Author Topic: Credit Cards with 0% Offers For Existing Customers?  (Read 3867 times)

Lmoot

  • Pencil Stache
  • ****
  • Posts: 844
    • Journal
Credit Cards with 0% Offers For Existing Customers?
« on: January 01, 2018, 07:37:52 AM »
I am curious if anyone has gotten 0% offers from credit cards they already own. For example, 0% balance transfer offers (fee? no fee?), or 0% on purchases.

I've "borrowed" more than $50k from credit cards (for 12-24 months interest free). Earlier last year (2017) my oldest card USAA, for the first time ever, sent me a promotion where I could balance transfer for free (no fee), and pay 0% interest for 15 months. I was able to transfer $15k. The only catch was that I couldn't use it for any purchases because the purchases would be charged interest until I paid the BT off. Which was fine, since I only keep it for credit worthiness purposes, and use it to pay my USAA auto insurance. So I just left the card in my drawer (so I wouldn't forget and use it), and now pay the insurance from another card.

I also have a Citi card which periodically sends out 0% BT for typically 12-18 months, but comes with a fee of 2-3%. I paid a 2% fee once in order to transfer some debt on another card that was about to expire the 0%, and I wasn't working full time at the time. It was worth the $90 fee, which was less than my points anyway. The only time I paid a 3% fee, I just didn't feel like paying the $10k I saved up (specifically to pay off some expiring 0% offers), so instead I paid 3% and applied the $10k to my 5.375% mortgage, so I came out a little ahead. Got more in interest savings than I would have earned keeping it in the bank.

And finally, I regularly use my Home Depotcard since they have interest free offers running constantly...their best one....spend $1700-2000 and get 2 years interest free. I've used this offer when I was renovating my rental property (both times), but have also used it if I was expecting future expenses; I would just buy gift cards as a place holder for future purchases and services, and I was also able to buy other vendor cards they sell in the store: Disney gift cards (was planning a visit with my niece and nephews soon), they even have airline gift cards....so you could essentially get travel tickets financed for free. And I bought gift cards on credit to hand out as birthday/Christmas gifts. I've purchased $2000 in gift cards twice so far. The HD giftcards made good efund for the rental property. I already know I'll be spending at least several hundred per year so I might as well have the cards handy. And I'm able to give them to my tenants who are also the property managers, since they've proven very willing and adept at maintaining and improving the property.

I also have a Lowe's card with the same regular 0% offerings (I just don't happen to shop there often), but when I went by the other day to look at the gift card rack, they have amazon and whole foods gift cards too. I was looking for grocery gift cards, because that's something I would feel safe financing, knowing it will be used. I may need to wait though and see if Amazon can get those WF prices down more. I haven't tried Amazon grocery, as I don't eat a lot of pre-packaged foods, but it might be worth checking out for dry goods.

So does anyone else take advantage of offers for existing cards, and which other cards/ companies/ stores do you know of which offer these promotions to current customers?
« Last Edit: January 01, 2018, 07:51:14 AM by Lmoot »

fuzzy math

  • Handlebar Stache
  • *****
  • Posts: 1033
  • Age: 38
  • Location: PNW ---> Midwest (for now)
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #1 on: January 01, 2018, 09:36:57 AM »
After a little tax oopsie at the beginning of the year (large payout with wrong withholding) I've been using credit card offers to defer some payments to still have $$ to max out 2017s retirement accts.

DH had a citi thank you with 0% on purchases for 9 months or so. Charged that up, spent no cash. That just expired so we paid it off. I opened up a USAA card with 0% on purchases for 18 months (1.5% cash back) and a Citi card with no rewards (ugh jerkoffs) with 0% for 15 months. Currently have those charged up and will pay them off slowly before they expire and after I hopefully get a tax refund.

Bought a fridge at lowes on a 0% promo and that will be paid off this year. I love your gift card idea at lowes. Although the card does not offer any cash back benefits it would allow for free financing of some really interesting ideas.

bacchi

  • Magnum Stache
  • ******
  • Posts: 4706
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #2 on: January 01, 2018, 09:58:15 AM »
I get the BT offers with the usual 3-5% fee. Never used them because homie don't play that. I don't recall any 0% purchase offers but I've never paid attention.

