Is There a Bonus a Credit Card Balance Transfer?
Author: robbed
Posted: Tue May 09, 2006 10:50 pm
Post subject: Ready To Pay Off 3k - Bonus from Transfer? - Earning Rewards
Hello,
I've decided to change how I spend money. In the past I've always used my debit card to make everyday purchases, but am now coming to realize that I could be collecting rewards by using a credit card like a charge card.
I have a few questions:
1. I chiefly want to earn miles on a major airliner, i.e. AA and the 25k promotion listed in this thread. Am I going to get better returns from using a credit card as a charge card instead of just getting a charge card in the first place? (i.e. Amex?)
2. I've been floating about three grand on a zero interest card for about a year, and am I'm now ready to pay off the card in full. Can I get any benefit from transfering this balance to a new card and then immediatly paying it off somewhere else?
I'm not in need of a very high credit limit, I just want to get a return on my day to day purchases. Any suggestions or pointers about where I should be reading are much appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: beyond platinum
Posted: Wed May 10, 2006 12:08 am
Post subject: Is There a Bonus a Credit Card Balance Transfer?
Most credit card companies will not reward you for transferring a balance to them. Instead of paying off this balance all at once, why not invest the $3000 in a CD or money market account. You could then transfer the balance to another 0% credit card while earning interest on your $3000.
They are giving you $3000 at 0% interest so why not make money off it??
You will still get a reward whether or not you carry a balance or not on your credit card. You are rewarded for the purchases you make, not the balances you incur.
Also, banks are starting to add rewards programs to debit card purchases as well so it’s not just restricted to credit/charge cards.
_________________
"Believe not everything, but only what is approved: the former is foolish, the latter the act of a sensible man." --Democritus
Author: robbed
Posted: Wed May 10, 2006 1:39 pm
Post subject: Is There a Bonus a Credit Card Balance Transfer?
[quote="beyond platinum"]Most credit card companies will not reward you for transferring a balance to them. [/quote]
Ok, I was curious about this point. This is what I've been seeing as well. I saw one where you get 5000 miles for 5000 transfer but that's it.
[quote="beyond platinum"]
Instead of paying off this balance all at once, why not invest the $3000 in a CD or money market account.[/quote]
There are a couple of reasons for this. Number one is that it is only 0% until July, so it has to be taken care of pretty soon. Other reasons include peace of mind, I've been hanging on to this debt for a while it will be nice to remove. Also, if I weren't using the money to pay it off, I'd invest it in one of my business projects anyway.
[quote="beyond platinum"]Also, banks are starting to add rewards programs to debit card purchases as well so it’s not just restricted to credit/charge cards.[/quote]
Yes, though it is too little too late. And I don't believe they could compete with the rewards from a carefully managed credit card. The potential return for CCC's if you pass your grace is too big.
Does anyone have a favorite airline card they like? I just realized that the 25,000 deal is for American, I was hoping to use Alaskan.
Author:beyond platinum
Posted: Thu May 11, 2006 2:24 am
Post subject:
I sympathize with you Rob; it's a nice feeling not to have debt looming over your head. Have you looked into the Citi Premier Pass card? It gives you 1 point for every 3 miles you fly on any airline and 1 point for all other purchases including the airline ticket. I have had the card for about a year and I'm quite happy with it:
Premier Pass card
Also, here is a good offer from Bank of America for the Alaska Airline credit card:
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue May 09, 2006 10:50 pm
Post subject: Ready To Pay Off 3k - Bonus from Transfer? - Earning Rewards
Hello,
I've decided to change how I spend money. In the past I've always used my debit card to make everyday purchases, but am now coming to realize that I could be collecting rewards by using a credit card like a charge card.
I have a few questions:
1. I chiefly want to earn miles on a major airliner, i.e. AA and the 25k promotion listed in this thread. Am I going to get better returns from using a credit card as a charge card instead of just getting a charge card in the first place? (i.e. Amex?)
2. I've been floating about three grand on a zero interest card for about a year, and am I'm now ready to pay off the card in full. Can I get any benefit from transfering this balance to a new card and then immediatly paying it off somewhere else?
I'm not in need of a very high credit limit, I just want to get a return on my day to day purchases. Any suggestions or pointers about where I should be reading are much appreciated.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: beyond platinum
Posted: Wed May 10, 2006 12:08 am
Post subject: Is There a Bonus a Credit Card Balance Transfer?
Most credit card companies will not reward you for transferring a balance to them. Instead of paying off this balance all at once, why not invest the $3000 in a CD or money market account. You could then transfer the balance to another 0% credit card while earning interest on your $3000.
They are giving you $3000 at 0% interest so why not make money off it??
You will still get a reward whether or not you carry a balance or not on your credit card. You are rewarded for the purchases you make, not the balances you incur.
Also, banks are starting to add rewards programs to debit card purchases as well so it’s not just restricted to credit/charge cards.
_________________
"Believe not everything, but only what is approved: the former is foolish, the latter the act of a sensible man." --Democritus
Author: robbed
Posted: Wed May 10, 2006 1:39 pm
Post subject: Is There a Bonus a Credit Card Balance Transfer?
[quote="beyond platinum"]Most credit card companies will not reward you for transferring a balance to them. [/quote]
Ok, I was curious about this point. This is what I've been seeing as well. I saw one where you get 5000 miles for 5000 transfer but that's it.
[quote="beyond platinum"]
Instead of paying off this balance all at once, why not invest the $3000 in a CD or money market account.[/quote]
There are a couple of reasons for this. Number one is that it is only 0% until July, so it has to be taken care of pretty soon. Other reasons include peace of mind, I've been hanging on to this debt for a while it will be nice to remove. Also, if I weren't using the money to pay it off, I'd invest it in one of my business projects anyway.
[quote="beyond platinum"]Also, banks are starting to add rewards programs to debit card purchases as well so it’s not just restricted to credit/charge cards.[/quote]
Yes, though it is too little too late. And I don't believe they could compete with the rewards from a carefully managed credit card. The potential return for CCC's if you pass your grace is too big.
Does anyone have a favorite airline card they like? I just realized that the 25,000 deal is for American, I was hoping to use Alaskan.
Author:beyond platinum
Posted: Thu May 11, 2006 2:24 am
Post subject:
I sympathize with you Rob; it's a nice feeling not to have debt looming over your head. Have you looked into the Citi Premier Pass card? It gives you 1 point for every 3 miles you fly on any airline and 1 point for all other purchases including the airline ticket. I have had the card for about a year and I'm quite happy with it:
Premier Pass card
Also, here is a good offer from Bank of America for the Alaska Airline credit card:
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:45 PM
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