to this card.  Then immediately pay off this card.

Still wouldn't bother to get a hard pull for just $300, but you don't need it to be a two-step process.  

rated:
canoeguy1 said:   
 

BTW: For those who weren't churning cards before the Great Recession:
The usual way to make money off BT's was to NOT have debt to transfer. Rather, you took the money straight into a checking account and made a profit off the float by putting it into a high-yield CD for a year. Those were the times....

  
Those were the time of 5%+ interest rates.  It wasn't that long ago, but feels like ages.  Arbitrage of 5% was having your cake and eating it.  Now we are happy with crumbs...

rated:
canoeguy1 said:   
fwuser12 said:   
canoeguy1 said:   Looks like you actually have to move a balance from another institution to get this offer. ie it seems you can't just have them deposit the money in your checking account, and then pay them back the same money a few days later.

If that's the case, it's not a big moneymaker for most FW'ers.

  Of course. They CU is after all looking to make money by folks carrying a balance on their CC (which they were having at a different institution). This is the intention and a large majority of folks do it --- how else will the CU survive and be able to pay us the 3%. 

Also, I dont know of any CC issuer that will allow you to BT from another card issued by the same issuer. For example, you cannot BT from one Chase card to another Chase card. Same holds here.

  Correct. But the point is, it's not really a deal. You don't "get" 3%. You pay 7+% in interest on your debt, and have that reduced to 4% using this offer. Not much of a deal at all, when you consider that a few credit cards offer a 0% APR.

In other words:
1) If you have CC debt, you're much farther ahead just paying it off, rather than transferring it to this CU.
2) If you can't pay it off, you're  further ahead if you transfer to a different credit card that gives you a 0% APR for a year, and doesn't have a transfer fee.

The only value I see in this offer is a two-step transaction:
1) Transfer debt to this CU, and get the 3%
2) Immediately open ANOTHER credit card, with 0% APR and no fees. Then transfer the money from this CU to the new card.

That costs you TWO hard pulls on your credit, and a bunch of work. Your max payout is capped at $300.
Really not worth it. You can make $300 just by applying for ONE credit card, and without all this hassle.


BTW: For those who weren't churning cards before the Great Recession:
The usual way to make money off BT's was to NOT have debt to transfer. Rather, you took the money straight into a checking account and made a profit off the float by putting it into a high-yield CD for a year. Those were the times....

  
Step 1) MS 10k on another card
Step 2) use this BT to transfer to that card and profit $300
Step 3) immediately pay off card.

then take advantage of other deals that they may offer in the future, only costing you one hard pull.

rated:
I was rejected for membership.

rated:
robstrash said:   Tried to post a map above but it didn't work.

Phoenix, Vegas area, northern Utah onlyl.

  
Parts of PHX.  Strange .It's in my work area... But I'm not sure if a hard pull is worth the hassle here...

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