I have a credit with a small balance, but large enough to be annoying. It comes from an impulse purchase. The APR is 22%. My credit score is excellent. (Which comes from decades of avoiding impulse purchases, sigh...)
The card that has the balance is enticing me to transfer more balances to them. This is pretty standard, they want my business. The offer is 4% upfront, 0% until 9/2020.
I have a second card with a $0 balance. They do not have 0% balance transfer but they have a transfer at my purchase API, which is 15%. There doesn't appear to be a fee to transfer.
Why can't I transfer from the card with the balance to the second card, wait a few days for things to settle, and then take advantage of the first card's balance transfer offer?
It seems to be I can convert a 22% APR credit balance into a 0% balance for a 4% fee. Of course this assumes I will pay it off before 9/2020 but that's a given.
I do have a third credit card with a modest balance that is currently paying off another 0% balance transfer. My credit card utilization is 6%.
What am I missing here? This sounds like a great deal but the credit card companies are not in the business of making great deals.
It sounds like a good deal, but, both the seemingly independent banks are owned by the same parent company and transfer between companies are prohibited.