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Thread: Interest calculations, Credit Card vs LOC

  1. #21
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    Quote Originally Posted by sabad66 View Post
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    every balance transfer offer i've seen from my CCs always has at least a 1% fee, so watch out for that if that's part of your strategy.
    not on mine, another grandfathered policy from capital one, 0 fee "same as purchase" interest rate for balance transfer.

    had this card for like 10 years and you'll have to pry it from my cold dead hands, lol.

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    Quote Originally Posted by Thaco View Post
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    not on mine, another grandfathered policy from capital one, 0 fee "same as purchase" interest rate for balance transfer.

    had this card for like 10 years and you'll have to pry it from my cold dead hands, lol.

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    As long as you don't put any more charges on this card after pulling this stunt you should be ok.

    The way I remember it, correct me if I'm wrong, any payment you make after a transfer will go toward the transfer balance. Everything else you charges on that card will only be serviced after the transfer is paid off.

    So if you did a transfer to $5K and charge another $1K purchases on the card afterward, that $1000 will have interest of 22-29% until the initial $5K+ interest is paid off. That how I remember these low interest transfer scam works.

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    that's pretty good to have no fee on the initial transfer amount.

    that said, i have seen some promotions from my cards that are 1% rate on balance transfers for 12 months with a 1% transfer fee. So if you can pay it off within the year, those might be better than prime (3.5%?) + 0.9% with no initial transfer fee. of course it's always luck of the draw when they offer those compared to yours where it seems like its always available.

  4. #24
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    Quote Originally Posted by Xtrema View Post
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    As long as you don't put any more charges on this card after pulling this stunt you should be ok.

    The way I remember it, correct me if I'm wrong, any payment you make after a transfer will go toward the transfer balance. Everything else you charges on that card will only be serviced after the transfer is paid off.

    So if you did a transfer to $5K and charge another $1K purchases on the card afterward, that $1000 will have interest of 22-29% until the initial $5K+ interest is paid off. That how I remember these low interest transfer scam works.
    card is prime plus 0.9 for purchases as well, so it doesnt matter what it pays first, its all the same. only difference is cash advances which i'd never do
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    Quote Originally Posted by rage2 View Post
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    Quote Originally Posted by Thaco View Post
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    card is prime plus 0.9 for purchases as well, so it doesnt matter what it pays first, its all the same. only difference is cash advances which i'd never do
    That's a great card.
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    Quote Originally Posted by ercchry View Post
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    PRIME + 0.9%... not exactly free money

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