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Updated almost 5 years ago on . Most recent reply

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19
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6
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Taylor Morrow
6
Votes |
19
Posts

HELP: Balance transfer CC to HELOC???

Taylor Morrow
Posted

Just opened up an AMEX Blue business card that has a 0% APR for 12 months. Plan was to transfer the balance onto my HELOC (AMEX will charge a 3% transfer fee) that I just used a portion of to buy two rentals, then pay off completely after the intro period. AMEX says that only purchases and balance transfers to OTHER Credit Cards are possible. I cannot just transfer funds to another bank account or cash advance. Does anyone have a strategy on how I could utilize this card and the 0% to pay down my HELOC balance? Someone suggested a Venmo transfer but from what I can tell Venmo will charge a 3% fee to accept funds from a CC. PLEASE LET ME KNOW IF YOU HAVE DONE THIS BEFORE! Thanks in advance!

Taylor Morrow

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