Chase Cash Back Balance Transfer Bonus

July 19, 2011 No Comments »

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If you’re in the market to transfer a credit card balance, and enjoy getting cash back for doing so (as opposed to paying it), this new offer is for you.

This special edition Chase Freedom credit card comes with 0% APR on balance transfers for 12 months, along with 0% APR on purchases for six months.

And while there’s a balance transfer fee of 3%, Chase gives you $50 cash back if you transfer a balance within 30 days of account opening.

On top of that, you get $100 cash back if you make $500 in qualifying purchases during the first 3 months from account opening.

I checked the fine print and balance transfers do indeed count as “qualifying transactions.”

So put simply, if you balance transfer at least $500 within the first month of account opening, you earn $150 cash back.

This is a unique way of getting a no fee balance transfer. Or better yet, a “cash back balance transfer!” Who knew those even existed.

Let’s take a look at an example of the potential savings:

Discover credit card balance: $2,000 @ 20.99% APR
Chase balance transfer offer: 0% APR for 12 months
Balance transfer fee: 3%
Cash back: $150

If you transferred $2000, you’d pay a $60 balance transfer fee, but earn $150 cash back. That’s a net profit of $90 in exchange for avoiding credit card finance charges and getting out of credit card debt.

I can’t think of a better deal…

Update: This deal has sadly expired.  However, they now offer the Slate No Fee Balance Transfer, which is the only pure no fee balance transfer around at the moment!

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