Credit Cards

[krystofur]

It hasn't happened to me yet, but I'm nervous.  I had a large (14k) balance on a Chase card at 15% interest and transferred 7k to a citi card, 5 to a BoA card and paid the other 2 off with savings.  The transfers were both 0% for a year and I'm planning on paying only the minimums while we focus on our HELOC with a 10K balance at 7.5%.  If we can pay off the HELOC by the end of the year then I'll either take advantage of whatever other 0% offers are floating around and/or transfer the cards to the HELOC.

But I'm nervous that if I only pay the minimums for 6 or 8 months that when I transfer the balances away at the end of the year they might lower the CL's.  But since my goal is to pay as little interest as possible, I guess that's a chance I'll have to take.

[masdeocho]

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FretlessMayhem wrote:
I really don't see why cash advances freak out creditors so much. If they are bothered by them that much, they need to just not offer that service.

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The banks offer cash advances because they are lucrative.  The clock starts ticking for finance charges the minute the ATM spits out the cash.  And you are usually charged a transaction fee (a percentage of the balance advanced).

However, the bank views it as a warning sign if you are using your credit cards for cash advances because it suggests that you are in financial trouble.  This may/may not be true, but why would you be borrowing cash?

[Cheezy]

I guess I have another one to report.

I BT'd 4K from Juniper/Barclay last week. I had a 10K CL and just checked it, they CLD'd me to 1K. I have 5 yrs of history, never a missed payment. Chock it up to the panic in the air I guess.

[MidnightVoice]

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Cheezy wrote:
I guess I have another one to report.

I BT'd 4K from Juniper/Barclay last week. I had a 10K CL and just checked it, they CLD'd me to 1K. I have 5 yrs of history, never a missed payment. Chock it up to the panic in the air I guess.

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Where did you BT it to?  And which card CLD'ed you?

[AttaGirl]

Barclay/Juniper closed my Barnes and Noble MC after a 30 day review because I opened up some other accounts after theirs.

[caliborne]

I finally got my paper statement from Target and the only thing it says is that if I make my minimum payments on time or early they will consider raising my credit limit. That is crazy not only have I always paid on time in the past two months I'd paid off everything I bought w/in a week of buying it (minus the 800 dollars charged on it when they started balance chasing me b/c they only allow 2 online payments in 7 days).

I'm sending them a letter to ask for better explanation, we'll see if they answer it.

[Cheezy]

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MidnightVoice wrote:
Where did you BT it to?  And which card CLD'ed you?

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I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.

[MidnightVoice]

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Cheezy wrote:

I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.

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The more I hear about BTs the less I like the idea.  The CCCs advertise them, but seem to hate them. 

[FretlessMayhem]

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MidnightVoice wrote:

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Cheezy wrote:

I BTd from Juniper to Discover. Juniper CLD'd me after the transfer was completed.

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The more I hear about BTs the less I like the idea. The CCCs advertise them, but seem to hate them.

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Unless it's BOA. For whatever reason, they are seriously all about it, and push really hard when I talk to them on the phone.

[Cheezy]

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MidnightVoice wrote:
The more I hear about BTs the less I like the idea.  The CCCs advertise them, but seem to hate them. 

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I agree! But we went from 16.99% with juniper to 3.99% for 4 years with Discover. We are working on our snowball payoff chart and that was too good an offer to pass up. It never dawned on me that Juni would CLD us though.