Quote:
Originally Posted by jackX1
Also are there any hidden cons or disadvantages about balance transfers that I missed?
Thanks!!
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The biggest con is the 3% transfer fee.
Then, the next thing you have to be careful of is whether there is a minimum monthy payment amount (I think with Chase there is). If you don't pay the monthly minimum, you lose the 0% interest rate. The interest rate they charge you could be higher than what you are paying now.
After that, you have to be really careful because if you use the card for anything else and you don't calculate your payment corrrectly, you might end up paying interest on the entire amount. I think with Chase--you would have to pay the mimimum payment plus any new charges in order to maintain the 0% on the transferred amount. (You have to read the fine print very carefully to figure out how they work it).