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policebox

Fun with Capital One Balance Transfers

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Needed to pull some cash off my Capital One card to help with a temporary situation, meaning I'd only need the funds for a month or two. I remembered reading on the forum about how one can make balance transfers with Capital One at your purchase rate, without a fee, and with the same grace period as any other purchases.

 

So, I waited until my statement cycled so that I could have nearly two months (if needed) to repay the balance transfer before I'd get hit with my ridiculously high 24.74% APR.

Capital_One_Account_Details.png

Capital One credited my final payment today, right before my next statement cycled. $0 balance reported to CRAs. What a joy to borrow and repay $23,431.03 in a little over two weeks. I like to imagine that Capital One was licking their chops because of my nearly maxing out my card at 24.74% interest. However, I am grateful for them letting me use their money for free. Let's hope there's no AA. Although, they do frequently deny me for CLI due to not utilizing my credit line, so maybe this will help with that. 

 

And thank you for the members of the forum who shared this useful life hack with us.

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Just requested another check for $15,024.16. Interest free until October 18th!

 

Rinse and repeat.

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On 8/22/2018 at 12:51 AM, policebox said:

Just requested another check for $15,024.16. Interest free until October 18th!

 

Rinse and repeat.

There's a member got his/her account closure by exercising these scheme tactics. Keep in mind and be aware of utilizing these freebies may lead to the future consequence of adverse action taken by Capital One.

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16 minutes ago, MP80 said:

There's a member got his/her account closure by exercising these scheme tactics. Keep in mind and be aware of utilizing these freebies may lead to the future consequence of adverse action taken by Capital One.

 

IIRC, Mendel was one of those members (or M$'ing?). There may be others, I just can't remember their names.

 

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9 hours ago, Kat58 said:

IIRC, Mendel was one of those members (or M$'ing?). There may be others, I just can't remember their names.

 

Hello! Kat :wave:

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On 8/27/2018 at 2:41 AM, MP80 said:

Hello! Kat :wave:

Thank you :wave:

 

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