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Help with Amex charge card

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UncleB
Credit Mentor

Re: Help with Amex charge card


@beautifulblaquepearl wrote:

@Ghoshida wrote:

@Anonymous wrote:

Awesome I think I got it down now. I thought of a tricky way to have my cake and eat it too. I am going to charge to my Amex charge card, if I am getting too close for comfort to the due date and no stipend yet I am going to balance transfer to my Capital One that closes at the end of the month. Smiley Wink


While many balance transfers happen within a few days, some take a long time (2-3 weeks even). I would not get close to less than a week from next statement and then try for a BT. 


Ghoshida is right. Although, I must say that I was surprisingly impressed at how fast Capital One processed DH's recent balance transfers. They were done within days. It's the fastest I've ever seen. Best of luck OPSmiley Happy!


+1

 

My own recent experience with a BT to Capital One (with Capital One sending the funds - the "to" and "from" gets confusing when discussing a BT) was really quick as well - if I recall correctly it was two days.  I would hate to be in the position where I was depending on that, though.

 

I think somebody else already mentioned 'Murphy's Law'... for some reason I tend to attract it's attention more than most, so I always give myself a 'Plan B' when time is a factor.  Smiley Wink

Message 21 of 23
Anonymous
Not applicable

Re: Help with Amex charge card


@UncleB wrote:

@beautifulblaquepearl wrote:

@Ghoshida wrote:

@Anonymous wrote:

Awesome I think I got it down now. I thought of a tricky way to have my cake and eat it too. I am going to charge to my Amex charge card, if I am getting too close for comfort to the due date and no stipend yet I am going to balance transfer to my Capital One that closes at the end of the month. Smiley Wink


While many balance transfers happen within a few days, some take a long time (2-3 weeks even). I would not get close to less than a week from next statement and then try for a BT. 


Ghoshida is right. Although, I must say that I was surprisingly impressed at how fast Capital One processed DH's recent balance transfers. They were done within days. It's the fastest I've ever seen. Best of luck OPSmiley Happy!


+1

 

My own recent experience with a BT to Capital One (with Capital One sending the funds - the "to" and "from" gets confusing when discussing a BT) was really quick as well - if I recall correctly it was two days.  I would hate to be in the position where I was depending on that, though.

 

I think somebody else already mentioned 'Murphy's Law'... for some reason I tend to attract it's attention more than most, so I always give myself a 'Plan B' when time is a factor.  Smiley Wink


 

This is exactly why I love this forum! I only did a balance transfer once and it was reltively fast. I didn't know it could take a bit. I think I'll initiate the BT right after my statemebt cuts for my Capital One (27th). A little over two weeks should be plenty I would think. This way I can get plenty of usage on two cards. I will have to think of a second backup plan if the BT takes longer than a week. 40% discount is too big to pass up. I don't want medical expenses putting me back into debt. Worst case scenario if it gets too close to Amex close date I could borrow the funds from my sister for a few days. Thanks everybody!

Message 22 of 23
RonM21
Valued Contributor

Re: Help with Amex charge card

Very good point on the BT's. Cap1 could generally be faster in past experience for some, but you can never fully know how long it will take. That makes it a slight risk in itself, if you don't have a wide window of time to work with.


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Message 23 of 23
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