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Frequent Contributor
JPersat
Posts: 299
Registered: ‎05-28-2012
0

Balance transfer roulette

My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

 

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Epic Contributor
Creditaddict
Posts: 20,794
Registered: ‎10-23-2007
0

Re: Balance transfer roulette


JPersat wrote:

My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

 

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..


Ummm unless Capital One is sending you some kind of special offer they will be charging you 3-5% of the amount you transfer.  If you are paying it off in 25ish days from now don't move it!

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Frequent Contributor
JPersat
Posts: 299
Registered: ‎05-28-2012
0

Re: Balance transfer roulette

It isn't an insane amount..just under $300 that I'd be transferring..basically just to clear the one off (the first is rent, two car notes and an installment loan..and it must be paid off since we need the best possible scores on 9/26) and gain a little extra more time to wipe out the balance on capital one.

 

They show "balance transfer offers" on my page, but it looks like I have to start the wholeprocess to see what it's all about..is the3-5% on top of my apr? But if I pay it off before next statement, will there still be interest?


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Frequent Contributor
JPersat
Posts: 299
Registered: ‎05-28-2012
0

Re: Balance transfer roulette

And it says same as purchases, no fee..


Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Regular Contributor
CK_Charles_Lover
Posts: 248
Registered: ‎09-02-2011
0

Re: Balance transfer roulette


Creditaddict wrote:

JPersat wrote:

My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

 

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..


Ummm unless Capital One is sending you some kind of special offer they will be charging you 3-5% of the amount you transfer.  If you are paying it off in 25ish days from now don't move it!


Cap One doe no fee transfers, at least I get email every other day.

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In addition to saving money, you’ll save time by consolidating all of your outstanding balances into one convenient payment. 

Just log in to your account or call 1-866-381-0454 by November 1, 2012 to transfer a balance with no transaction fees. It’s fast, easy, and convenient!

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Trans Union Fico (Walmart) ,690 Experian Fico (Amex) 686(Opened 3 new accounts this month. In the Garden)


AMEX BCE ($19,500) AMEX PRG -(NPSL), BARCLAYS US AIR PREMIER WORLD ($10,000), BOA CASH REWARD -($6,000), CITI HILTON RESERVE SIGGY-(5,000), WALMART DISCOVER ( $5,800), CITI DIAMOND ($4,700), CITI DIVIDED WORLD ($4,500), AMAZON STORE($5,000), NORDSTROM VISA SIG($5,000), PAYPAL STORE ($4,000) Amex Delta Gold ($2000)
New Contributor
LilNYC
Posts: 184
Registered: ‎07-08-2012
0

Re: Balance transfer roulette

Balance transfers aren't intantaneous, it can take anywhere from 1-3 weeks to go through.

Citi Thank You $13,200 - Chase Freedom $3,100 - AMEX Zync NPSL (init. ability $17.5K) - Citi Forward $7,000 - AMEX BCP $6,000 - USAA Rate Adv $15,000 - USAA World MC $12,000 - Discover More $4,000 - Amex Hilton Honors $4,500 - Amex SPG $2,000 - Barclay's Priceline Rewards $6,400 - Chase Sapphire Pref. $7,500

EQ: 794. TU: 704. EX: 755
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Balance transfer roulette

Yeah, with Capital One, the BT interest rate is usually higher, but they don't charge BT fees usually. Another option would be to just have them send you a check for the amount of the xfer, deposit it into your checking, then pay the other creditor - it took about 8-9 business days to get the check, which is much less than waiting for Capital One to send it to the other creditor IMO.

Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
jamesdwi
Posts: 1,892
Registered: ‎09-16-2011
0

Re: Balance transfer roulette


youngandcreditwrthy wrote:

Yeah, with Capital One, the BT interest rate is usually higher, but they don't charge BT fees usually. Another option would be to just have them send you a check for the amount of the xfer, deposit it into your checking, then pay the other creditor - it took about 8-9 business days to get the check, which is much less than waiting for Capital One to send it to the other creditor IMO.


I always pay the same APR as I have with purchases,  11.9%, and no fees...  My only wish would be if I could match my high CL 6k (Amex Blue), Then it was be an excellent BT card. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Balance transfer roulette

We all know how Capital One sucks w CL's or CLI's. Ugh, even after 6 years, Im stuck at a CL of $1,300 :-/. My int rate is 13.99%
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k

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