Killer Credit Card Rewards

[stepping_up_IHB]

[quote author="Astute Observer" date=1217687047]For these fixed low rate transfer, what if you use the card for other purpose? Do they charge you 20% interest right away if you use it at the store? I will definitely read the fine prints.



Regarding the reward, I saved hundred of dollars in the old gas card from chemical bank (now chase). One dumb thing with my other reward card is that I got $200 worth of home depot gift card, but I can't find the gift card anymore. One of the dumbest thing I did financially.</blockquote>


If you use it for a BT, you don't want to charge anything else on it because the low rate doesn't apply to purchases and payments are applied to the lowest rate balance first. I noticed that the best life of the balance transfer offers were on cards that I hadn't used in a few years. One Chase card I use from time to time had a life of the balance transfer rate of 4.99, but the one I hadn't used in a few years was 2.99.

 

[hs_teacher_IHB]

Citibank gave me a zero percent zero fee BT for 6 months. I transferred 10K into my checking account, but don't know what to do with it. I'll likely just pay them back in 4 months. It does look nice to have an extra 10K sitting around in my bank account though.

 

[Girl In the OC_IHB]

Discover Card lets me turn my rewards points in to either pay towards the bill, or for gift cards at a higher value. For instance I can turn $20 worth of points in and get a $25 gift card. I pay the balance in full each month, and use the points to buy gift cards to the places I would spend the money anyway. That way, I'm getting "free" stuff. I haven't spend a dime at Bath and Bodyworks for over a year and a half, but always have my favorite products from there!