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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
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Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

you know cap 1 charges 3% fee on BTs right?  at least the 0% ones.... so while you were reducing your interest on that money the fees are still pretty hefty

 

how much money are we talking about here?

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Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
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Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.


ryanbush wrote:

you know cap 1 charges 3% fee on BTs right?  at least the 0% ones.... so while you were reducing your interest on that money the fees are still pretty hefty

 

how much money are we talking about here?


Again, there are NO balance transfer fees on my Capital One credit cards. 

Total CL's combine: $141,800.
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Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
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Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

Whether it's illegal or not makes no difference, it's called Gaming and any company frowns upon that kind of behavior. It makes people think, "why does this dude keep transferring balances back and forth." Any lender is suspicious of any activity that the normal person wouldn't do. They don't like their money being played with. Think of it like this:

 

If you walk into a Casino and you're really good at card counting, you can really clean up at the blackjack table. It is not an illegal practice to count cards. But you can bet your ass that if the Casino finds out you're counting cards or even suspects it, you are going to be kicked out and blacklisted from their casino for life. You can cry all you want about what's fair and what's illegal, at the end of the day, it's the Casino that can decide to let you patronize their establishment or not.

 

You didn't break the law - you made them nervous. There is a good chance that you're done with them - probably for life. Take this as a learning experience and stop playing games with money. Yes, I know it seems like if you see a loophole, you should exploit it, but that's the wrong attitude when it comes to banks and lending. They don't want people who take advantage of loopholes and it's easy for them to dump you.

 

You may disagree with what I said, but it's exactly what's happening to you and it would be wise to wise up to this.




Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

I thank all of you for sharing your thoughts with me. I will update when I hear back from NFCU. I promise. Again, thank you. 

Total CL's combine: $141,800.
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orl22
Posts: 57
Registered: ‎03-20-2012
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Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.


ryanbush wrote:

you know cap 1 charges 3% fee on BTs right?  at least the 0% ones.... so while you were reducing your interest on that money the fees are still pretty hefty

 

how much money are we talking about here?


my wife's gets these balance transfer offer monthly. These's no transaction fee. It doesn't get charge a fee from the date of the transaction either. I've been doing balance transfer on her card for awhile now. If I time the statement cut just right then I'll have 2 months before I have to pay it. If I don't pay it off then the normal interest will apply to it. I have the same card as she does but I don't get this same offer. 

Regular Contributor
TATATA
Posts: 153
Registered: ‎02-24-2010
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.


Johnny_Favorite wrote:

Whether it's illegal or not makes no difference, it's called Gaming and any company frowns upon that kind of behavior. It makes people think, "why does this dude keep transferring balances back and forth." Any lender is suspicious of any activity that the normal person wouldn't do. They don't like their money being played with. Think of it like this:

 

If you walk into a Casino and you're really good at card counting, you can really clean up at the blackjack table. It is not an illegal practice to count cards. But you can bet your ass that if the Casino finds out you're counting cards or even suspects it, you are going to be kicked out and blacklisted from their casino for life. You can cry all you want about what's fair and what's illegal, at the end of the day, it's the Casino that can decide to let you patronize their establishment or not.

 

You didn't break the law - you made them nervous. There is a good chance that you're done with them - probably for life. Take this as a learning experience and stop playing games with money. Yes, I know it seems like if you see a loophole, you should exploit it, but that's the wrong attitude when it comes to banks and lending. They don't want people who take advantage of loopholes and it's easy for them to dump you.

 

You may disagree with what I said, but it's exactly what's happening to you and it would be wise to wise up to this.


You make an interesting point. Everyday we learn something new. I wasn't aware of the term "gaming." I don't go to casinos nor gamble. Based ONLY on doing balance transfers back and forth between five different credit cards, I'd had no idea that it would involve "exploiting loopholes, playing with money, or getting dumped." None of these things crossed my mind. Furthermore, I wasn't aware that there were things that were legal, but "frowned upon" by companies which consequently made them unacceptable. My obliviousness may have induced some unintended consequences. It's a scary thought. Nonetheless, I still don't know the reason/s why they froze my credit card accounts. I'll find out soon.....I hope.

