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Why I Used Barclay’s Balance Transfer Offer
***Before I get into my offer and why I ultimately used it, I want to caution everyone that you should never spend money you don’t have for credit card rewards. If you are going to carry a balance you’ll almost always pay more in interest than your points are worth.***
There are so many ways to go a little overboard in this hobby. I recently committed myself to meeting the sign up bonus spend requirements for 4 cards then to top it off I realized I had only met 1/2 the 15k spend for my Hilton free night. Basically what I’m saying is that I needed to spend around 20k in a short period and to make matters worse, I was a little lower on cash than usual due to a recent large purchase.
During that same period I received a balance transfer offer from my JetBlue Plus card and this time I actually opened it. Surprisingly the offer was for up to $12k with 0% APR for 4 months and only a 1% transfer fee. Generally the fee is 3% so this was a good offer as fair as transfer offers go. No points are earned on transfers.
If I was to meet all my spending requirements and pay off all the balances without incurring any extra interest I needed a little extra cash. Of course I could have withdrew money from investments but then I’d be losing interest and have extra administrative steps. It was actually easy for me to justify the 1% fee for a quick 10,000 loan.
To be clear, if I didn’t think I was going to be able to pay back the 10k by the time the into APR ended I never would have done it. Barclay’s also make the process painless by allowing you to transfer the money directly into your checking account.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.