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 Post subject: 0% APR NO FEE balance transfer offer
PostPosted: Fri Feb 22, 2013 11:10 am 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 250
Location: Pittsburgh
I stumbled upon a 0% NO FEE balance transfer offer for the Chase Slate card. I took advantage of this type of offer in the past, but it has been quite awhile since I have seen a no fee offer. I pay off our credit card balances every month, but I can't help but want to benefit from this offer somehow.

I used this type of offer many years ago to help finance my college education interest free. I also used this type of offer to invest the money in a savings account when the rates were worthwhile.

Any suggestions?

My immediate idea is to put my wife's desired home improvement (my best guess is between $2k & $3k) on the card and either put off that expense for 15 months or spread out the cost over that period.

Is it possible to somehow fund our Roth IRAs by putting the balance on the card?

If I were to get this card, what is the MAX % of available credit would you recommend using? We have excellent credit. If we were to max out the 0%, will the hit to our credit score be significant?

All thoughts and suggestions welcome.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Fri Feb 22, 2013 11:24 am 

Joined: Thu Apr 05, 2007 3:05 pm
Posts: 1356
Those offers always have an expiration date: i.e., you'll get 0% for six months and then the rate will zoom up to 23% or something like that. So basically you just need to make sure you can pay off whatever you buy before the rate goes up. Read the fine print to find out when the 0% expires.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Fri Feb 22, 2013 11:49 am 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 250
Location: Pittsburgh
The 0% is for 15 months and it includes purchases. After it expires, 11.99% to 21.99% depending on credit worthiness. However, the rate afterwards doesn't matter to me. I have no intention of paying any interest. Just trying to come up with ideas on how to take advantage of it that are worthwhile.

https://applynow.chase.com/FlexAppWeb/renderApp.do?
SPID=DYT9&CELL=6H8X&AFFID=ae..qCAwTik-38zoJiYBXPYiGwhPfyJzDA&pvid=0BT&jp_cmp=cc/260228/ext/3-10001805/na


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Fri Feb 22, 2013 12:30 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1201
brad wrote:
Those offers always have an expiration date: i.e., you'll get 0% for six months and then the rate will zoom up to 23% or something like that. So basically you just need to make sure you can pay off whatever you buy before the rate goes up. Read the fine print to find out when the 0% expires.

Agreed. Read the fine print.

How secure are your jobs/careers/etc? There's alot people who had the same great idea you have who pulled the trigger on a 0% card then got canned & are now paying 23% interest as Brad pointed out. If you feel like you can handle it then pick up that snake & play with it.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Sat Feb 23, 2013 1:29 pm 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 250
Location: Pittsburgh
As I mentioned in my follow up reply, I am not really concerned with what the rate is after the promotion. I believe I am in pretty good shape to deal with loss of employment. My "How are we doing" thread is here:

viewtopic.php?f=2&t=62413

Mainly was looking for some ideas on how to take advantage of the 0% offer.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Sat Feb 23, 2013 1:38 pm 

Joined: Tue Jun 12, 2012 4:34 pm
Posts: 532
I think I recall reading that you and your wife had different ideas on what to do with your tax return. Seems like the 0% apr is a good way for you both to get what you want (tax refund goes into savings and home improvement projects get completed).


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Mon Feb 25, 2013 7:40 am 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 250
Location: Pittsburgh
Yeah, the home improvement option would definitely make us both happy. I am hoping to come up with some other ideas as well, but I am going to go ahead and sign up for the card so I know what my credit limit is.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Tue Feb 26, 2013 7:42 am 

Joined: Mon Mar 09, 2009 1:38 pm
Posts: 12
A couple of critiques from someone whose financial house is not in as good shape as yours, and also 15 years younger.

Based on your "how are we doing thread" I don't know why you would even need to take advantage of this offer. Instead of taking advantage of this offer you could simply save enough money to do the home improvement by April.

What are you really gaining by delaying/spreading out the cost of these improvements? You're not going to invest the money and make a great return on your 3k, so what's the point? If I were in your situation, I'd rather just pay in cash and be done with it. Balance transfer cards are a good tool for people trying to pay off credit card debt, but beyond that I don't see it as very useful since you can't invest that money and get 10% + on your money.

Also, check my response to your other thread, you should only be using your EF for emergencies! You need to set up different savings accounts for things like home improvent, vacation, etc. These big-ticket items should not be coming out of your EF.


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 Post subject: Re: 0% APR NO FEE balance transfer offer
PostPosted: Tue Feb 26, 2013 9:59 am 

Joined: Wed Aug 17, 2011 8:28 am
Posts: 250
Location: Pittsburgh
My wife doesn't like the idea of opening another credit card so this idea is dead.


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