cancel
Showing results for 
Search instead for 
Did you mean: 

transferring a balance.

Member

transferring a balance.

I know, not another one of these threads... 

 

I got into a discussion with my dad at the dinner table regarding transferring a balance.

 

I recently transfered $400 from my WF CC, to my CapOne CC to pay off the remainding balance.

I thought that once I had transfered the balance, I didn't have to pay WF that money back,because the CL on my WF would just lower, like a CL decrease.

But, my dad said I do, because essentially WF is paying CapOne.

 

Was he right?

may the force be with you.
Message 1 of 10
9 REPLIES
Mega Contributor

Re: transferring a balance.

If your talking balance transfer from WF to Cap1 of $400. Cap1 paid $400 to WF so now you owe the extra $400 to Cap1. You may owe interest on the $400 that accrued before it was transfered so be sure to check the WF statment when it cuts.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 2 of 10
Senior Contributor

Re: transferring a balance.

If the $400 was your entire balance, then your current balance with WF should be $0 and you don't have to make a payment.  If you only transferred part of your balance then you owe the remaining on WF and the $400 to Cap 1.  check your account online or wait for your paper statements.

Message 3 of 10
Member

Re: transferring a balance.

Right now my WF is showing an outstanding balance of $50 which I used to purchase something, and an avalible balance of $350. My opening balance before the transfer was $800, but I used $400 to close my CapOne account.

 

Now my CapOne is showing a balance of $0.

 

So I would have to pay back WF the $400?

may the force be with you.
Message 4 of 10
Mega Contributor

Re: transferring a balance.

Be sure to check the balance when the statement cuts on your Cap1 for interest accrued from before the transfer took place. We thought the balance transfer was to Cap1 not from Cap1 to WF.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 5 of 10
Mega Contributor

Re: transferring a balance.

The answer is your CL decreased because you owe them $400 more because you paid Cap1. Yes you owe WF the $400 plus any other charges and fees on your account you may have made.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 6 of 10
Senior Contributor

Re: transferring a balance.


woah_amie wrote:

Right now my WF is showing an outstanding balance of $50 which I used to purchase something, and an avalible balance of $350. My opening balance before the transfer was $800, but I used $400 to close my CapOne account.

 

Now my CapOne is showing a balance of $0.

 

So I would have to pay back WF the $400?


I'm a little confused by this, but it is clear you owe one of them $400.  Just go by the statements when they cut. 

Message 7 of 10
Frequent Contributor

Re: transferring a balance.


FocusedAndDetermined wrote:

woah_amie wrote:

Right now my WF is showing an outstanding balance of $50 which I used to purchase something, and an avalible balance of $350. My opening balance before the transfer was $800, but I used $400 to close my CapOne account.

 

Now my CapOne is showing a balance of $0.

 

So I would have to pay back WF the $400?


I'm a little confused by this, but it is clear you owe one of them $400.  Just go by the statements when they cut. 


+1 This is confusing so that's probably the best advice!

Message 8 of 10
Senior Contributor

Re: transferring a balance.

If I understand OP correctly, he is saying he had a $400 balance on Cap One and he used his WF card to pay off the Cap One balance.  It is somewhat confusing OP because when you say you did a balance transfer (BT) from your WF card to Cap One, that normally means you had a $400 balance on WF and you transferred the balance to Cap One.  

 

In any event, if the above is correct, then yes, you owe $400 to WF plus the BT fee (if any) plus interest (if any) plus any balance you already had on your WF card.  You should also check your Cap One card to make sure that there is no additional balance from interest that accrued before the balance transfer (which others have pointed out).

 

OP seemed to think that WF would simply lower his CL by $400 in exchange for paying off the Cap One card.  That is not how it works, thought it would be amazing if it did work that way.  You'd see a whole lot more posts advocating balance transfers! 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 9 of 10
Senior Contributor

Re: transferring a balance.


woah_amie wrote:

 

I thought that once I had transfered the balance, I didn't have to pay WF that money back,because the CL on my WF would just lower, like a CL decrease.

 


A BT doesn't lower CL.  It lowers the balance on the card that the balance was transferred from and increases the balance on the card that the balance was transferred to.  Balance are CL are two entirely different things.

 


woah_amie wrote:

Right now my WF is showing an outstanding balance of $50 which I used to purchase something, and an avalible balance of $350. My opening balance before the transfer was $800, but I used $400 to close my CapOne account.

 


Your OP is confusing.  As stated above, you transferred from Capital One to Wells Fargo if that's the case.  From and to are relative to how the balance was moved, not the credit limit or available credit.  You owe whoever you transferred the balance to.  That said, whoever you transferred from may still charge you interest -- if that's the case then you'll owe that to the one you transferred from as well.

 

You also seem to be using balance and credit/credit limit interchangeably which is adding to the confusion.  Your WF shows a balance of $50.  Your available credit is $350 after that purchase and the $400 balance transfer since your credit limit is $800.  In other words:

 

Credit limit =  balance + available credit

Message 10 of 10