policebox Posted August 22, 2018 Share Posted August 22, 2018 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 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. Quote Link to post Share on other sites
policebox Posted August 22, 2018 Author Share Posted August 22, 2018 Just requested another check for $15,024.16. Interest free until October 18th! Rinse and repeat. Quote Link to post Share on other sites
beekrock Posted August 26, 2018 Share Posted August 26, 2018 What’s the hack? How’d you pull that off? Quote Link to post Share on other sites
MP80 Posted August 26, 2018 Share Posted August 26, 2018 On 8/22/2018 at 12:51 AM, policebox said: Just requested another check for $15,024.16. Interest free until October 18th! Rinse and repeat. There's a member got his/her account closure by exercising these scheme tactics. Keep in mind and be aware of utilizing these freebies may lead to the future consequence of adverse action taken by Capital One. Quote Link to post Share on other sites
Kat58 Posted August 26, 2018 Share Posted August 26, 2018 16 minutes ago, MP80 said: There's a member got his/her account closure by exercising these scheme tactics. Keep in mind and be aware of utilizing these freebies may lead to the future consequence of adverse action taken by Capital One. IIRC, Mendel was one of those members (or M$'ing?). There may be others, I just can't remember their names. Quote Link to post Share on other sites
MP80 Posted August 27, 2018 Share Posted August 27, 2018 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 Kat58 1 Quote Link to post Share on other sites
Kat58 Posted August 28, 2018 Share Posted August 28, 2018 On 8/27/2018 at 2:41 AM, MP80 said: Hello! Kat Thank you Quote Link to post Share on other sites
hdporter Posted May 23, 2020 Share Posted May 23, 2020 So, resurrecting this topic (concerning the option on C1 accounts to do a no-fee bt to your account -- terms: std purchase rate, std purchase grace period). At one time, I used to occasionally take advantage of this option to gain a little additional float time after putting a large-ish charged on another card. The bt would give me another 30-45 days float before PIF was necessary to avoid finance charges. (They provided physical "purchase rate checks" as well.) The last time I had taken advantage of such a transfer was 9 years ago. In February, I looked to buy a little time and took advantage of such a C1 transfer to move $1500 to my card, which I repaid the next month. Bottom line, the "purchase rate transfer" option has since been removed from my account. Is this consistent with what others have seen? (fwiw, my account is a "Platinum) Quote Link to post Share on other sites
cv91915 Posted May 23, 2020 Share Posted May 23, 2020 3 hours ago, hdporter said: So, resurrecting this topic (concerning the option on C1 accounts to do a no-fee bt to your account -- terms: std purchase rate, std purchase grace period). At one time, I used to occasionally take advantage of this option to gain a little additional float time after putting a large-ish charged on another card. The bt would give me another 30-45 days float before PIF was necessary to avoid finance charges. (They provided physical "purchase rate checks" as well.) The last time I had taken advantage of such a transfer was 9 years ago. In February, I looked to buy a little time and took advantage of such a C1 transfer to move $1500 to my card, which I repaid the next month. Bottom line, the "purchase rate transfer" option has since been removed from my account. Is this consistent with what others have seen? (fwiw, my account is a "Platinum) I did two of these BTs a couple of weeks ago. The offer still shows. They're softing you and they see what else is going on. Quote Link to post Share on other sites
hdporter Posted May 23, 2020 Share Posted May 23, 2020 1 hour ago, cv91915 said: I did two of these BTs a couple of weeks ago. The offer still shows. They're softing you and they see what else is going on. So are you suggesting it's the $10k in monthly mortgage payment obligation that's spooked them (still dividing our lives between 2 houses), or the $30k+ in revolving debt that's been on the books since December? Well, let's hope they keep "softing"; I just paid off 60% of the revolving debt (which will bring my revolving ratio back to 2%). Maybe that'll chillax them out a bit ... In any case, I'm glad to hear the "purchase rate" bt option is still a thing. Thanks! Quote Link to post Share on other sites