The recent tax bill had me using some new 0% cards to prepay large donations. As withdrawals are made this year, they'll be paid off before the rate changes.

HipGnosis

  • Handlebar Stache
  • *****
  • Posts: 1633
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #3 on: January 01, 2018, 11:05:50 AM »
I've gotten a few of them in the last few months.
From my CITI and USAA  credit cards, and from my Associated Bank credit card (which is by/thru Elan Financial).
Fees of 2-4%.
I recently used one to pay for my new roof.  Which I have a bit of concern over as I realize I don't have a cancelled check if I ever need to file a warranty claim...

I don't use any store cards as I have more than enough credit cards already.

You can easily use a balance transfer offer to pay for anything (which usually is lower fee than a direct purchase).
Purchase what you want with another credit card - can even be done via a cash advance.  Then use the balance transfer offer to pay off that card.

Yes, you need to NOT use the card for anything else.  You also need to make the minimum payments (on time) and have the funds available to pay off the offer before it starts charging 'regular' interest.
 

Lmoot

  • Pencil Stache
  • ****
  • Posts: 844
    • Journal
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #4 on: January 01, 2018, 04:40:11 PM »
I've gotten a few of them in the last few months.
From my CITI and USAA  credit cards, and from my Associated Bank credit card (which is by/thru Elan Financial).
Fees of 2-4%.
I recently used one to pay for my new roof.  Which I have a bit of concern over as I realize I don't have a cancelled check if I ever need to file a warranty claim...

I don't use any store cards as I have more than enough credit cards already.

You can easily use a balance transfer offer to pay for anything (which usually is lower fee than a direct purchase).
Purchase what you want with another credit card - can even be done via a cash advance.  Then use the balance transfer offer to pay off that card.

Yes, you need to NOT use the card for anything else.  You also need to make the minimum payments (on time) and have the funds available to pay off the offer before it starts charging 'regular' interest.

All great advice at the end. In addition to transferring my monthly charges (which I ordinarily would payoff in full each month), I also like to balance transfer my credit card minimums on other 0% apr purchases and balance transfer cardsÖwhich could total up to $500 a month at one point; gives me a month or two break on paying the bills.

Best thing I love about this method is, yes you have to save the cash and eventually use that cash to pay off the balance before interest accrues, but you get to keep the interest and compounded interest earned from saving in the bank or a CD. I live by the method of spending credit, and saving cash. The key is, to never spend both at the same time.
« Last Edit: January 01, 2018, 04:42:39 PM by Lmoot »

Ocinfo

  • Bristles
  • ***
  • Posts: 313
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #5 on: January 01, 2018, 05:56:00 PM »
Both CITI and BoA have constant offers but with ~3% fees. I’m nearly done paying a 15 month advance that I paid the fee on (5 year old Citi Simplicity) as it was far cheaper than selling stock that had appreciated a lot. Chase recently had a balance transfer option on my Freedom Unlimited that was 0%, which is the first and only time they’ve offered it to me (have Freedom, Freedom Unlimited, Reserve, and 2 SWA).


Sent from my iPhone using Tapatalk

Lmoot

  • Pencil Stache
  • ****
  • Posts: 844
    • Journal
Re: Credit Cards with 0% Offers For Existing Customers?
« Reply #6 on: January 02, 2018, 07:48:15 AM »
 I just found out the Walmart MasterCard also has recurring 0% APR purchase offers. Generally 6-12 months $300 spending minimum for 1 year 0% APR. The only thing is, gift cards arenít included in the offer, which kind of sucks since thatís the only thing I would use it for. I can see it being valuable if you need to buy things like tires or expensive equipment, or electronics. But I will likely pass on this unless they change the gift card exclusion. I mean, I would be happy even just being able to load up a Walmart gift card since I can do grocery shopping there. I just donít buy enough goods to justify the extra effort of tracking more due dates.