Can I use a promotional rate for one card to pay another?
Question by : Can I use a promotional rate for one card to pay another?
Suppose I have two credit cards:
card 1: $ 15k credit line, $ 5000 balance
If card 1 sends me promotional checks that offers 0% interest until January 2012 for using a Check Cash Advance” and I want to save myself some interest temporarily, can I do the following.
Use the “No-Fee” transfer option to card 2 THEN issue a “Check Cash Advance” for the balance to pay down card 2?
The terms set forth by the promotional check specifies that I cannot use the promotional offer to pay down the card itself but ‘card 2′ is not from the same provider.
Best answer:
Answer by G. Whilikers
Looks like a perfectly good loophole. Make sure the promotions don’t have any hidden costs associated with them. For example, does card #1′s cash advance check incur an up-front fee to make up for the 0% rate? And what happens if you still have a balance when the promotion runs out?
In any case, consider whether all this moving money around is really just rearranging the deck chairs on a sinking ship. Put some energy into getting out of debt entirely.
What do you think? Answer below!
