@Anonymous wrote:
@Anonymous wrote:
I just did a BT to Cap1 a few days ago 0% for 9 months.
Now I have a new offer from Citi for 21 months 0%.
How mad will Cap1 be if I now transfer balance off their card when I just put it on there?
Dumb question, but will it piss off Cap1?The BT should have a "use by" date. Why not wait until just before that date. If it's two months from now, then you effectively get 23 months with no additional costs.
Also, BT offers aren't that uncommon, and if you got one, you likely will get the same offer later. If you use your 9 months with Cap 1, then transfer to Citi, you then effectively have a 30-month 0% APR.
Just some food for thought.
+1 ^^^ this exactly. 
I've got a balance that I've bounced around a couple of times and this is exactly what I do. The balance is due to a combination of unexpected dental expenses and a dental implant, so it's not as if I'm trying to finance frivolous spending (which is a danger with rolling over a BT - you have to be disciplined). I kept it with Discover until last month; I had a 0% BT through October, but my 0% promo on purchases is up this month and I want to be able to use my card without paying interest on new purchases, so I rolled the balance to my Bank of America BBR, which has a 0% 15 month promo for BTs.
I applied for a Citi Diamond Preferred at the same time as the BBR, but Citi took their time with my approval, but they did eventually approve me - right after I did the BT over to BoA (literally like a few days later). The Diamond Preferred has a BT offer of 0% for 21 months, which obviously would have been preferable, but in my case the balance isn't large so I'm likely to have it PIF in 15 months anyway (and a little usage on the BBR is probably a good thing in the "big picture").
As for issuers getting 'upset' if you pay them off quickly, I don't think that's a concern at all. All of my BTs had a 3% transfer fee, and after the issuer got the fee there was no additional money to be made, unless I failed to PIF before the promo was up. If I were to pay immediately they woudn't mind in the least. Obviously if you are continuously doing BTs and paying them in full right away eventually the bank might wonder if there was a fraud issue (since under 'normal' circumstances, who does that?) but otherwise there's nothing to worry about.
I'll also add that when you do a BT, the bank receiving the funds views the BT as just another payment, it doesn't get special handling or anything.
Edited to clarify: PIF 'right away'.
@UncleB wrote:
@Anonymous wrote:
@Anonymous wrote:
I just did a BT to Cap1 a few days ago 0% for 9 months.
Now I have a new offer from Citi for 21 months 0%.
How mad will Cap1 be if I now transfer balance off their card when I just put it on there?
Dumb question, but will it piss off Cap1?The BT should have a "use by" date. Why not wait until just before that date. If it's two months from now, then you effectively get 23 months with no additional costs.
Also, BT offers aren't that uncommon, and if you got one, you likely will get the same offer later. If you use your 9 months with Cap 1, then transfer to Citi, you then effectively have a 30-month 0% APR.
Just some food for thought.
+1 ^^^ this exactly.
I've got a balance that I've bounced around a couple of times and this is exactly what I do. The balance is due to a combination of unexpected dental expenses and a dental implant, so it's not as if I'm trying to finance frivolous spending (which is a danger with rolling over a BT - you have to be disciplined). I kept it with Discover until last month; I had a 0% BT through October, but my 0% promo on purchases is up this month and I want to be able to use my card without paying interest on new purchases, so I rolled the balance to my Bank of America BBR, which has a 0% 15 month promo for BTs.
I applied for a Citi Diamond Preferred at the same time as the BBR, but Citi took their time with my approval, but they did eventually approve me - right after I did the BT over to BoA (literally like a few days later). The Diamond Preferred has a BT offer of 0% for 21 months, which obviously would have been preferable, but in my case the balance isn't large so I'm likely to have it PIF in 15 months anyway (and a little usage on the BBR is probably a good thing in the "big picture").
As for issuers getting 'upset' if you pay them off quickly, I don't think that's a concern at all. All of my BTs had a 3% transfer fee, and after the issuer got the fee there was no additional money to be made, unless I failed to PIF before the promo was up. If I were to pay immediately they woudn't mind in the least. Obviously if you are continuously doing BTs and paying them in full eventually the bank might wonder if there was a fraud issue (since under 'normal' circumstances, who does that?) but otherwise there's nothing to worry about.
I'll also add that when you do a BT, the bank receiving the funds views the BT as just another payment, it doesn't get special handling or anything.
Thanks UncleB!!
I like this thought of waiting until the use by date, allowing you to get more time out of it. Easy decision.
