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Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

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Anonymous
Not applicable

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

BOA gives BT offers all the time. While I've used my offer they still doubled my credit line and let me product change. IMO, if a bank punishes you for doing a BT offer that they gave to you it's not worth a bank doing business with. Just my two cents.
Message 11 of 19
Anonymous
Not applicable

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

BrianPan, Amex was originally only in the charge card business where you had to PIF every month.

The allegation people make is that they only started offering CCs as well due to competitive pressure and would still prefer you treat your CCs like they were charge cards, i.e. PIF every month.
Message 12 of 19
ScoreOrBeScored
Valued Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

I say do what's best for you.... If they don't want you doing it they wouldn't offer... That's what a CC is for. To carry a balance. 

 

Is not in their T & C so have at it. Exercise your limit given to you, that's why it's there. $2,000/$10,000 isn't bad.

 

it shows your staying within reason and not over spending on your line. 

 

I have a BBR $1,500/$10,000 and paying $130 a month and gonna pay it until my 12 month promo is up.

 

if they don't like it then they shouldn't offer it and can keep the card and limit , wouldn't hurt my feelings. 

 

so do what you think is best because most of the folk giving you their advice or opinions right now haven't experienced AA from BOa 

 

and trying to e the first to tell you what BOA rules and guidelines are..

 

if you don't work for BOA, please have several seats !!! 

 

 

 

Message 13 of 19
onstar
Established Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

It's not the carrying a balance that irks banks. It's when your balance keeps climbing month over month while you only keep paying the minimum, which is a typical behavior of someone in financial trouble.

 

I used to be in >80% on a card for a long time. But each month the % kept going down, and the banks loved me.

 

BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (10/16/2020): EQ 676 EX 659 TU 653
Message 14 of 19
baller4life
Super Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

BOA couldn't care less about you carrying a balance. They stalk me 2 to 3 times a week with 0% promotional offers. I transferred a balance to them and pay 3 to 5 times the minimum payment. As others have said, they just don't want maxed out cards with minimum payments. That's when people get in trouble.
Message 15 of 19
Anonymous
Not applicable

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

Exactly!! I had a BT on a rewards card once and everytime I use the card for a reward I would pay that charge off immediately. I also was paying 150 month for the balance transfer.
Message 16 of 19
Runitup
Regular Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

I have two cards with BoA. Last year I took two 0% BTs on the same card and effectively ran my utilization up to 100%. I also took a BT on the other card at 0% and ran that up to 100%. How did BoA respond? They gave me a CLI on the card with the lower limit and left the other one alone. I carried both BTs for over a year paying slightly over the minimum.
Message 17 of 19
Imperfectfuture
Super Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?


@Runitup wrote:
I have two cards with BoA. Last year I took two 0% BTs on the same card and effectively ran my utilization up to 100%. I also took a BT on the other card at 0% and ran that up to 100%. How did BoA respond? They gave me a CLI on the card with the lower limit and left the other one alone. I carried both BTs for over a year paying slightly over the minimum.

That is the way to do it.  Rule of thumb, pay double the minimum (I like to add new charges on top of that, unless both are at 0%) and you are golden.  However, with Chase, if you have a promo for balance transfer, make use of it, and then make purchases with regular apr, they apply payments to balance transfer first, FYI.  So pay attention when taking balance transfer offers on rewards cards.

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Message 18 of 19
gingerflower
Valued Contributor

Re: Bank of america.... Would I scare them off using the 0% Balance Transfer promo?

I have 3 accts with Bofa and never have a problem with balance transfers. As a matter of fact bofa loves cust who does Bt...Main thing you make your minimum or more payments. Just my opinion!!
Message 19 of 19
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