After a previous thread on CC interest rates, I called my company and they had a seemingly interesting offer.

I've got two BofA cards, one with a moderate limit that's just about maxed out and one with a high limit and a low balance. They offered to essentially give me a cash advance on the high limit card at a promotional rate of 2.99% for twelve months. (After a year it would revert to their "normal" cash advance rate.) He said I couldn't use it to pay off the other card, but he did say I could have them cut a check to anyone else for paying off a loan, etc. He then went on to say they could just deposit the cash into my checking account. I asked him why I couldn't just use the cash they put in my checking to pay off the other card and he couldn't give me an answer.

What would stop me from paying off the first card? This seems like a good deal as it would save me about $120 a month in interest. My business is seasonal and I expect to have everything paid off by the end of the summer anyway. I asked him about the fine print and he said there isn't any and there isn't a website where I can read the terms and conditions.

Is there anything I should look out for or be aware of? Are any of you BofA guys familiar with these promotions?