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@bs6054 wrote:And there is no BT fee?
None whatsoever. Again, this is between 2 of my Capital One accounts and 3 of my NFCU accounts. As you can imagine, my NFCU credit card limits are 8 to 12 times higher than Capital One.
@TATATA wrote:
@bs6054 wrote:And there is no BT fee?
None whatsoever. Again, this is between 2 of my Capital One accounts and 3 of my NFCU accounts. As you can imagine, my NFCU credit card limits are 8 to 12 times higher than Capital One.
I would guess (on Cap One) side that this is a special offer? The web site lists no BT fee, and 0% APR, but not on the same cards! Sounds like you have a good deal.
Toom me a minute to process this all out and I think another few points I for one think are missing is you say and I instantly start shaking my head "yes" that you have 8+ times the cl on Navy vs. Cap1.... what are the CL's and what are the balances? other then these 5, do you have other debts? credit score? oh and back to my confirming.
lets use easy $1k figures on all 5 accounts for easier following if you ask me for this.
Cap1 to Navy 1
Navy 1 of $1k plus any interest billed and minimum payments above the balance of the 0% to cap1
cap 2 to navy 2 same as above
then you have a navy 3 that had to go to one of the above cap 2 to get all accounts over to 0%
If this is right I assume Navy's computer through flag that this is what you are doing since you can't actually move all the 3 navy's to 1 0% navy.
I think it's savvy but I have a feeling the system didn't really think so, it's a get around on their own game!
@Creditaddict wrote:Toom me a minute to process this all out and I think another few points I for one think are missing is you say and I instantly start shaking my head "yes" that you have 8+ times the cl on Navy vs. Cap1.... what are the CL's and what are the balances? other then these 5, do you have other debts? credit score? oh and back to my confirming.
lets use easy $1k figures on all 5 accounts for easier following if you ask me for this.
Cap1 to Navy 1
Navy 1 of $1k plus any interest billed and minimum payments above the balance of the 0% to cap1
cap 2 to navy 2 same as above
then you have a navy 3 that had to go to one of the above cap 2 to get all accounts over to 0%
If this is right I assume Navy's computer through flag that this is what you are doing since you can't actually move all the 3 navy's to 1 0% navy.
I think it's savvy but I have a feeling the system didn't really think so, it's a get around on their own game!
To illustrate:
Lets assume, I have a NFCU credit card with the limit of 14,000 (with a balance of 12,000) and a Capital One credit card with a limit of 1,300 (with a 0 balance). I make a balance transfer from my NFCU credit card to my Capital One credit card then I turn around and make a balance transfer from my Capital One credit card to my NFCU credit card for a slightly different amount; therefore, making that balance transfer part of the 0% APR for 12 months promotion.
I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.
If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
@McArthur wrote:I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.
If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.
Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?
This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.
@TATATA wrote:
@McArthur wrote:I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.
If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.
Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?
This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.
You are using money from one to wash it through another account and then back to the starting point. Navy Federal is probably looking at this as circumvention of their policy not to allow a BT from one Navy Federal card to another in order to get 0%. If that is how they look at it, expect AA.
There is nothing "illegal" about what you did, but it can be considered gaming the system.
What I am seeing is something like this: You have, say, a higher interest balance of $10k on Navy and also a higher interest balance on Citi. You BT from Citi to Navy and get 0%. Then with a zero balance on Citi, you BT your interest-bearing original Navy balance to Citi and turn that into 0%. Your debt level remains the same only having eliminated any interest on both accounts. Is that right? If correct, it is not illegal. But it is gaming the system and Navy is likely to nuke you. But I hope I'm wrong.
I might add that a lot of people game the Navy 0% BT offers with many just setting it up to get interest free capital for a year. Navy knows this and tries to detect this kind of activity.
@McArthur wrote:
@TATATA wrote:
@McArthur wrote:I'd lay odds that Navy Federal is seeing this as the virtual equivalent to check kiting. At a minimum they believe you are using Navy Federal money at 0% to, in turn, pay off your own Navy Federal balances with a higher interest rate.
If you are extremely lucky, they might sort of buy your story. Still, I'd bet you're going to see some AA, but just not sure how drastic that AA will be.
I just looked up the term "check kiting." I don't see how can this be considered "virtual equivalent to check kiting." The funds from either credit card are always available at the time of transfer. There is no inflated funds nor non-existent funds. It's just several balance transfers (with tangible funds) between 5 different credit cards.
Let me ask you, so If I had a credit card with Citibank with an available credit limit of 12k and did one (oppose to several) balance transfer to this card from NFCU for the full 12k, then turn around and made one (oppose to several) balance transfer from Citibank to NFCU for 11,500 within a few days, would this be considered illegal (and I use this term because I want to make sure I'm NOT breaking the law in any sense of the word)? Is it not a valid balance transfer?
This is why I'm asking MyFICO family for advise. I'm not seeing that I'm doing ANYTHING illegal. Any advice and/or feedback is appreciated.
You are using money from one to wash it through another account and then back to the starting point. Navy Federal is probably looking at this as circumvention of their policy not to allow a BT from one Navy Federal card to another in order to get 0%. If that is how they look at it, expect AA.
There is nothing "illegal" about what you did, but it can be considered gaming the system.
What I am seeing is something like this: You have, say, a higher interest balance of $10k on Navy and also a higher interest balance on Citi. You BT from Citi to Navy and get 0%. Then with a zero balance on Citi, you BT your interest-bearing original Navy balance to Citi and turn that into 0%. Your debt level remains the same only having eliminated any interest on both accounts. Is that right? If correct, it is not illegal. But it is gaming the system and Navy is likely to nuke you. But I hope I'm wrong.
I hope so too. I'll keep all of you posted. Thank you.