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Topic Bal Trans w/ GracePeriod like Purchases?
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By GordoPanocho
On 10/10/00
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I'm trying to locate a credit card that treats balance transfers as purchases...by giving them the same grace period for payment. A no-fee would be nice at the same time. My WACHOVIA card does this, but I can't seem to find another card that does the same. With such a card, you can avoid all finance charges provided you pay off the card to which you've tranferred money, as long as you pay off the entire balance during the billing period. Any help?
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By The_Insider
On 10/10/00
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That would be a very rare feature to find on a card, for the bank would be losing money on that kind of proposition.
Also, that kind of set up encourages "kiting". This involves people using the borrowed funds from one institution to pay another and so on, never actually using their own real money. This will get an account closed down quickly.
Normally, balance transfers and cash advances will not have any kind of a grace period. It is possible, however, to find a card with a 0% promo rate on balance transfers and purchases. I would recommend trying to search feature to see if any are available at the current time.
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your questions are answered by the gromco team and card users like you
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