Preparing to make my first balance transfer

[Anonymous]

I finally have a card that will take a BT....yeah!

Slate and Citi DC

Now a question or two. 

Does the transfer report as a payment?

I take 500 from my barclaycard and transfer it to the slate. Is that considered my Barclay payment? And the next month I start to pay chase?

Are there any WATCH OUT OR BE CAREFUL suggestions?

[Rebuilding69]

Can't speak about Citi or Chase or Barclay personally, but when I BT'd my balances from Cap1 to my NFCU card, it showed as a payment on the Cap1 side & BALANCE TRANSFER EDT on the NFCU side. However I believe I read on the Cap1 site that the BT did not count towards your monthly payment, which I guess means if you don't BT the entire balance, you still have to make your normal monthly payment as well. No idea if different companies have different rules for BT/monthly payments, if that's what you were getting at, asking if it was coded as a payment.

 I just checked the Barclay site FAQ regarding BT's but didn't see any info regarding additional monthly payments beyond a partial BT. I would just call the 800# & ask personally. Sorry I couldn't be of more help.

[Anonymous]

Good idea about calling barclay. 

[UncleB]

FWIW, in the past with multiple lenders and more recently with Capital One and Synchrony any balance transfers always posted as a 'normal' payment. 

When I do a BT I tend to PIF the account it goes to, but if you're paying less than the full amount simply watch your statement (or check the account online) to make sure the transfer meets the monthly payment requirement. 

[Anonymous]

Someone on the board mentioned about nine months ago that Barclay has information listed on their Ring website regarding their stance about BT away from Barclay cards. Apparently they state that they consider "poor credit behavior" to be balance transferring away from Barclay cards, which is what you are looking at doing.

People have done it before, so hard to say if that is just Barclay's way of trying to prevent people from balance transferring away from their card. Wanted to mention it, however.

Some lenders can see a BT as an actual balance transfer and others show it as a payment. Normally your regular monthly payment is still due unless you zero out the card, but this may vary according to lender and YMMV also.

[Anonymous]

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@Rebuilding69 wrote:

Can't speak about Citi or Chase or Barclay personally, but when I BT'd my balances from Cap1 to my NFCU card, it showed as a payment on the Cap1 side & BALANCE TRANSFER EDT on the NFCU side. However I believe I read on the Cap1 site that the BT did not count towards your monthly payment, which I guess means if you don't BT the entire balance, you still have to make your normal monthly payment as well. No idea if different companies have different rules for BT/monthly payments, if that's what you were getting at, asking if it was coded as a payment.

 I just checked the Barclay site FAQ regarding BT's but didn't see any info regarding additional monthly payments beyond a partial BT. I would just call the 800# & ask personally. Sorry I couldn't be of more help.

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THIS HELPS....Thanks

[Anonymous]

Thanks...

But why p.i.f. the transfered balance if it is at 0%..?

[Anonymous]

I did a BT from my Ring to my Capital One bank account a couple of weeks ago, Barclay cleared within a couple days, it has yet to show up in my bank account. Wanted to use it to pay off one of my Synnchony cards. (really like Synchrony but man them rates are high)

[UncleB]

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@Anonymous wrote:

Thanks...

But why p.i.f. the transfered balance if it is at 0%..?

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We're talking about PIF the account receiving the balance transfer, not the balance transfer itself. 

It's not necessary, it's just something I generally do to keep my bookkeeping more simple.

[Anonymous]

Now I get it. 

Thanks, Uncle B 

C