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? Have a great New Years.. RJ
Which is why you use a card for only one thing at a time. If it's for a BT...don't use it for purchases. If it's for purchases, don't use it for BTs. Fortunately, with this particular card, the purchase rate is only 7.99%, so you won't be paying a retched amount of interest if you decide to use the card for more than one purpose.
That sounds like a great offer, I'd take it. Actually, I'd take just about anything that came with 12-months 0% EXCEPT Fleet (They blow). But the punitive APR is very high and I also don't like the shrunk 20-day grace, but FWIW, BofA also is 20-days. Also, the min credit line could be as low as 2K (pathetic). Overall, if you could use 1 year free interest on purchases, it might be worth it, just watch them very closely.