Total CL's combine: $141,800.
Regular Contributor
McArthur
Posts: 249
Registered: ‎12-24-2012
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

[ Edited ]

TATATA wrote:

Johnny_Favorite wrote:

Whether it's illegal or not makes no difference, it's called Gaming and any company frowns upon that kind of behavior. It makes people think, "why does this dude keep transferring balances back and forth." Any lender is suspicious of any activity that the normal person wouldn't do. They don't like their money being played with. Think of it like this:

 

If you walk into a Casino and you're really good at card counting, you can really clean up at the blackjack table. It is not an illegal practice to count cards. But you can bet your ass that if the Casino finds out you're counting cards or even suspects it, you are going to be kicked out and blacklisted from their casino for life. You can cry all you want about what's fair and what's illegal, at the end of the day, it's the Casino that can decide to let you patronize their establishment or not.

 

You didn't break the law - you made them nervous. There is a good chance that you're done with them - probably for life. Take this as a learning experience and stop playing games with money. Yes, I know it seems like if you see a loophole, you should exploit it, but that's the wrong attitude when it comes to banks and lending. They don't want people who take advantage of loopholes and it's easy for them to dump you.

 

You may disagree with what I said, but it's exactly what's happening to you and it would be wise to wise up to this.


You make an interesting point. Everyday we learn something new. I wasn't aware of the term "gaming." I don't go to casinos nor gamble. Based ONLY on doing balance transfers back and forth between five different credit cards, I'd had no idea that it would involve "exploiting loopholes, playing with money, or getting dumped." None of these things crossed my mind. Furthermore, I wasn't aware that there were things that were legal, but "frowned upon" by companies which consequently made them unacceptable. My obliviousness may have induced some unintended consequences. It's a scary thought. Nonetheless, I still don't know the reason/s why they froze my credit card accounts. I'll find out soon.....I hope.


This thread sounds like something right out of Fat Wallet Forums.  

 

find it extremely difficult to believe you did not know from the start you were abusing the BT process by making an end run around the card issuer's rules against BTing from one to another card with the same issuer.  Virtually every card issuer has that restriction and it's almost impossible to be unaware of it.  During the BT process it will mention it at least once and the BT Terms & Conditions are very clear about it, too.

 

If Navy is thinking that things are as they appear and you were just trying to pull a fast stunt to get out of paying interest on your CC balance, they're probably going to be very mean.  Not sure what your balances are in your Navy card(s), but you'd better watch your savings and checking account balances like a hawk.  Your CC agreements and membership agreement with Navy allow for cross-collateralization and the right of setoff.  If they end up nuking your credit card(s), they're likely to empty your deposit accounts to get their money back.  Navy is famous for doing that.

Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.


McArthur wrote:

TATATA wrote:

Johnny_Favorite wrote:

Whether it's illegal or not makes no difference, it's called Gaming and any company frowns upon that kind of behavior. It makes people think, "why does this dude keep transferring balances back and forth." Any lender is suspicious of any activity that the normal person wouldn't do. They don't like their money being played with. Think of it like this:

 

If you walk into a Casino and you're really good at card counting, you can really clean up at the blackjack table. It is not an illegal practice to count cards. But you can bet your ass that if the Casino finds out you're counting cards or even suspects it, you are going to be kicked out and blacklisted from their casino for life. You can cry all you want about what's fair and what's illegal, at the end of the day, it's the Casino that can decide to let you patronize their establishment or not.

 

You didn't break the law - you made them nervous. There is a good chance that you're done with them - probably for life. Take this as a learning experience and stop playing games with money. Yes, I know it seems like if you see a loophole, you should exploit it, but that's the wrong attitude when it comes to banks and lending. They don't want people who take advantage of loopholes and it's easy for them to dump you.

 

You may disagree with what I said, but it's exactly what's happening to you and it would be wise to wise up to this.


You make an interesting point. Everyday we learn something new. I wasn't aware of the term "gaming." I don't go to casinos nor gamble. Based ONLY on doing balance transfers back and forth between five different credit cards, I'd had no idea that it would involve "exploiting loopholes, playing with money, or getting dumped." None of these things crossed my mind. Furthermore, I wasn't aware that there were things that were legal, but "frowned upon" by companies which consequently made them unacceptable. My obliviousness may have induced some unintended consequences. It's a scary thought. Nonetheless, I still don't know the reason/s why they froze my credit card accounts. I'll find out soon.....I hope.


This thread sounds like something right out of Fat Wallet Forums.  

