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Credit Card Balance Transfer Question
Posted on 9/15/16 at 12:19 pm
Posted on 9/15/16 at 12:19 pm
There's a whole credit card discussion and, out of laziness (my sincere apology for the annoyance) I just didnt wan't to go through the whole thing.
If I pay off one credit card with another credit card, does it count as a balance transfer or a purchase in terms of getting rewards points? I'm leaning to balance transfer, but I figured this board would be a whole lot more helpful then my guess.
I really want that new Chase Sapphire Reserve card. My current credit card bill will be due around October 15 and I figure I could hit the 4k threshold for a billion rewards points a lot quicker if I paid off the previous months card on the new card.
If I pay off one credit card with another credit card, does it count as a balance transfer or a purchase in terms of getting rewards points? I'm leaning to balance transfer, but I figured this board would be a whole lot more helpful then my guess.
I really want that new Chase Sapphire Reserve card. My current credit card bill will be due around October 15 and I figure I could hit the 4k threshold for a billion rewards points a lot quicker if I paid off the previous months card on the new card.
2
Posted on 9/15/16 at 12:26 pm to Fonzarelli
You don't earn points for balance transfers
Posted on 9/15/16 at 12:30 pm to Teddy Ruxpin
Yeah, I know I don't earn points for balance transfers.
However, one credit card is through Capital One and the other, obviously, would be through Chase. Would the paying off of the balance of one credit card with another be considered a balance transfer?
However, one credit card is through Capital One and the other, obviously, would be through Chase. Would the paying off of the balance of one credit card with another be considered a balance transfer?
Posted on 9/15/16 at 12:36 pm to Fonzarelli
Yes. It's always a balance transfer. It's the definition of a balance transfer.
Posted on 9/15/16 at 12:41 pm to VABuckeye
I figured it couldn't be that easy. Thanks
Posted on 9/15/16 at 1:03 pm to Fonzarelli
You don't think you could spend $4k in a month including mortgage/rent payments and other expenses?
Also - you could always venmo a friend/SO $4,000 for a fee of $120. Still come out ahead with the benefits and bonus points.
Also - you could always venmo a friend/SO $4,000 for a fee of $120. Still come out ahead with the benefits and bonus points.
Posted on 9/16/16 at 10:12 am to Fonzarelli
You use to be able to do this about 10 years ago? Not sure exactly when they changed it though.
I earned huge amounts of reward points before the change, just fully paying off the balances of my credit cards each month. Charge one up, pay it with another = Double points, etc. etc.
It was possible to pay mortgages, car notes, all bills (can still pay many with CC), and most importantly - other credit cards - back in the day.
Ahh, the good ole days
I earned huge amounts of reward points before the change, just fully paying off the balances of my credit cards each month. Charge one up, pay it with another = Double points, etc. etc.
It was possible to pay mortgages, car notes, all bills (can still pay many with CC), and most importantly - other credit cards - back in the day.
Ahh, the good ole days
This post was edited on 9/16/16 at 10:14 am
Posted on 9/16/16 at 10:23 am to Balloon Huffer
The best was buying coins from the mint with your credit card 
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