Before I explain my situation, first let me assure anyone reading that I am very good with managing my credit cards and have been for years. I've never been late on a payment, have never had to pay interest, and in fact have make a decent bit of money back based on the cashback/miles for each of the cards that I use. Credit cards to me are a tool that can be extremely rewarding when used properly. I preface my post because I want to reinforce the fact that I am not leaning on credit card balances to get by, so please don't respond with how it's stupid to do what I'm doing. If ever anything happens in my life, I am able to pay off any debt outright that might exist. I'd just like to have some interest-free loans and even make a little bit of money back when spending so much money for my wedding.
That being said, I am getting married next month and all of the purchases have been going on a cashback, 0% for X months credit card. This "wedding" credit card is nearing its limit, and rather than open another card for less cashback % and shorter 0% timeframe, I will be opening a Chase Slate. A Chase Slate has 0% for 15 months on balance transfers. I plan to put all of my future purchases on my 2% cashback Citi card and transfer it to the Slate.
I don't want to play the dance of placing large balances on my cashback card and timing the balance transfer to occur before the interest kicks in. Instead, I was wondering what the outcome would be if I were to request a balance transfer onto my new Chase Slate for much higher than the existing balance on my current cashback Citi card. I'm imagining that there would be a negative balance on my Citi until I do inevitably fill it with the slew of wedding charges over the next couple of months. Will there be any repercussions from this? Some things I'm worried might happen are that Chase does not allow the transfer, or Citi will not allow the transfer, or Citi will not allow me to earn cashback until I get back through the negative balance into a positive balance.
Does anyone have any insight into this? I've done some searching and can't find an answer. Thanks all in advance!
Submitted April 18, 2017 at 09:58AM by anothergreg84 http://ift.tt/2opm9rB