 

find it extremely difficult to believe you did not know from the start you were abusing the BT process by making an end run around the card issuer's rules against BTing from one to another card with the same issuer.  Virtually every card issuer has that restriction and it's almost impossible to be unaware of it.  During the BT process it will mention it at least once and the BT Terms & Conditions are very clear about it, too.

 

If Navy is thinking that things are as they appear and you were just trying to pull a fast stunt to get out of paying interest on your CC balance, they're probably going to be very mean.  Not sure what your balances are in your Navy card(s), but you'd better watch your savings and checking account balances like a hawk.  Your CC agreements and membership agreement with Navy allow for cross-collateralization and the right of setoff.  If they end up nuking your credit card(s), they're likely to empty your deposit accounts to get their money back.  Navy is famous for doing that.


I think you hit it right on the spot with that one McArthur, Tatata remove your cash if you can prepared to be nuked

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Frequent Contributor
Sweets8E
Posts: 262
Registered: ‎03-07-2009
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.


dodgeball wrote:

McArthur wrote:

TATATA wrote:

Johnny_Favorite wrote:

Whether it's illegal or not makes no difference, it's called Gaming and any company frowns upon that kind of behavior. It makes people think, "why does this dude keep transferring balances back and forth." Any lender is suspicious of any activity that the normal person wouldn't do. They don't like their money being played with. Think of it like this:

 

If you walk into a Casino and you're really good at card counting, you can really clean up at the blackjack table. It is not an illegal practice to count cards. But you can bet your ass that if the Casino finds out you're counting cards or even suspects it, you are going to be kicked out and blacklisted from their casino for life. You can cry all you want about what's fair and what's illegal, at the end of the day, it's the Casino that can decide to let you patronize their establishment or not.

 

You didn't break the law - you made them nervous. There is a good chance that you're done with them - probably for life. Take this as a learning experience and stop playing games with money. Yes, I know it seems like if you see a loophole, you should exploit it, but that's the wrong attitude when it comes to banks and lending. They don't want people who take advantage of loopholes and it's easy for them to dump you.

 

You may disagree with what I said, but it's exactly what's happening to you and it would be wise to wise up to this.


You make an interesting point. Everyday we learn something new. I wasn't aware of the term "gaming." I don't go to casinos nor gamble. Based ONLY on doing balance transfers back and forth between five different credit cards, I'd had no idea that it would involve "exploiting loopholes, playing with money, or getting dumped." None of these things crossed my mind. Furthermore, I wasn't aware that there were things that were legal, but "frowned upon" by companies which consequently made them unacceptable. My obliviousness may have induced some unintended consequences. It's a scary thought. Nonetheless, I still don't know the reason/s why they froze my credit card accounts. I'll find out soon.....I hope.


This thread sounds like something right out of Fat Wallet Forums.  

 

find it extremely difficult to believe you did not know from the start you were abusing the BT process by making an end run around the card issuer's rules against BTing from one to another card with the same issuer.  Virtually every card issuer has that restriction and it's almost impossible to be unaware of it.  During the BT process it will mention it at least once and the BT Terms & Conditions are very clear about it, too.

 

If Navy is thinking that things are as they appear and you were just trying to pull a fast stunt to get out of paying interest on your CC balance, they're probably going to be very mean.  Not sure what your balances are in your Navy card(s), but you'd better watch your savings and checking account balances like a hawk.  Your CC agreements and membership agreement with Navy allow for cross-collateralization and the right of setoff.  If they end up nuking your credit card(s), they're likely to empty your deposit accounts to get their money back.  Navy is famous for doing that.


I think you hit it right on the spot with that one McArthur, Tatata remove your cash if you can prepared to be nuked


They might have it on hold already. Wouldn't it look bad to pull every cent out while this is being investigated?

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Regular Contributor
Joteism
Posts: 140
Registered: ‎11-14-2012
0

Re: NFCU HAS BLOCKED ALL OF MY CREDIT CARD ACCOUNTS. I NEED YOUR HELP.

Oh come on... If anything, they might just calculate how much they could have potentially made based on the interest rate and ask him to pay that amount. They have no legal authority to take any more than they are entitled to. Seeing as the first BT was completely legit (Navy to Cap1), the "interest clock" didn't really start ticking until he transferred the money back to the second card.

 

Don't panic and do anything suspicious... I don't know how long you've banked with them, but I'm sure they'll work it out.


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