cv91915 Posted May 24, 2020 Share Posted May 24, 2020 42 minutes ago, hdporter said: So are you suggesting it's the $10k in monthly mortgage payment obligation that's spooked them (still dividing our lives between 2 houses), or the $30k+ in revolving debt that's been on the books since December? Well, let's hope they keep "softing"; I just paid off 60% of the revolving debt (which will bring my revolving ratio back to 2%). Maybe that'll chillax them out a bit ... In any case, I'm glad to hear the "purchase rate" bt option is still a thing. Thanks! I didn't recall any of those details. I was just saying that the BT offer is probably dependent on what they see when they soft you. Quote Link to post Share on other sites
hdporter Posted May 24, 2020 Share Posted May 24, 2020 24 minutes ago, cv91915 said: I didn't recall any of those details. I was just saying that the BT offer is probably dependent on what they see when they soft you. Not sure that I spieled out those specifics previously; just offering them up now as a, "yeah ... guess there's report content that might put the offer on hold." Again, I appreciate the input. Quote Link to post Share on other sites
shifter Posted August 22, 2020 Share Posted August 22, 2020 (edited) I took advantage of the C1 no-fee + grace period BT this week for the first time ever. I submitted it last Sunday and it still hasn't posted on the receiving card yet. Do they mail a check? Does it normally take so long? ETA: they just posted it to my C1 card yesterday as "ELECTRONIC TRANSFER", but still hasn't posted to Citi. I guess it will probably be Monday. Edited August 22, 2020 by shifter Quote Link to post Share on other sites
cv91915 Posted August 22, 2020 Share Posted August 22, 2020 (edited) 4 hours ago, shifter said: I took advantage of the C1 no-fee + grace period BT this week for the first time ever. I submitted it last Sunday and it still hasn't posted on the receiving card yet. Do they mail a check? Does it normally take so long? ETA: they just posted it to my C1 card yesterday as "ELECTRONIC TRANSFER", but still hasn't posted to Citi. I guess it will probably be Monday. It often takes an entire week, sometimes a day or two longer. I did one a few weeks ago, and nearly fainted when the payment showed up on the other account on the sixth calendar day. Edited August 22, 2020 by cv91915 Quote Link to post Share on other sites
shifter Posted August 24, 2020 Share Posted August 24, 2020 Monday and the payment still hasn't posted. Maybe Tuesday... hegemony 1 Quote Link to post Share on other sites
shifter Posted August 25, 2020 Share Posted August 25, 2020 Another day ... and still nothing. T+8 days and counting... Quote Link to post Share on other sites
cv91915 Posted August 26, 2020 Share Posted August 26, 2020 (edited) Here's the most recent one I did (correction to my earlier statement, with supporting detail): 08/02/20: Balance transfer to Barclays requested and instantly approved 08/04/20: Transaction date as reflected in Capital One account activity detail 08/07/20: Capital One "Posted" date 08/07/20: Payment posts on Barclays account This is lightning-fast compared to my previous Capital One BT experiences. Edited August 26, 2020 by cv91915 Quote Link to post Share on other sites
shifter Posted August 26, 2020 Share Posted August 26, 2020 Finally posted. It says yesterday, but didn't show up until today. Quote Link to post Share on other sites
cv91915 Posted November 9, 2020 Share Posted November 9, 2020 11/2 (Monday): BT requested and auto approved 11/6 (Friday): BT posted to Capital One account, with a "purchased" date of 11/3 (Tuesday) 11/6 (Friday): Payment posted to target account Quote Link to post Share on other sites
cv91915 Posted December 8, 2020 Share Posted December 8, 2020 12/3 (Thursday): BT requested/auto-approved 12/7 (Monday): BT posted to Capital One account, with a "purchased" date of 12/4 (Friday) 12/7 (Monday): Payment posted to target account Quote Link to post Share on other sites
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