0% Balance Transfer Credit Card Offers

Guest: directdude2001
Post subject: 0% Balance Transfer Credit Card Offers
Posted: Thu Feb 23, 2006 10:46 am

Hi

I applied and was approved for a BOA CC which has an offer of 0% on BF until March 07. Is prossible for me to transfer a balance that my wife has on her BOA CC, (which her introductory rate is ending soon) to this new account I was approved for?

BTW, she has me as an AU on her BOA account...

TIA

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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: 0% Balance Transfer Credit Card Offers
Posted: Thu Feb 23, 2006 12:19 pm

No--the balance transfer offers say you can't transfer from another BofA account. (I have no way to know exactly what the terms are of YOUR BT because I can't read them--but that's a restriction I always see in these offers. Don't you see it in your offer?) Sometimes you can transfer to your own bank account and then pay off your wife's card.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"

Guest: directdude2001
Post subject: 0% Balance Transfer Credit Card Offers
Posted: Thu Feb 23, 2006 2:02 pm

One more question, currently my wife has a balance of $3,200 on the BOA account which will go up to 13.99% next month.

If I were to BF 1,400 to my WAMU/Providian card (which I asked and was aprroved for an offer of 4.99% until Sept 06 on the BF).

I would pay off the balance on her BOA account first, meanwhile just paying the minimum on the Providian card.

Could someone help me to the math on this, and see if I would save money?

TIA

Guest: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: 0% Balance Transfer Credit Card Offers
Posted: Thu Feb 23, 2006 2:09 pm

Too complicated. Simplify, simplify, simplify! Three part procedure:

1. Write a balance transfer check for $3,200.00 off the 0% account to yourself.

2. Deposit that check in your checking account.

3. Write a personal check to pay off the $3,200.00 balance.

Now all you have to do is pay the minimum until the 0% offer expires, and then pay off the balance. By that time you'll probably have discovered another 0% offer and you can do the same thing all over again, except this time youy'll owe less than $3,200.00