Fun with Capital One Balance Transfers

[policebox]

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.

[policebox]

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

 

Rinse and repeat.

[beekrock]

What’s the hack? How’d you pull that off?

[MP80]

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.

[Kat58]

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.

 

[MP80]

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]

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

Hello! Kat 

Thank you 

 

[hdporter]

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)

 

 

[cv91915]

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.

[hdporter]

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!

[cv91915]

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.

[hdporter]

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.