Completed 3rd Balance Transfer for a total of $48,000 0% APR
Since I have no plans to borrow money in the next year, I decided to capitalize on my credit score to boost my income. I have already signed up for a $13,000 Capital One balance transfer and a $26,500 Citi balance transfer - both at 0% APR with no transfer fees.
I decided to try a 3rd balance transfer to boost my free loans a little bit more - after all - if I earn an extra $500 in interest off the balance transfer for a total of 30 minutes worth of work on my part its hard to find a better return on my time.
I decided to sign up for a Chase Flexible Rewards card that was offering a 0% Balance Transfer with no transaction fees until 3/1/2008 - almost a year and a half free loan. I signed up online and received my card with a $4,900 limit in about 2 weeks. I called to activate the card and had them move $6,000 of the credit limit on an old Chase card I have to the new credit card.
The new Chase credit card came with a "purchase check". When I activated the card, I inquired about whether I could use the check as a balance transfer check like I have done with Citibank cards. However, the customer service agent could not confirm for me that I could use the check without a transaction fee. After pressuring him on it further, I gave up and decided to try a different technique to get to the balance transfer.
The customer service agent told me he could handle the 0% balance transfer over the phone without any transaction fees. I gave the agent my line of credit account number and instructed him to transfer my entire available credit line to that account.
I received a $10,800 payment a few days later to my line of credit which now had a $10,800 positive balance. I am transferring the money from the line of credit to my checking account and then into my high yield savings accounts.
I now have a total of $48,057 in outstanding 0% balance transfers earning 5.05% APY in high yield savings accounts. This should be my last balance transfer for awhile.
See my Balance Transfer Guide to learn more about balance transfer techniques.
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