BT - Idea I came up with!!! Ok.. I am kinda new so someone probably already thought of this but here goes... say you have the following: savings acct has $3000 credit card #1 - $3000 balance at 15.9% credit card #2 - $3000 balance at 14.9% both credit cards have bt offers at 3.9% for the life and both will send you a check for the BT. Here's the idea: you take your $3k out of savings, pay #1 fully off. you then do a BT to #2, paying that one off. Then you do a BT from #2 back to your savings acct. Now both cc's are at 3.9% for life and you have your money back in your savings acct.. anyone see any issues with this? i was thinking of doing this tonight!!! Thanks, Allen
Re: BT - Idea I came up with!!! cma - prob not BUT you can BT to yourself via a check and then deposit it into your savings acct HAH I WILL BEAT THEM YET!!!
Re: BT - Idea I came up with!!! Should work just fine if CC #2 gives you a personal check for BT purposed to deposit yourself. Otherwise I kinda doubt that'll pay into a checking/savings account directly.
Re: BT - Idea I came up with!!! I just did a BT from my Providian (29.9%) to my Cap1 (9.9%) because I wanted Cap1 to report the true CL. By doing the BT it will report next month at almost it's full CL thus improving my utilization. I was just approved for the GM card, so after Cap1 reports, everything will be BT to GM with 0%. Sort of the same thing. Kinda...
Re: BT - Idea I came up with!!! If you can make it work and are willing to wait, (the time it takes to get the checks sent to you), I wish you luck ;-) I would just hate the fact that my savings account would be empty for awhile until the BT checks come. Make sure the bank won't close your savings account if it is 0. Oh, I hope this makes sense ;-)
Re: BT - Idea I came up with!!! I have 0% BT offer from GM card. They told me I can deposit the BT check directly to my checking acct and it will still be considered a BT.
Re: BT - Idea I came up with!!! BT to your hearts content...IF YOU SAVE MONEY... (At this time) I no longer pay higher than 4.75% due to BT's...(subject to "JACKING" at any time)...
Re: BT - Idea I came up with!!! Manequinne - the last time i did a bt to myself from citibank, it took about 8 days to come... i probably wouldnt do the full 3000 but maybe 2000 for me i have 2 cc's at a horrible rate.. one at 19.99 and one at 17.99... i could take them both to 3.9... big savings i bet!
Re: BT - Idea I came up with!!! I do stuff like this all the time. I utilize a line of credit (LOC) at my bank instead. 1. Draw $$$ from LOC and place it in my checking acct. 2. Use BT promo to pay off LOC. 3. Do whatever with the new money in my checking acct. Pay off another card, or even a second card from the same issuer (you can't normally do this with a BT promo). Spend it as a cash advance. Use it to pay the next few month's minimums (if I'm unemployed at the time). The LOC is used to launder the money, so-to-speak. You can ping-pong your balances around and end up paying a lower interest on your revolving debt than you pay on your car loan!
