How You Can Save Cash & Earn Your Next Big Sign-Up Bonus!

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You can save Big Money on interest by taking advantage of 0% APR balance transfer offers.  But did you know that you can earn points at the same time with one trick?

How You Can Save Cash Earn Your Next Big Sign Up Bonus
You Can Save Yourself Some Cash With a Balance Transfer. But Don’t Let That Tempt You Into Spending More!

Million Mile Secret Agent Carlos asked:

Can you use the Chase Slate card to transfer a balance from Chase Sapphire Preferred® Card within the first 60 days for a 0% balance transfer fee?  That way you could earn the Chase Sapphire Preferred’s signup bonus, then transfer the balance to the Chase Slate card.  And pay it off with no fees or interest for 15 months.

Unfortunately Carlos, you can NOT transfer a balance between 2 cards from the same bank.  But you could earn the bonus on the Chase Sapphire Preferred card and then transfer your balance to a 0% APR card offer other than the Chase Slate card.

*Variable APR of 17.24%–25.99% applies for Chase Slate card after introductory period

Earn a Bonus and Transfer the Balance

Link:   Chase Sapphire Preferred® Card

Link:   The Platinum Card® from American Express


Even though you can’t transfer balances between 2 credit cards from the same bank, you still have options.  You’ll just need to get credit cards from different banks.

Here are a couple of credit card combinations that would get you a big bonus.  Both of these options will earn you $600+ in rewards AND give you the flexibility to pay off your balance over 15 months interest free with no balance transfer fees!

1.   Chase Sapphire Preferred & Bank of America BankAmericard

The Chase Sapphire Preferred card currently comes with a 50,000 Chase Ultimate Rewards point bonus after spending $4,000 on purchases within the first 3 months of account opening.  The bonus is worth $625 when redeemed for travel through the Chase Travel Portal.  And potentially even more if you transfer points to a Chase Ultimate Rewards airline or hotel partner.

After meeting the minimum spending on the Chase Sapphire Preferred, you could transfer the balance to the Bank of America BankAmericard.

2.   AMEX Platinum & Chase Slate

The AMEX Platinum card comes with a 60,000 Membership Rewards point bonus after spending $5,000 on purchases within the first 3 months of account opening.  AMEX Membership Rewards points are transferable, and the card comes with a lot of other benefits.  The bonus is worth a minimum of $600 in airfare using AMEX Pay With Points.

You could earn the bonus on the AMEX Platinum card and then transfer the balance to the Chase Slate card.  You’ll pay no interest for 15 months.  And there is no balance transfer fee for 60 days from account opening.

Know the Dangers

Link:   The Chase “5/24” Rule

The key to making this plan work is to be sure that you can get both of the credit cards you need.

So it makes sense to apply for both cards at the same time.  But if you don’t transfer the balance from your rewards earning credit card to either the Chase Slate or Bank of America BankAmericard within the first 60 days, you’ll pay a balance transfer fee.

After 60 days the Chase Slate charges the greater of $5 or 5% to transfer a balance.  And Bank of America BankAmericard charges the greater of $10 or 3% to transfer balances.

So before you do this, make sure you can meet the minimum spending requirement, and transfer the balance within 60 days from when you were approved (not activated) for your 0% APR card.

How You Can Save Cash Earn Your Next Big Sign Up Bonus
Don’t Let Chase’s Strict Application Rules Get Between You and Big Savings

Chase won’t approve your application for most of their cards (including the Chase Sapphire Preferred & Chase Slate) if you have opened 5 or more credit cards from any bank in the past 24 months.  Some business cards are excluded from this limit.

So make sure you’re under this limit before you apply for the Chase Sapphire Preferred card.

But even if you are under “5/24,” there is no guarantee that your credit card application will be approved.  As always, know the risks and do what is best for your situation.

Avoid Interest by Paying Off Your Balance

Link:   5 Dangers of Applying for Credit Cards

If you don’t pay off your balance by the time the 0% APR expires, you’ll start paying interest.  And credit cards have notoriously high interest rates that will quickly eat up whatever you saved. 🙁

If you anticipate not being able to pay off your balance in full, do NOT apply for a credit card until your situation changes.  But if you already have a high-interest loan, transferring a balance to a no-interest credit card could be a good way to get some relief.

Team member Harlan was able to save big on student loan interest this way.

Bottom Line

You can transfer a balance from one credit card to another with a lower interest rate after earning the sign-up bonus.  And if you move it to a card with a 0% APR offer for balance transfers, you will have more time to pay off the debt interest free!

But you can NOT transfer a balance between 2 credit cards issued by the same bank.  So you could earn the bonus on the Chase Sapphire Preferred and then transfer the balance to the Bank of America BankAmericard.  Or you could meet the minimum spending requirement on the AMEX Platinum and transfer the bill to the Chase Slate card.

Just make sure you know how the banks’ application rules will affect you.  And do what is best for your situation.

Transferring high interest loans or credit card balances to a 0% APR credit card can save you money.  But if you don’t pay what you owe by the time the 0% introductory interest rate expires, then you will start paying interest.

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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