US Bank - 0% Interest For A Year And No Balance Transfer Fee!

[Wineaux]

http://www.fatwallet.com/forums/finance/810638/?start=0

Here is the thread from Fatwallet.com that has all the details. The Quick Summary has links to all of the credit card offers. You can choose any one of them, it doesn't matter if you are a part of the group, or an alumni of an particular school. A lot of folks like the Linux Fund cards because of the anti-Microsoft pictures on the cards. Me? I went with the Children's Wish Foundation card.

In any event, these cards are perfect for consolidating all of your credit cards into one card, with no interest for the first year, and no balance transfer fee (Usually 3% or greater on most cards!). At the end of a year, what we haven't paid off, we'll transfer to another similar offer elsewhere.

With BOA and Chase being such total jackasses right now, what with raising interest rates, raising minimum payment amounts, and adding annual fees, I thought this might help some folks out. I know it did for us in a very big way.

Enjoy!

 

[mom2juliarose]

You are my new best friend for posting this. We JUST got notice that the CC our car is on is getting a major interest change and annual fee soon. We'll have it paid off within the next 8 months, but I was worried about those damn fees.

THANK YOU!

 

[Pingbns]

it sounds interesting but I don't really understand all this, I don't have a credit card

 

[TXAggieTech]

Good deal!

Do you know which of the 3 from Children's would be best if it will only be used for balance transfer?

https://applications.usbank.com/oad/begin?locationCode=9517&sourceCode=76024&preparerType=customer

 

[Wineaux]

We did the Platinum card. No fees, or anything else to mess with. The cards are all the same with every offer, so just pick the one that floats your boat.

 

[Mama!]

I saw that, but the OP in that thread is nearly 2 yrs old. I think I thought the offers wouldn't be good anymore.

I'm sorely debating this. I just had an offer from Amazon (Chase) offering to let us do a BT for 1.9% til Summer 2011. With this I'd have to open another account BUT it'd keep chase from having any more of our biz. Decisions decisions...

 

[Mama!]

I'm snooping FatWallet. People there are using Balance Transfers and having money sent to their checking or savings accounts. *faint* Wouldn't that be illegal? Or...something. I don't know. I'm barely awake and I'm shocked that people are having success with that!

 

[Wineaux]

I'm snooping FatWallet. People there are using Balance Transfers and having money sent to their checking or savings accounts. *faint* Wouldn't that be illegal? Or...something. I don't know. I'm barely awake and I'm shocked that people are having success with that!

The seriously sneaky thing is getting a high limit, 0% interest rewards card, and then using that to buy the new dollar coins from the US Mint. They are selling them at face value with free shipping. So folks are buying $10-20,000 dollars in coins, depositing the coins into the bank, and then paying off the card. Bang! Tons of rewards points. Then they do it again, and again, and again...

They also do that for cards where you spend a certain dollar amount with the card, and then get a free gift card or some nice electronic gadget. So they buy the coins with the cards, deposit the coins in the bank, get the special reward from the credit card company, pay off the card with the money they deposited, and then close the account. Discover doesn't limit you to the number of rewards you can get from them, so they really take Discover for all kinds of stuff like iPods, GPS's, eBook Readers, and lately a $100 gift card for spending $500. It's just free money and stuff for a little of your time and effort.

 

[Mama!]

The seriously sneaky thing is getting a high limit, 0% interest rewards card, and then using that to buy the new dollar coins from the US Mint. They are selling them at face value with free shipping. So folks are buying $10-20,000 dollars in coins, depositing the coins into the bank, and then paying off the card. Bang! Tons of rewards points. Then they do it again, and again, and again...

They also do that for cards where you spend a certain dollar amount with the card, and then get a free gift card or some nice electronic gadget. So they buy the coins with the cards, deposit the coins in the bank, get the special reward from the credit card company, pay off the card with the money they deposited, and then close the account. Discover doesn't limit you to the number of rewards you can get from them, so they really take Discover for all kinds of stuff like iPods, GPS's, eBook Readers, and lately a $100 gift card for spending $500. It's just free money and stuff for a little of your time and effort.

Holy whoa. I wonder if I'm coordinated to do something like that.

 

[sb518]

Do you know what % the minimum payment is? Chase just upped mine from 2% to 5% and it's killing me every month!

 

[Wineaux]

Do you know what % the minimum payment is? Chase just upped mine from 2% to 5% and it's killing me every month!

That's EXACTLY what happened to us, and why Chase lost all of our business! I asked that same question in the fatwallet finance thread I linked. The answer is 1%, and it sealed the deal for me!

 

[Melodiya99]

The seriously sneaky thing is getting a high limit, 0% interest rewards card, and then using that to buy the new dollar coins from the US Mint. They are selling them at face value with free shipping. So folks are buying $10-20,000 dollars in coins, depositing the coins into the bank, and then paying off the card. Bang! Tons of rewards points. Then they do it again, and again, and again...

They also do that for cards where you spend a certain dollar amount with the card, and then get a free gift card or some nice electronic gadget. So they buy the coins with the cards, deposit the coins in the bank, get the special reward from the credit card company, pay off the card with the money they deposited, and then close the account. Discover doesn't limit you to the number of rewards you can get from them, so they really take Discover for all kinds of stuff like iPods, GPS's, eBook Readers, and lately a $100 gift card for spending $500. It's just free money and stuff for a little of your time and effort.

So I told my husband about this, and he pointed out that when you have the 10-20k in your possession on the way to deposit, you're risking all that money being stolen for the sake of gaining a few hundred. Maybe it's just the neighborhood we live in, but I thought it was a pretty valid point.

 

[Wineaux]

Well, there are always those coin theives out there staking out the bank looking for someone with boxes on a dolly.

 

[Melodiya99]

Well, there are always those coin theives out there staking out the bank looking for someone with boxes on a dolly.

You never know where I live...last week at Rite Aid there was a full on, smack down, knocking-over-shelves fight over a lady's purse I'll just take my prescription, thank you!

 

[CTPDMom]

Thank you Wineaux!!!

I have been wanting to get rid of several of our cards from HSBC and a couple of others that have done some nasty things to people over the last year. I just applied for the Wish Platinum, was approved, high limit and was able to 0% balance transfer all of that credit to the one card. Woohoo!

 

[Mama!]

So did you do a BT on the application page or ?

 

[CTPDMom]

So did you do a BT on the application page or ?

If you were asking me, the answer is 'sort of'...LOL. You do the online app, if you're immediately approved they give you your credit limit, tell you that you can do BT up to a certain percentage of the total credit line, and then ask if you want to BT and takes you to the page to do so. (So have the credit card statements handy if you're planning to do that.)

 

[Mama!]

I'm applying and in the income sections, it has a minimum income requirement of 7200 yr for the 2nd applicant. I don't work. Is it going to boot me?

 

[Mama!]

ok well I did it, and got a really good limit on it, and i transferred our last 2 high interest cards to it. Now all of our balances are rolled to low interest.