Can you earn SWA Rewards on Transferred Balances?

[gigi1313]

we have quite a bit outstanding on our disney visa rewards card, and plan to pay it off next week (knew we were running up cc debt/had a plan/etc)... my thought this morning was that i could first do a balance transfer from my disney visa to my hubby's swa visa and get rapid rewards and pay the swa visa instead... is this do-able? can you get rapid rewards for transferred balances?

 

[Maggie'sMom]

I have both the Disney Visa and the Southwest Visa from Chase. Neither one offers rewards on balance transfers. In fact, I've never seen an offer from any cc company that offers rewards points on balance transfers.

 

[DebbieB]

we have quite a bit outstanding on our disney visa rewards card, and plan to pay it off next week (knew we were running up cc debt/had a plan/etc)... my thought this morning was that i could first do a balance transfer from my disney visa to my hubby's swa visa and get rapid rewards and pay the swa visa instead... is this do-able? can you get rapid rewards for transferred balances?

I think some credit cards offer extra bonus points if you transfer a balance within so many days of opening the account. You would have to see what the terms are of his card. Also keep in mind that sometimes interest is charged from day 1 on balance transfers, no grace period.

 

[gigi1313]

thanks all! now i know my "great idea" in the early morning hours was more of an extended dream or delusion... it was fun while it lasted!

 

[richkaryn]

thanks all! now i know my "great idea" in the early morning hours was more of an extended dream or delusion... it was fun while it lasted!

That sounds like me-- my brilliant idea was try to pay our mortgage each month on sw Rr card to get more pts then immediately pay the cc for the amount of mortgage charge. However, when DH inquired if this was doable, he was told that since mortgage was through chase also, it would "most likely" be seen as a "cash withdrawal"-- i.e. Cash advance-- on cc and not count as reward points purchase. So much for our crazy dreams.

 

[MaleficentRN]

You can't transfer a balance between a SW and Disney Visa anyway because they are both owned by Chase.

 

[Shelly F - Ohio]

That sounds like me-- my brilliant idea was try to pay our mortgage each month on sw Rr card to get more pts then immediately pay the cc for the amount of mortgage charge. However, when DH inquired if this was doable, he was told that since mortgage was through chase also, it would "most likely" be seen as a "cash withdrawal"-- i.e. Cash advance-- on cc and not count as reward points purchase. So much for our crazy dreams.

Not to mention that when you make a payment on you CC the payment is always applied to the balance with the lowest interest rate and a cash advance is usually at higher interest rate. If you used the card for other purchases the payment you make on the CC would be applied to the lower rate first until it had a zero balance and then your payment would be applied to the higher rate.

So you would have ended up paying something in the ball park of 24% for the mortgage payment that was paid for by the credit card plus what ever your mortgage loan interest rate is.

So I think you saved yourself some money by not doing this.