No, you generally cannot transfer a balance using your Milestone credit card, as this feature is not available with the card.
When people ask about transferring money from a credit card, they often refer to two main types of transactions: balance transfers or cash advances.
Understanding Balance Transfers
A balance transfer involves moving debt from one credit card to another. Typically, people do this to consolidate debt or to take advantage of a lower introductory APR on the new card, which can help save on interest charges.
However, based on the card's characteristics, there are no balance transfers available with the Milestone credit card. This means you cannot transfer a balance from another credit card onto your Milestone card, nor is it designed to be a source for initiating a balance transfer to another account. The card's primary function is for making purchases. It's important to note that the regular purchase APR on this card is high (e.g., 24.9%), so carrying a balance can quickly lead to substantial interest charges.
Considerations for Cash Advances
Another way people might think of "transferring money" from a credit card is through a cash advance. A cash advance allows you to withdraw cash from your credit card, often from an ATM or bank. While some credit cards offer this feature, it's generally not recommended for the following reasons:
- High Fees: Cash advances typically come with immediate fees, often a percentage of the amount withdrawn (e.g., 3-5%).
- High Interest Rates: Interest on cash advances usually starts accruing immediately from the transaction date, without a grace period, and at a higher APR than purchases.
- No Grace Period: Unlike purchases, for which you often have a grace period before interest applies if you pay your statement balance in full, cash advances usually do not offer this benefit.
If you are looking to access funds or consolidate debt, it's advisable to explore other financial options rather than relying on credit card "transfers" which can be very costly. Credit cards like the Milestone card are primarily designed for everyday purchases, offering a way to build credit history when managed responsibly.
