Dear Annabelle,
Do you know how balance transfers work? Andrew just applied for the Chase Freedom. Based on Chase clamping down on getting the UR cards we figured we should get this one earlier rather than later. It has no annual fee and the rotating 5X bonus so we figured it would be a good one to have long term.
The interesting thing is that it has 0% purchase APR and 0% balance transfer APR for 15 cycles. Does this mean you can transfer a balance from a different credit card? I know this sounds a bit tricksy but what if you got one of the cards where you need to make a 3K spend and you don't have that kind of spending to make. What if you made 3K of Kiva loans, as I talked about here, and then transferred the balance to this 0% card. Then when the loan comes back you pay it off.
Would this work? What are the risks? Well not having your loans paid back but that seems like a reasonable risk to take because I believe in the work of Kiva.
Thoughts? I will need to learn more about how balance transfers actually work.
Update: Talked with Andrew. Seems like the key is that even with 0% APR there is still a 3% fee on balance transfers. Doesn't seem worth it for 3%.
Hugs,
Jen
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