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Hello everyone ! Long time reader of these forums and I have just a simple question? I did a balance transfer with Capitol One to pay off a balance with Barklays. It wasn't much of a transfer but $600.00 .Does Barklays take offense to doing this? My Barklays has a higher interest rate than my Cap 1 believe it or not. I just don't want to PO Barklay Card and have them lower my CL because they got paid by Cap One. May be a dumb question but has me concerned. Thanks in advance.
Interesting question....
If I were a creditor, I would view the current CL as my comfort level in permitting the consumer to use my $, capped by the level at which they may become an increased risk of delinquency/default. I would want them to use the card, thus getting fees at the register, and potential interest.
Using criteria unrelated to a risk of repayment analysis would most likely reduce my profits on the average......not a business decision I would probably make.
@Basspro2 wrote:Hello everyone ! Long time reader of these forums and I have just a simple question? I did a balance transfer with Capitol One to pay off a balance with Barklays. It wasn't much of a transfer but $600.00 .Does Barklays take offense to doing this?
Why would any creditor "take offense" to being paid?
It's fine, the balance transfers are there for use, it's promoted b/c they want you to use their cards. However make sure the balance transferred is not capping off your card and overall your utilization to debt ratio stays low.
Thanks guys ... Just worried that Barkleys would get concerned that Cap 1 is paying a balance. Never did a transfer before and you know how wierd Barklays is.