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Balance Transfer to make $ off Loan?

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rated:
I have a loan at 5%. I got a balance transfer offer on my business card for 2% fee, then 0% for 18 months. Unless I'm missing something, isn't this basically free $ even counting for the instant 2% fee and the minimum payments (so not true 0%)...

Any caveats I should be aware?

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rated:
If you don't transfer it or pay it off by the 18 months, interest is accrued at the regular rate. They bank on people forgetting when their rate ends and not paying it off.

rated:
lotusgardener said:   If you don't transfer it or pay it off by the 18 months, interest is accrued at the regular rate. They bank on people forgetting when their rate ends and not paying it off.
  
Also they have a min monthly payment required by law now.  If you are late on any payment, or fail to pay off the entire balance by the 18 months, you typically get hit with interest. 

rated:
You're doing it wrong. You're not "making" money with this deal. You're "losing" less money with this deal.

But to answer your question, yes, 0% credit cards have been a money maker since the day they were introduced. The board was all about them back when banks were paying 5% on savings accounts. Since they aren't anymore, most of us just Chase bonuses.

rated:
This is a reduction in your interest cost. Not a profit maker.

Key thing for you to be aware of is IF you use that business card for purchases, those purchases will have interest charges applied to them the minute you make the charge or when the purchase posts depending on the card terms.
You do NOT get the usual grace period on purchases you would when you pay in full each month.
It would be best to park that card in the sock drawer until up to a month after the BT is paid in full.

rated:
meade18 said:   just Chase bonuses.FW auto-link made it appropriately funny for once.  Has it become sentient?

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