Credit Card Center Advertiser Disclosure

New Member
Posts: 5
Registered: ‎09-03-2008
0 Kudos

Balance Transfer question

I know this sounds crazy but, can I pay off a line of credit acct that I have via no interest BT? I am livid with BOA and want out from under them period. They just rate jacked me on the cc I have with them and I have NEVER been late, missed a payment and am no where near the limit (with them or anyone else) nor have I ever been. 30% interest!




Moderator Emeritus
Posts: 6,794
Registered: ‎09-29-2007

Re: Balance Transfer question

[ Edited ]

Yes, you can typically use a 0% BT to pay off any outstanding balance with any creditor, as long as it's a different creditor from the one offering the BT.  (You can't use a BofA BT to pay off a balance with BofA, for example.)


Just be aware of any applicable BT fees and whether those fees are capped or not.  Typically, BT fees are 3%, but YMMV as always.  Read the details of the offer very carefully.


Also, once you do a BT, it's important not to put any additional purchases on the card carrying the BT balance until the BT is completely paid off.  Otherwise, all of your payments will go towards the 0% BT balance, while the purchase balance sits there accrusing interest for months and months, possibly years, completely negating the purpose of doing a 0% BT.


Otherwise, there's nothing stopping you from doing what you asked about. Smiley Happy


Good luck!


Edited to add:  Also be aware that it's advisable to avoid BT offers from Amex, no matter how good they sound, unless you can have the BT balance paid off in no more than 3 months or so.


Message Edited by cheddar on 11-07-2008 09:56 AM
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Established Contributor
Posts: 693
Registered: ‎04-05-2008
0 Kudos

Re: Balance Transfer question

I will just add one thing to Cheddar's response, if you've never been late, missed a payment or no where near the limit, unless you are carrying balances, there's no need to be angry as you're not paying that 30% interest anyway. So, have you been carrying a balance?

Starting Score: TU 723, EQ 708
Current Score: TU 796, EQ 743
Goal Score: TU 800, EQ 800

Take the FICO Fitness Challenge

Starting Score: 708
Current Score: 743
Goal Score: 800

Take the FICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.