0% Balance Transfer Offer

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date 0% Balance Transfer Offer Marty 10-01-2007  Re: 0% Balance Transfer Offer joetaxpayer 10-01-2007  Re: 0% Balance Transfer Offer Chris Cowles 10-02-2007  Re: 0% Balance Transfer Offer Mark Bole 10-03-2007  Re: 0% Balance Transfer Offer Justin 10-03-2007  Re: 0% Balance Transfer Offer Mark Bole 10-03-2007  Re: 0% Balance Transfer Offer Chris Cowles 10-04-2007  Re: 0% Balance Transfer Offer Chris Cowles 10-04-2007  Re: 0% Balance Transfer Offer Justin 10-04-2007  Re: 0% Balance Transfer Offer joetaxpayer 10-04-2007  Re: 0% Balance Transfer Offer Justin 10-04-2007  Re: 0% Balance Transfer Offer Justin 10-02-2007
Posted by Marty on October 1, 2007, 6:49 pm Hi Group My fiance is changing jobs and has a small 401k loan to pay back.Can you use the 0% offers to pay the loan off.I am not asking if this is a good idea or not.I am just asking if a 401 loan is a qualified loan with in the guidelines of these 0% offers.In this case the CC company is State Farm & she is already pre-approved.She will definitely have the money to pay back the 0% loan by August when it is due.Thanks ~Marty~ Posted by joetaxpayer on October 1, 2007, 7:34 pm Marty wrote: > Hi Group > > My fiance is changing jobs and has a small 401k loan to pay back.Can you > use the 0% offers to pay the loan off.I am not asking if this is a good > idea or not.I am just asking if a 401 loan is a qualified loan with in > the guidelines of these 0% offers.In this case the CC company is State > Farm & she is already pre-approved.She will definitely have the money to > pay back the 0% loan by August when it is due.Thanks > > ~Marty~ Perhaps. I found out (after the fact) that, by writing the transfer check to my brokerage account, it qualified as a transfer for 0% rate for 6 months. Had I written it to 'cash' and deposited at the same broker, it would have been treated as a cash advance, not a transfer. So, my advice is to read the fine print, and call customer service since what you intend is legit, you have nothing to hide. Good luck with this. JOE Posted by Chris Cowles on October 2, 2007, 5:32 am > Hi Group > > My fiance is changing jobs and has a small 401k loan to pay back.Can > you > use the 0% offers to pay the loan off.I am not asking if this is a > good > idea or not.I am just asking if a 401 loan is a qualified loan with > in > the guidelines of these 0% offers.In this case the CC company is > State > Farm & she is already pre-approved.She will definitely have the > money to > pay back the 0% loan by August when it is due.Thanks I've used the 0/low% teasers quite a bit in the past both to lower interest costs and simply to make free money by depositing the proceeds in a money market fund. The offer you refer to may suit your purpose, but read the details well. Lately, I've seen the interest rates go up, durations go down, transaction fee % increased and, in many cases, the cap on the transaction fee has been eliminated. Posted by Mark Bole on October 3, 2007, 10:44 am Chris Cowles wrote: > I've used the 0/low% teasers quite a bit in the past both to lower > interest costs and simply to make free money by depositing the > proceeds in a money market fund. The offer you refer to may suit your > purpose, but read the details well. Lately, I've seen the interest > rates go up, durations go down, transaction fee % increased and, in > many cases, the cap on the transaction fee has been eliminated. Ditto here. If there is an uncapped 3% transaction fee on the 0% (or these days, 0.99%) offer, and it's only good for, say, six months, that's an effective annual rate of 6%, for which it's very hard to find a CD of a suitable term to match. Oh well, it was fun while it lasted... -Mark Bole Posted by Justin on October 3, 2007, 11:45 am Mark Bole wrote on [Wed, 3 Oct 2007 09:44:59 -0500]: > Chris Cowles wrote: > > >> I've used the 0/low% teasers quite a bit in the past both to lower >> interest costs and simply to make free money by depositing the >> proceeds in a money market fund. The offer you refer to may suit your >> purpose, but read the details well. Lately, I've seen the interest >> rates go up, durations go down, transaction fee % increased and, in >> many cases, the cap on the transaction fee has been eliminated. > > Ditto here. If there is an uncapped 3% transaction fee on the 0% (or > these days, 0.99%) offer, and it's only good for, say, six months, > that's an effective annual rate of 6%, for which it's very hard to find > a CD of a suitable term to match. Oh well, it was fun while it lasted... It's still pretty easy to find 0% and capped transfer fees Similar Threads Posted Bond Broker Who Will Advertise My Offer? November 25, 2008, 7:48 pm Balance Sheet Strength August 25, 2008, 7:14 pm Roth account transfer November 27, 2007, 7:31 pm Non-spouse inherited IRA rollover/transfer? July 13, 2007, 11:28 am "Transfer On Death" and Mutual Fund Holdings February 15, 2008, 5:15 am Can a short term capital loss balance long term capital gains? October 19, 2008, 8:11 am