Balance Transfer

[navistar]

When my credit improves a little more I am thinking of applying for the AMEX BCP. I see you can get 15 months of 0% apr with balance transfers which may a good thing considering i still have some balances to pay down.

My question is: How does a balance transfer appear to the other credit card company that is losing the balance? Can this effect your credit limit or any other terms with said company?

[asulaw]

Well my opinion is if you want to do a BT why don't you look at the Chase Slate? They don't charge a fee at all for the transfer, they also are a pretty good bank to get your foot in the door with. They let you do BT's for 60 days without a fee, which is a really good deal compared to all other cards.

My next opinion is, don't BT to Amex. They of course like getting the money from the BT, but they also like to see someone who has a lot less risk. Carrying a balance is a risk to them, and they may consider you more risky as you hang onto that balance for a longer period of time.

I see you have the Diamond Preferred, did the 0% APR run out? That is another good BT card.

Edit:

Forgot to answer your question lol.

The BT will appear as a payment to the company you are transfering from. So if you are taking it from your Barclays to the new card, they will issue a payment to Barclays then charge you their fee and put that balance onto the new card. This will increase your CLI overall, and shouldn't hurt you really with any company. But like I said before try to stay away from keeping those balances on Amex. They are a sensitive beast.

[DarkMoonLily]

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@asulaw wrote:

Well my opinion is if you want to do a BT why don't you look at the Chase Slate? They don't charge a fee at all for the transfer, they also are a pretty good bank to get your foot in the door with. They let you do BT's for 60 days without a fee, which is a really good deal compared to all other cards.

My next opinion is, don't BT to Amex. They of course like getting the money from the BT, but they also like to see someone who has a lot less risk. Carrying a balance is a risk to them, and they may consider you more risky as you hang onto that balance for a longer period of time.

I see you have the Diamond Preferred, did the 0% APR run out? That is another good BT card.

Edit:

Forgot to answer your question lol.

The BT will appear as a payment to the company you are transfering from. So if you are taking it from your Barclays to the new card, they will issue a payment to Barclays then charge you their fee and put that balance onto the new card. This will increase your CLI overall, and shouldn't hurt you really with any company. But like I said before try to stay away from keeping those balances on Amex. They are a sensitive beast.

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+1