I had written about the Amex BBP card’s 0% APR last month or so. I wanted to give you and update on it and how to maximize it even further.
Moving credit lines
In the last post, I said I tried to move credit line from my Simply Cash card to the BBP and got an error. However, after a few days, I noticed it actually did go through. So while the rule of thumb is that you have to wait 60 days before you can move CL to a new AMEX, it seemed to work just fine for me prior to 60 days.
This is my July statement, which was my first statement. Nothing special to see here.
In August, you can see I paid the $35 minimum payment from the July statement. you can also see I moved my 9K CL to 23.2K CL. I also charged over 24K in the month and so my new balance is $26.9K. Since I’m $3.7K over my CL, that was my minimum due. Also note I didn’t get charged any interest so far.
Come September, I paid the $3.9K minimum payment. I also charged $2K and now I owe that same $2K on this statement. So this is working as planned.
Now that this is working as planned (even better as planned due to the CL shifts,) I’m gonna move my SPG Biz CL over since I don’t use that card often these days. That way, the BBP’s CL will be around $50K and so I’ll only have to make the minimum payment. I also plan on doing this with my wife’s account to get even more float.
What am I doing with all this float? To help me pay off my other cc’s so I can have more float. Will I forget about this next year? No because I had a nightmare just the other night where I had racked up $780K or so that was going to come due. I’ll put a reminder 3 months out of the major due date to generate the cash flow to pay it all off come due date.