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Balance Transfers - how is it looked upon by cc comps?

Regular Contributor

Balance Transfers - how is it looked upon by cc comps?

I have a balance of about 7k on one cc and have an offer from another cc for a balance transfer which offers 0% interest for 18 months. My question is how will the original cc company take that? I wish to have a long positive relationship with them. Will they lower my CL, consider closing my account, any sort of negative connotations or would they actually be happy and reflect positively because I paid off the balance in full? 

Message 1 of 18
17 REPLIES
Blogger

Re: Balance Transfers - how is it looked upon by cc comps?

They just might... do absolutely nothing other than take the money.

 

I did a BT from my BoA account to my Discover account and I've yet to experience any adverse reaction from them.
The company is just getting paid a balance, it still made money, there's no reason to believe that paying that balance in full is going to hurt you. What you read on forums are usually the extreme situations and don't apply to every single person who does a BT and gets that card to 0.

 

Now if you did a BT and got the card to 0 and never used it again, ever... that's a different story.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 2 of 18
Regular Contributor

Re: Balance Transfers - how is it looked upon by cc comps?

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)

Message 3 of 18
Senior Contributor

Re: Balance Transfers - how is it looked upon by cc comps?

Who is it that your transfering from? Most may not care, some like Merrick may, I doubt Capital One would

Message 4 of 18
Blogger

Re: Balance Transfers - how is it looked upon by cc comps?


natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)



This would be like asking permission to pay off your bills.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 5 of 18
Regular Contributor

Re: Balance Transfers - how is it looked upon by cc comps?

this particular case would be 7k from chase preferred to a new citibank account - if I apply for it, why wouldn't I transfer the balance. I guess that is what I am trying to figure out - pros and cons. the obvious pro is no interest on 7k lol! the cons always seem hidden in this secret world of credit - - - > which is why I am here writing this post.

Message 6 of 18
Established Contributor

Re: Balance Transfers - how is it looked upon by cc comps?


natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)


I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Message 7 of 18
Community Leader
Valued Contributor

Re: Balance Transfers - how is it looked upon by cc comps?


pakman92 wrote:

natasjlp wrote:

gotcha, do you think it would be wise to just ask that cc directly how they feel about balance transfers or is that like asking the wolf if they like my flock of sheep? (or insert a better analogy here lol)


I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


+1

Do the balance transfer.  I don't know any bank that would be unhappy to recieve a check paying off a balance.  Smiley Happy  

 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 8 of 18
Blogger

Re: Balance Transfers - how is it looked upon by cc comps?


pakman92 wrote:
 I believe you are over thinking it here.  Do the balance transfer.  As long as you use the card now and then, they will make money from the swipe fees.  I don't think there will be a problem.


Exactly.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 9 of 18
Senior Contributor

Re: Balance Transfers - how is it looked upon by cc comps?

+1 I dont think Chase really cares as long as your not late....

Message 10 of 18