Need some credit card advice.

[[AK]Sonic Boom]

After a previous thread on CC interest rates, I called my company and they had a seemingly interesting offer.

I've got two BofA cards, one with a moderate limit that's just about maxed out and one with a high limit and a low balance. They offered to essentially give me a cash advance on the high limit card at a promotional rate of 2.99% for twelve months. (After a year it would revert to their "normal" cash advance rate.) He said I couldn't use it to pay off the other card, but he did say I could have them cut a check to anyone else for paying off a loan, etc. He then went on to say they could just deposit the cash into my checking account. I asked him why I couldn't just use the cash they put in my checking to pay off the other card and he couldn't give me an answer.

What would stop me from paying off the first card? This seems like a good deal as it would save me about $120 a month in interest. My business is seasonal and I expect to have everything paid off by the end of the summer anyway. I asked him about the fine print and he said there isn't any and there isn't a website where I can read the terms and conditions.

Is there anything I should look out for or be aware of? Are any of you BofA guys familiar with these promotions?

[[AK]Nuts]

but he did say I could have them cut a check to anyone else for paying off a loan, etc..

I like the etc... Feel free to send me the money and I'll take care of your loan or etc.

[[AK]Hylander]

After a previous thread on CC interest rates, I called my company and they had a seemingly interesting offer.

I've got two BofA cards, one with a moderate limit that's just about maxed out and one with a high limit and a low balance. They offered to essentially give me a cash advance on the high limit card at a promotional rate of 2.99% for twelve months. (After a year it would revert to their "normal" cash advance rate.) He said I couldn't use it to pay off the other card, but he did say I could have them cut a check to anyone else for paying off a loan, etc. He then went on to say they could just deposit the cash into my checking account. I asked him why I couldn't just use the cash they put in my checking to pay off the other card and he couldn't give me an answer.

What would stop me from paying off the first card? This seems like a good deal as it would save me about $120 a month in interest. My business is seasonal and I expect to have everything paid off by the end of the summer anyway. I asked him about the fine print and he said there isn't any and there isn't a website where I can read the terms and conditions.

Is there anything I should look out for or be aware of? Are any of you BofA guys familiar with these promotions?

They aren't going to openly allow you to take 2.9% and pay off another BofA card because that is bad business. Now, it's only temporary and it's going to go back up to the 'cash advance' rate - with BoA it's probably 27.99% of something ridiculous like that. I "NEVER" take a cash advance of a credit card (I did once on my Credit Union Card - but we charge the same rate for everything, the only difference is there is no 30 day grace period to pay the balance, interest accrues immediately). If they are willing to deposit the money into your checking account - there really isn't anything they can do to prevent you from paying the other card because they can't prove 'which money' from your checking account is paying the other bill. They would have no idea regardless. They just won't do the transaction for you directly.

Just make sure you get the 2.9% "special" in writing because it's BofA, and you know you can't trust them!! I once got a call from them offering me a "special balance transfer rate of 12.49%" on my line of credit. I said... "That's GREAT! Only one problem... my current "regular" rate is only 11.99% and I have courtesy checks for it."

[[AK]Clay]

[[AK]Bojan]

[[AK]Rocks]

Go for it, I need to get paid!

[[AK]Bribo]

[[AK]Devil_Dog]

That is just wrong!!!! ROFL...