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Balance Transfer

Established Member

Balance Transfer

I took an offer with Chase and during the application process, requested a BT. I wasn't sure how long it would take so after a week of "pending", I contacted Chase and they told me to expedite the Transfer request from their web site. Within two days the balance appeared on my Chase card but there is no change on my Capital One card so it looks like I am carrying two balances of the same amount. Capital One agents say they don't see a BT has taken place on my account. So here are my questions....

 

Will Capital One charge me interest for the amount?

How will this affect my credit?

 

Thanks for your time!

4 REPLIES
Valued Contributor

Re: Balance Transfer

I BTed an amount from my CapOne to Citi as well and it was relatively fast.  If it's closing in on the due date though, I would at least pay the minimum.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge

Established Member

Re: Balance Transfer

I paid an amount on it like they tell you to do. But I am concerned since no one at Capital One sees that this transaction took place or even that there was a request for a balance transfer. I have never done this before so I was finding it rather unusual. I don't want them to charge me interest on funds that have already been transferred elsewhere. 

Valued Contributor

Re: Balance Transfer

Before the BT, you were paying interest with CCC #1 - Capital One in this case. You will continue to pay interest each day on the amount that you owe them that day. They won't know, or care, about a check or BT that "is coming" to them.

 

You have then initiated a BT request with CCC #2 to pay CCC #1. CCC #2 will charge you interest starting when the BT is initiated. It will take a few days before the funds are recorded at CCC #1.

 

So there will be a short period where you are paying interest to both. The bigger problem would be if CCC #1 generated a statement before they record the payment. This would show on you CRs. Then when CCC #2 generated their statment, your CR would show both debts.

 

A BT can be better if you mail a check. Just like any other check it pays one bill and then it gets back to the bank where it originated.

Valued Contributor

Re: Balance Transfer

That's an interesting take on it.  In my case, I did not pay interest with either credit card.  OP, maybe it'll make you feel better if you call Citi?

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge