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Regular Contributor
hyprble
Posts: 159
Registered: ‎11-05-2008

Any luck with waiving BT fees?

Has anyone had any luck with negotiating or waiving balance transfer fees?  I'm thinking of transferring over about 4k to BoA for 12 months, but the fee is 4% :smileysad:.  My current APR on my card is 9.99%, so it's not too bad, but I figure I'd save over $100, and I can transfer the balance out to a fee free card at the end of the year.  Any advice?


Starting Score: 557 (2005)
Current Score: 764
Goal Score: 775


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Valued Contributor
dalebb
Posts: 1,424
Registered: ‎08-28-2010

Re: Any luck with waiving BT fees?


hyprble wrote:

Has anyone had any luck with negotiating or waiving balance transfer fees?  I'm thinking of transferring over about 4k to BoA for 12 months, but the fee is 4% :smileysad:.  My current APR on my card is 9.99%, so it's not too bad, but I figure I'd save over $100, and I can transfer the balance out to a fee free card at the end of the year.  Any advice?


i went with penfed cu,,, 5% apr,, zero fees for bt

Moderator
pizzadude
Posts: 8,659
Registered: ‎01-28-2010

Re: Any luck with waiving BT fees?

 

You are transferring to a BofA card @9.9%, is that correct ?   What interest rate are you currently paying on this 4K balance ?

 

It never hurts to ask them to waive or lower it ~ but you might end up saving money in just a few months if you are paying over 20% currently.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
hyprble
Posts: 159
Registered: ‎11-05-2008

Re: Any luck with waiving BT fees?

Right now my balance is on a 9.9% fixed card.  I'd like to transfer it to a BoA at 0% for 12 months (then it reverts to 13%, but I'm hoping to transfer it out to my Credit Union with 0% balance transfer fee by that time).  I'd love to send it all to my credit union, but that card is almost maxed at a low rate.  I wish I could qualify for PenFed, but despite a decent credit score, my debt to credit is just too high and I don't want to risk taking a hard pull (fluctuating between 27 and 30%) :smileysad:


Starting Score: 557 (2005)
Current Score: 764
Goal Score: 775


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Moderator
pizzadude
Posts: 8,659
Registered: ‎01-28-2010

Re: Any luck with waiving BT fees?

 

Ok got it ~ thanks for clarifying.     Honestly 9.9% is pretty darn good for a CC interst rate, if you can get 0% that is fantastic, I would go for it.    You're probably paying around $35/month in monthly interest now, so it would take you around 5 months to make up for the ~$160 balance Xfer fee.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

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