Can I Transfer Cash Advances To 0 Apr Cards

Low Interest Credit Cards Available from Chase

Digital News Report – There are several types of credit cards including low interest, balance transfer and cash-back cards. Low interest rate cards have become very desirable, especially for those who may carry a balance.

The lowest rate card we found was the Chase Freedom® Visa. The card had an APR of 9.99% (variable) with 0% on balance transfers for 12 months. For the first six months there is 0% percent interest on purchases. The variable rate will depend on the prime rate that banks charge other banks.

The interest rate could go as high as 22.99%, but the card also offers a $50 cash back bonus after the first purchase. Plus, earn 1% cash back on all your purchases.

The savings don’t stop there. The bank offers quarterly bonus categories that rotate. The categories include gas, groceries, dining, department stores, airlines, hotels, even home improvement. You can earn 5% cash back depending on what you buy.

From January to March of 2000, customers who use the card can save 5% at grocery stores and drug stores. From April to June cardholders can save at on their home improvements, furnishings and garden supplies. Just in time for the travel season, save 5% on gas, airlines and hotels from July through September.

During the last three months of 2011 customers can save on dining department store purchases, movies and charities. Each quarter cardholders can save up to $1,500.

Some online purchase can save the cardholder 10%.

There may be a $10 or 5% balance transfer fee, whichever is greater. Cash advance fees are charged at the same rate. There are also $35 late payment fees and over the credit limit fees.

The penalty rate could go as high as 29.99%. These penalties are assessed if the cardholder fails to make the minimum payment. There may be other reasons as well.

No Fee 0% APR Balance Transfer For 12 Months – Discover Card ...

In order to get the highest credit limit possible, be sure to maximize your reported “household income” as much as you can legitimately by including everything like the income of everyone living with you, alimony, child support, interest income, dividend income, etc.

If you wish to get cash from this balance transfer offer without it being classified as a “cash advance”, one trick is to request money to be transferred to other non-Discover credit cards that you have. This will create a negative balance, after which you request a refund check be sent to you. Citibank and American Express are recommended for this because they have automatic features on their websites to request a credit balance refund.

Finally, it is important to note that Discover has a new policy that you can only have one open Discover card at any time. If you want this 0% for 12 months with no balance transfer fee and you already have a Discover card, you must cancel that card first, and then come back and apply for this new card. You can’t convert your current Discover and still get this promotion. That will avoid any problems.

I had a 0% transfer from USAA, which I had used before with Citicards. This time, I tried it with American Express and did the online credit balance refund request. 5 days later, they sent me a letter saying that this violated my card member agreement and that they were sending the balance transfer back. Next time, I’ll retry citicards. FYI

Others have mentioned small credit line too. Cancelling a card and replacing it with another one will affect your credit rating in several ways. 1. you will likely take a hard pull for the application. 2. You will possibly get a smaller credit line. 3. The age of your average line will drop.

None of these are super big deals in most circumstances.

Best scenario is probably put the money in 3% or 4% reward checking, but depending on how much money they give you, credit cards that give you $150-$400+ or so after one purchase might be a better use of your credit hit.

The problem with discover is the low credit lines. The $0/0% Fee only applies to balances transferred at the time of application. Any other transfer is at 5%. To be useful, one would need a credit limit in the several thousands, IMHO.

Fine Print:

“0% of the amount of each transfer made under this offer and with this application; otherwise, either $10 or 5% of the amount of each transfer, whichever is greater.