Thank you John and Tad for the replies.

I will keep the post the group if I have any more questions. Thanks

rgds,
SM

John A. Weeks III wrote:
- quote -

To add to what John said, you might also read the fine print to see how
"fixed" that fixed rate is. You might find out for example that if Amex
does a credit inquiry and finds out that your credit rating has slipped,
they "reserve the right" to adjust that "fixed" rate. So you might do
something seemingly innocuous that results in a rate adjustment on this
card - it may not be limited to missing a payment on this card (or any
of your debts).

-Tad

In article <1108573370.270024.206200[at]c13g2000cwb.googlegroups.com> ,
"SM" <MuthiahSubash[at]gmail.com> wrote:

- quote -

There is one catch...you only get the 2.99% while your account is
in good standing. If anything goes wrong for any reason, even if
it is not your fault, they can jack the rate up to the maximum
allowable by law. As a result, you have to be very careful to
always pay you bill the first day you get it, and then verify on-
line that it posts before it is due. Or, do an electronic payment
the week you get the bill. You have to pay early to make sure you
have time for a 2nd chance to make the payment in the event that
your payment gets lost in the system.

- quote -

Make sure you don't make any purchases. The lower rate items are
paid off first (or in some ratio), which means that your higher
rate items are stuck on your account at the higher rate of
interest until you get the lower rate items paid off. It is a
real bad deal. Use a different card for purchases.

- quote -

Yes, I have done that in the past.

- quote -

Call AM/EX and ask if they can either deposit it to your checking
account electronically, or send you a check (and keep the same deal).
I don't know about AM/EX, but I do know that MBNA and Citibank will
do this for you.

It is possible that this offer is limited to credit card balance
transfers. Ask if AM/EX cares what you do with the funds when you
call them.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

Hi,

I have a 2nd mortgage loan on our new home at 6.75% interest rate, I
recently got a balance transfer offer from my credit card company(Amex
Blue card) at 2.99% until I pay it off(does not change after 6 months
or later).

I am not planning to use the card for any purchases. And pay the card
monthly as a mortgage payment. I understand that I cannot deduct the
interests paid in my tax filings when I transfer it to CC.

I have following questions to this esteemed group
1. Has any one done similar transfers, if so their feed back.
2. How can I transfer the amount to my checking account, as the balance
transfer section of the form has only credit card account info to be
entered.

Thanking you

rgds,
SM

ref: Another similar post:
http://groups-beta.google.com/group/...26cf76b5ee7233