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Eddie Said:

How does a balance transfer work on a cash-back reward credit card?

We Answered:

it will not work. If you read the fine print on the credit cards, in almost ALL instances, you will not get to determine where your payment goes towards (meaning you cannot specify I want my payment of $400 to go towards only the new purchases). Plus, there is always a transaction fee (like 3% of the balance) for all balance transfers, so you will have to factor this in and see if it's worth it.

In addition, the fine print almost always says they will apply your payments to the lower interest rates before applying it to the higher rates. My credit card says exactly that in the fine print, so you should definitely read the "Terms & Conditions" document very very carefully before executing your plan.

Therefore, if you really want to take advantage of the lower 2.99% APR, then after you transfer your balance to Card B (aka your fave card), then you will have to switch your purchases over to Card A (the 2% cashback one) and not charge anything else on card B to be sure you're fully taking advantage of that 2.99%.

Marcus Said:

Can you sacrifice credit card reward points to pay down debt or negotiate with credit card companies?

We Answered:

If you read your credit card agreement you will see that you can't use reward points toward payment. Your Ad Here

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Thanks for your sharing. Hope you can contribute more quality posts to this page. Thank you!