0% Balance Transfer Credit Card Offer
Author: referee 111
Guest
Posted: Wed Dec 31, 2003 12:22 pm
Just received a Great offer from American Express Blue Card. Offer is as follows; It was a Direct Mail offer.. 0% Balance Transfer for 12 months.. No Balance Transfer fee with offer.. Purchase rate is 7.9.. I am not going to apply for this , but If anyone else did get this offer.. There are a couple of negative points in regards to this offer if it is not used correctly.. 1. Grace Period is only 20 days.... 2. If you do not pay off your Original Balance transfer Balance with in the 12 month Promotional period, the balance that is left will go to The rate of 17.99, not the usual purchase rate of 7.9...///3. if you Miss the due date of a payment.. Your account becomes over the limit, returned checks,ect , your APR can go as high as 23.99%.. 4. also as is the case with most Balance Transfer offers, your payments will go to the Balance transfer balance first , and any purchases are made with card, your purchase balance will continue to accrue interest each month until the balance transfer rate is paid.. If you are able to pay the Balance transfer off within the 12 months it is a great offer... Has anyone on the board received this offer and is now presently using it?
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Guest
Posted: Wed Dec 31, 2003 12:22 pm
Just received a Great offer from American Express Blue Card. Offer is as follows; It was a Direct Mail offer.. 0% Balance Transfer for 12 months.. No Balance Transfer fee with offer.. Purchase rate is 7.9.. I am not going to apply for this , but If anyone else did get this offer.. There are a couple of negative points in regards to this offer if it is not used correctly.. 1. Grace Period is only 20 days.... 2. If you do not pay off your Original Balance transfer Balance with in the 12 month Promotional period, the balance that is left will go to The rate of 17.99, not the usual purchase rate of 7.9...///3. if you Miss the due date of a payment.. Your account becomes over the limit, returned checks,ect , your APR can go as high as 23.99%.. 4. also as is the case with most Balance Transfer offers, your payments will go to the Balance transfer balance first , and any purchases are made with card, your purchase balance will continue to accrue interest each month until the balance transfer rate is paid.. If you are able to pay the Balance transfer off within the 12 months it is a great offer... Has anyone on the board received this offer and is now presently using it?
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posted by CardRatings.com at 1:38 PM
8 Comments:
Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 649
Location: NJ
Posted: Wed Dec 31, 2003 1:28 pm
None of the "negatives" you mention are negative. They're simply the rules of the game. Everything in life has rules. In baseball you must run within the base lines, in basketball you cannot travel, etc. Would you say that driving is bad because you have to observe the speed limit and you must stop for red lights, and there are penalties if you violate these rules? Nonsense!
Follow the rules and the AEBC offer is a wonderful thing. Break the rules and it will bite you. It's as simple as that. Why even ask whether others have taken advantage of the offer? It's a legitimate offer from a legitimate issuer. There are many other such offers around. If you qualify, go for it.
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Author: Guest
Posted: Wed Dec 31, 2003 3:03 pm
Ira wrote:
None of the "negatives" you mention are negative. They're simply the rules of the game. Everything in life has rules. In baseball you must run within the base lines, in basketball you cannot travel, etc. Would you say that driving is bad because you have to observe the speed limit and you must stop for red lights, and there are penalties if you violate these rules? Nonsense!
Follow the rules and the AEBC offer is a wonderful thing. Break the rules and it will bite you. It's as simple as that. Why even ask whether others have taken advantage of the offer? It's a legitimate offer from a legitimate issuer. There are many other such offers around. If you qualify, go for it.
Ira,
You are 100 % correct in stating that they are the rules of the game.. The only point that I was trying to make , that is a lot of times, People are so happy to have the 0% offer that they apply , get approved and use their available credit at 0%, and they did not read all of the items that I mentioned and you said that are rules of the game.. That is very True..
Happy new year to you Ira..
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Author: Guest
Posted: Wed Dec 31, 2003 4:20 pm
Uh. NO!
Sorry to burst the bubble. Plenty of people are disciplined enough to take a 0% offer and use it wisely so that when the intro period ends only a small balance if any exists. Then, a wise person would call and ask for a lower rate, if none is offered you have the choice to stay or leave.
If you max it out and then call for a lower rate after the intro, you have no such choice and are at the mercy of the bank.
Played right, 0% is a super duper offering for the consumer.
More than likely, you are disciplined otherwise an offer like this would not have been made.
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 649
Location: NJ
Posted: Fri Jan 02, 2004 3:28 pm
Caveat Emptor
Let the buyer beware!
That is the law of the jungle. Harry Truman said it best. "If you can't stand the heat, stay out of the kitchen."
Work within the system, follow the rules, you'll win every time and you'll beat "them" at their own game. This is simple stuff; why are we going on about it? You want a zero percent offer, pick one that suits you, follow the rules and win! Period, end of story.
Last edited by Ira on Mon Jan 05, 2004 10:00 pm; edited 1 time in total
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Author: Guest
Posted: Sun Jan 04, 2004 11:27 pm
I applied for a Amex Blue for students. What are my chances of getting approved? My application was decisioned in about a day, pretty fast. But, I don't know whether I am accepted or rejected, so I have to wait about 7 days to find out in the mail. In a way I think maybe since a decision on my application was done in like 24 hours, and then I think I probably didn't because a decision was made so quickly. But, it's a student card, for people like me who want to build credit and don't make too much money in a year, but I'm not in school now, but will be attending soon. I only need like a credit limit of like $100, that is good enough. I only really want to make some online purchases sometimes and thats about it and maybe for emergencies.
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Author: Ira
SENIOR MEMBER (Member for 2 yrs.+)
Joined: 19 May 2003
Posts: 649
Location: NJ
Posted: Mon Jan 05, 2004 10:01 pm
Your chances are one out of two. Wither they will or they won't approve your application. Just wait & see. No amount of speculation is going to change anything anyhow.
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Author: Guest
Posted: Tue Jan 06, 2004 11:23 pm
If AmEx did not give you the decision right away, your chance is too slim.
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Author: Guest
Posted: Wed Jan 07, 2004 12:41 am
It was decisioned in about a day. Not right away, but it was processed and a decision was made quickly in my opinion.
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