I'm back! sort of...need advice

[maiden_girl]

Back and in LESS credit debt than before thank god. I had to take a break from the forums for a while. Logging on here every day or hell every other day was causing an unneeded temptation to app for cards I didn't need.

Now I'm back for the final. My question is...I have a Chase Freedom card ($4.5k limit) with a $1,800 balance (currently in promo period) and a Discover card ($1.5k limit) with a $830 balance (currently in promo period). I REALLY want to transfer my Discover balance to my Chase card so I can just make ONE payment and have ONE balance report but I haven't had any success with this yet. While I am able to transfer the balance...I can't seem to do it without the 3% fee being assessed to the balance. I don't want to pay extra just to transfer a balance and I don't want to open up another credit card. Has anyone had any success in transferring a balance with Chase and avoiding the transfer fee?

[bichonmom]

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@maiden_girl wrote:

Back and in LESS credit debt than before thank god. I had to take a break from the forums for a while. Logging on here every day or hell every other day was causing an unneeded temptation to app for cards I didn't need.

Now I'm back for the final. My question is...I have a Chase Freedom card ($4.5k limit) with a $1,800 balance (currently in promo period) and a Discover card ($1.5k limit) with a $830 balance (currently in promo period). I REALLY want to transfer my Discover balance to my Chase card so I can just make ONE payment and have ONE balance report but I haven't had any success with this yet. While I am able to transfer the balance...I can't seem to do it without the 3% fee being assessed to the balance. I don't want to pay extra just to transfer a balance and I don't want to open up another credit card. Has anyone had any success in transferring a balance with Chase and avoiding the transfer fee?

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I can totally relate. I also have to take a break because of the urge to app!

AFAIK, unless you have a special offer, there is always a BT fee. The % of the fee depends, also. If you're within the first 60 or 90 days of having the card that had a BT offer, they may waive the fee. But that's only good for a certain period of time from when you got the card -- and if that was part of the offer w/the card. After that, they apply a fee (and the 0% offer for the BT goes away, too). I have 2 CCs w/BTs and I had a 3% fee for both of them, even the new Citi CC I got just for that purpose.

[ihatemyscore]

I don't know much about balance transfers, but it may never hurt to ask your personal banker.

[jm00ser]

Yep, usually a fee associated with BT's if you are outside that intro window where they are waived sometimes. I know you really want everything on one card, but being that they are in promo APR, (which I'd assume is 0%), I would try and hold off so you dont pay any additional money. But if it's worth the 25-42 dollars in fees to you for the convenience of it all on one card, then yeah, go for it!

[nicholasyud]

That's how bank make money. They give you 0% intro but charge the fees for that. I want to transfer one of my card but e 3% fees freak me out.

[jamesdwi]

IF you have a bit of time before your promo rates end you can move the balance to the other card without a fee. The method I use is to pay a large bill with a credit card that would of been normally PIF, but instead paid to the card I want to BT the money off of. For instance If I had $500 that I want to BT to Card B from Card A, I would pay my Cellphone bill usually around $300, and my cable bill and insurance bills another $200 with card B, Then take the money I had set aside for those bills and pay to Card A. Now Card A has $500 less balance on it, and Card B now has a $500 higher balance with no fee, repeat monthly untill all funds are moved. This only works if card B has zero percent interest on BT's and purchases.  If you are moving to a card with just a lower interest rate instead of zero, you also get to take advantage of the minimum 25 day float period where you owe no interest for at least 25 days. 

[FrugalRican]

How long are your intro periods?

I'd say if you have a card that as a longer intro period than the other, pay the one with the shortest period first... and then move onto the second.

But that depends on your situation.

Are you applying for more credit any time soon? It seems that you are worried about your balances for two cards because of optimal scoring, but if you aren't applying for anything soon, you should just stick to the balances going down more so than anything else.

[maiden_girl]

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@FrugalRican wrote:

How long are your intro periods?

I'd say if you have a card that as a longer intro period than the other, pay the one with the shortest period first... and then move onto the second.

But that depends on your situation.

Are you applying for more credit any time soon? It seems that you are worried about your balances for two cards because of optimal scoring, but if you aren't applying for anything soon, you should just stick to the balances going down more so than anything else.

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My Chase intro period ends Jan 2014 and my Discover intro ends Sep 2013. They are both at 0%. I'm planning on applying for an auto loan again soon. I'm trying to get the lowest rate/payment possible but my credit is reporting  "excessive credit obligations" due to the fact that I am a co-applicant on a credit card my mom has (card is always paid each month by my mom) and the balance is a little over my monthly income but it is always paid. I feel stuck.

Sorry for the late reply. But thanks in advance for the advice. I've already called Chase and asked if they could waive the 3% but they said no and told me to apply for Chase Slate and do a BT. I was under the impression you can not BT a balance with the same bank so I haven't a clue why a Chase CSR is telling me this is my only option to avoid a fee.