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Heads Up - Chase Possibly Sending Out 0 APR Balance Transfer with 0% Balance Transfer fee

dansamimi 141 194 July 17, 2016 at 10:46 AM in Finance
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Last Edited by dansamimi July 17, 2016 at 10:57 AM
Hello,

For years I've been getting those balance transfer checks linked to my chase credit card advertising 0% apr for a balance transfer for a 15 month promo period, but they ALWAYS had either a 2 or 3 percent balance transfer fee, so I never used them.

Yesterday was the first time I have ever seen an offer where it was for 0% APR for AND 0 percent balance transfer fee.

I got this for my Chase Marriott and Chase United credit card. So I would just be on the lookout for those offers in the mail, and before you immediately shred them like I do, take a look and see if you can take advantage of this. Just make sure you pay off entire balance before promotional period ends or you will be screwed in interest rates.

Hope this helps someone out.
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40 Comments

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#2
+1

Couple of days back I received 0% Apr, $0 fee BT offer on my Chase Freedom credit card.
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#3
I received one the other day as well, definitely a good deal. Just put the money in a 1 year CD and sock-drawer the card for the year. Bam, free $$$!

BTW, the wording is very confusing on what they sent. It states there is no transaction fee for this offer. Then immediately after it states the standard balance transfer fee is $5 or 5% whichever is greater. So I had to call them and find out why they had both wordings. Chase rep said the standard fee verbiage is just for info purposes only and there was no fee for these checks.
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Last edited by cheapnfreeload July 17, 2016 at 11:01 AM
#4
Quote from cheapnfreeload View Post :
BTW, the wording is very confusing on what they sent. It states there is no transaction fee for this offer. Then immediately after it states the standard balance transfer fee is $5 or 5% whichever is greater. So I had to call them and find out why they had both wordings. Chase rep said the standard fee verbiage is just for info purposes only and there was no fee for these checks.
It is like when the tag says sale price and regular price. You get the sale price, and the regular price next to it is for comparison.
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#5
+1

I have it on my Chase Slate, but not my Chase Freedom.

Thanks OP!
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#6
Quote from cheapnfreeload View Post :
I received one the other day as well, definitely a good deal. Just put the money in a 1 year CD and sock-drawer the card for the year. Bam, free $$$!

BTW, the wording is very confusing on what they sent. It states there is no transaction fee for this offer. Then immediately after it states the standard balance transfer fee is $5 or 5% whichever is greater. So I had to call them and find out why they had both wordings. Chase rep said the standard fee verbiage is just for info purposes only and there was no fee for these checks.
thanks.. ill have to re-read..
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#7
Hopefully people will take this opportunity to pay down their debts instead of racking up more with useless SlickDeals™
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#8
Quote from cheapnfreeload View Post :
I received one the other day as well, definitely a good deal. Just put the money in a 1 year CD and sock-drawer the card for the year. Bam, free $$$!
I just want to emphasize the very important point you made about "sock-drawer"ing the card. Once you take out a balance transfer, it has been my experience that if you make any other purchases on your card, any payments you make go to the balance transfer and not the purchases. Result: You get charged interest on your purchases until you fully pay off the balance transfer AND the purchases.

YMMV, but that has been my experience.

Also, be sure to do the math to ensure this is worth it, given super-low interest rates.
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#9
I always throw away my snail mail. is there a way to check if you got it by logging in to your online account?
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#10
Quote from fjfjfj View Post :
I just want to emphasize the very important point you made about "sock-drawer"ing the card. Once you take out a balance transfer, it has been my experience that if you make any other purchases on your card, any payments you make go to the balance transfer and not the purchases. Result: You get charged interest on your purchases until you fully pay off the balance transfer AND the purchases.

YMMV, but that has been my experience.

Also, be sure to do the math to ensure this is worth it, given super-low interest rates.
+1. The CC companies will most likely always apply your payments in a way that benefits them. Sometimes I've been able to change that allotment online in the past, other times I've had to call. YMMV.


Quote from aznmaverick View Post :
I always throw away my snail mail. is there a way to check if you got it by logging in to your online account?
I checked my account on Chase.com and was able to see the offer. There's a 'Transfer balance' link listed next to your accounts. Click that and the available offers will be displayed.
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#11
Borrow $10k at 0%, save in a 1% savings, free ~$10 a month!
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#12
I received it for Chase Slate as well
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#13
This offer shows up on my Chase Marriott account online, but not on my Chase Freedom. No checks with this offer in the mail yet.
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#14
Barclays gives out 0% APR BTs for 18 months with only 1% fee all the time.

Quote from moneysavesu View Post :
Borrow $10k at 0%, save in a 1% savings, free ~$10 a month!
Or buy corporate bonds and get 5% with little risk.
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Last edited by Eagles89 July 17, 2016 at 11:53 AM
#15
Quote from fjfjfj View Post :
I just want to emphasize the very important point you made about "sock-drawer"ing the card. Once you take out a balance transfer, it has been my experience that if you make any other purchases on your card, any payments you make go to the balance transfer and not the purchases. Result: You get charged interest on your purchases until you fully pay off the balance transfer AND the purchases.

YMMV, but that has been my experience.

Also, be sure to do the math to ensure this is worth it, given super-low interest rates.
That's been illegal since 2010, payments are required to be applied to balances on highest rates first.
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