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I opened up a card through my CU, and am transferring balances from my Barclay Card and two Capital One cards. My question is, will transferring those balances trigger Barclay and/or C1 to close the accounts? Its not the end of the world if they do, but I'd like to keep them open for util purposes.
I've transferred many balances in the past and I've never had any lenders close accounts or reduce my CL's.
they should NOT close....just show as PIF
The credit card bussiness is very lucrative, that is why they are willing to pay to aquire a customer, if you use the card and the lender gets paid in full, they don't complain where the funds come from. All they care is they got their swipe fee, and possibly a bit of interest and now they are happy you paid the bill, now they can lend the money out again. Banks pay 1-3% for cash per year, they earn 3% swipe fee, then interest usuallly 15-29 percent, 15-29x if you cary a balance but its at a higher risk, short term borrowing is much safer for the lender, it is only 3% swipe fee if you pay it off again they can get more swipe fees from the same funds, They will let you use the card, and BT it out all day long... they made their 3% off you. I would be happy if I made $3 in cash for each $100 of money I had in my saving account.
security and fraud departments may put limits on things, but if the spend is not outside of the norm, everyone is fine.
If you are borderline approval, the CU may require you to close the accounts after the BT. But the BT itself will not close the accounts.
@jamesdwi wrote:The credit card bussiness is very lucrative, that is why they are willing to pay to aquire a customer, if you use the card and the lender gets paid in full, they don't complain where the funds come from. All they care is they got their swipe fee, and possibly a bit of interest and now they are happy you paid the bill, now they can lend the money out again. Banks pay 1-3% for cash per year, they earn 3% swipe fee, then interest usuallly 15-29 percent, 15-29x if you cary a balance but its at a higher risk, short term borrowing is much safer for the lender, it is only 3% swipe fee if you pay it off again they can get more swipe fees from the same funds, They will let you use the card, and BT it out all day long... they made their 3% off you. I would be happy if I made $3 in cash for each $100 of money I had in my saving account.
security and fraud departments may put limits on things, but if the spend is not outside of the norm, everyone is fine.
What do you mean 3% swipe fee?
Those days are long gone.
I run cards all day long from customers and the most i pay is 1.65 on mastercard and Visa. i pay 2.5 to amex. and im a small fry. im sure the big stores are paying less than 1%