07-19-2011 08:27 AM
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!
07-19-2011 09:09 AM
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.
07-19-2011 12:49 PM
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.
07-19-2011 01:12 PM - edited 07-19-2011 01:13 PM
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.
07-19-2011 09:29 PM
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?
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO