/biz/ - Business & Finance

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>>18166796
I did credit card customer service for a large bank for 2 years.

Most of our balance transfer offers required a 3-5% one time fee of the amount that was transferred.

I've heard it is possible to find banks willing to do balance transfers with no one time fee, but i haven't seen any myself.

>>18167188
You also do not earn rewards on amounts that are balanced transferred.

Banks aren't dumb.

How is it going to take you 2 fucking years to pay 5k?

>>18167188
Some cards are saying a first time free balance transfer. But does that mean bank to bank or within the same bank?

>>18167242
So then I would still be fine, paying it with a card in a lump some, then paying off the card in 15 months in one lump sum, netting the no interest plus rewards? The reward I don't care that much about, I think the not building interest part is the better deal. Interest on this loan is 7.5%

>>18167311
I have the money and more to do it right now, but my job market could be about to get fucked.

>>18167343
With the bank i worked for, i would never see them offer a balance transfer if you opened a second card with them.... almost as though they were aware that you were trying to shuffle your balance around.

You would have to be offered the balance transfer from the second card to be able to do this. Sometimes my bank would not offer balance transfers on new accounts, even if its their first account. Not sure why they wouldn't offer it.

I saw a lot of balance transfers that were 0% for 15 months with a 4% one time fee. Saw a lot that were 2.8% for 18 months with a 4% one time fee.

Its hard to say what the bank will offer you when you apply for your second card for the next transfer. Its a bit of a gamble.

Credit may be a bit looser now in the 3 years since I did this job.

>>18167547
Thanks for the insight. Feels like worse case scenario, I drop it on the card, let it sit there until June 2021, and then drop a fat wad of cash on it. There's nothing really at stake for me here, I've just been making it my goal this year to make a sort of game of saving money. My parents where shit with money and never invested or took advantage of things. Since I've started, this year I am set to save and earn an extra 2k. Turns out Wells Fargo is a shit bank with shit interest rates, that I only had because my parents did. I'm just questioning everything I do financially now, because I realize I have poorfag habits and now that I make decent money I can actually save more money. I used to pay all my bills from my checking account and now I realize here is no reason, not to get reward monies form bills, unless they charge a card fee.

>>18167842
i run everything through my citi double cash card and pay it off every month.... I open a new CC account every year for the sign up bonuses they offer. Its really is a fun game to play.

I work for that shit bank you mentioned, and they are shit

Only reason i have accounts with them is because i get employee versions which are way better then the customer versions.

>>18167933
Only reason I see to keep the checking account is because they at least have ATMs every 3 feet where I live. I don't use cash much though. But goddamn, I never actaully compared interest rates of banks until a few weeks ago, and goddamn, Wells Fargo savings accounts are a fucking joke. I am going to jump to Discover once I get my free gibbies.

>>18167933
hey I have that card, I just maxed it out with the 0% intro apr balance transfer and now they're bugging me to open a third card with them

run up a little cc bill and suddenly I'm mr. popular...