Points for 0% balance xfer?

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Joined
Feb 20, 2018
Messages
172
Location
Monroe, Louisiana
My son&wife has approx $8800 on a line of credit they used to remodel their kitchen. I was wondering if I xfer that to my Amtrak card for 12 months interest free + 3% fee would I earn AGR points on the xfer? He would get 3% loan and I would get 8800 points if so. Has anyone done a balance transfer to know?
 
No, balance transfers do not earn AGR points.  From the Terms and Conditions:

The following transactions are not considered purchases and will not earn points: Balance Transfers and Cash Advances (each as defined in your Credit Card Agreement), fees, interest charges, fraudulent transactions and certain other charges. 
 
As PRR 60 noted, the transfer itself will not earn any points.

However, when you actually spend the 'prepaid' money now available the card, I would expect you'd get all appropriate points for that.   I highly doubt that Bank America has a rule that 'prepaid' amounts on your credit card don't earn points.  They still get their percentage from the seller whenever you use your card.

So, you have to ask yourself...is the interest you'll be charged from day one 'spending' on the line of credit  (typically prime rate + some percentage) worth it to get some AGR points?  If your LOC is like mine, I can only write checks on it, and not even do an online transfer to my own checking account. (However, transfers from checking to LOC is how I pay it)   All 'spending' must be done with the paper checks they supplied.  In my case, I could easily write a check and put it into my checking account, and then use that to 'pay' ahead of time my credit card.  Or, simply write the check from the LOC and mail it to Bank America with your remit stub on your bill.  Pre-paying your credit card does not constitute a balance transfer and thus is not charged a transfer fee.

I should note that I get all my bills on paper so anyone cleaning up my estate knows what must be paid off.
 
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