topic Re: Balance Transfer Questions in Credit Cards

Balance Transfer Questions

Anonymous — Fri, 20 Mar 2015 13:15:44 GMT

I received some BT checks from Barclay's for my Apple Rewards. I am thinking about taking advantage of this offer because it is 0% APR until at least May 2016. The fee is 3% or $5.00, whichever is greater. I've never completed a BT so I'm looking for pros and cons and the time frame in which this normally takes as it has to be posted by April 1st. Thanks in advance!

Re: Balance Transfer Questions

takeshi74 — Fri, 20 Mar 2015 13:20:08 GMT

Timeframe varies so we can't tell you exactly how long it takes. You have the information and it's up to you to consider what are pros and cons. Keep in mind that utilization matters on the revolving account you're BT'ing to. Run the numbers to compare the BT fee to the interest you'd pay over the time it takes to pay off the balance. Make sure you understand what happens if the 0% runs out and you haven't paid off the balance in full and consider the impact of what might happen if you run into that (i.e. read the terms).

Re: Balance Transfer Questions

NRB525 — Fri, 20 Mar 2015 13:19:42 GMT

If you can process it on line (typically these checks come with a code or the same offer in your on-line account) and you start the on line process today, it should complete by April 1.

Why the April 1 deadline? Is it for a minimum payment on the source that you are going to BT from?

Re: Balance Transfer Questions

takeshi74 — Fri, 20 Mar 2015 13:20:41 GMT

@NRB525 wrote:
Why the April 1 deadline?

Stipulated by the BT offer.

Re: Balance Transfer Questions

Anonymous — Fri, 20 Mar 2015 13:24:47 GMT

Stipulated by the BT. I've had them since January. The balance is relatively low, under $300 but APR on the current account starts charging in April from a no promo period which is why I'm thinking about the BT. I just literally paid off almost all of my cards. I could pay this one off too bit I need to carry somewhat of a small balance so I would rather transfer this one. Also, my statement close date on the Apple card is the 23rd so I want that one to report 0 before the balance is transferred. That's why I'm looking at a time frame but I also need to make sure it reports 0 first.

Re: Balance Transfer Questions

lg8302ch — Fri, 20 Mar 2015 13:36:41 GMT

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

Re: Balance Transfer Questions

Anonymous — Fri, 20 Mar 2015 13:41:54 GMT

Thanks for the information! The pay off is not a problem as it is under $300 and I have until May 2016. I plan on starting it the day before my statement closes so it shouldn't affect the 0 reporting. This way, I will report 0 on that card and then transfer the balance by April 1st and have the card I'm transferring from, report a 0 balance in April as well. It's a win, win for me really.

Re: Balance Transfer Questions

NRB525 — Fri, 20 Mar 2015 13:46:13 GMT

a lot of angst and timing concerns for a $300 BT, in my opinion.

Too much time is spent here with "I want this balance to report zero".

Do what you will. There's plenty of time between March 24 and March 31 to complete this, but I'd suggest initiating it from the Barclay side, electronically, to ensure that Barclay has a clear view to you initiating the BT on time.

If it were me, I wouldn't want to end up with $300 reporting with a 20% APR or anything (presses sarcasm button).

Re: Balance Transfer Questions

Anonymous — Fri, 20 Mar 2015 15:39:25 GMT

I believe this is wise but I want to confirm it with the masses.

DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback".

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.

Re: Balance Transfer Questions

Anonymous — Fri, 20 Mar 2015 15:41:52 GMT

@Anonymous wrote:
I believe this is wise but I want to confirm it with the masses.

@DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback".

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.

Use the card. That's what it's there for!

I even confirmed with analyst on the phone that they like to see HEAVY usage of their cards with aggressive paydowns. I think if you could ramp it up to $300/mo you'd be golden.

Re: Balance Transfer Questions

JSS3 — Fri, 20 Mar 2015 20:45:46 GMT

@lg8302ch wrote:
I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

What is this?

Re: Balance Transfer Questions

lg8302ch — Fri, 20 Mar 2015 23:09:31 GMT

@JSS3 wrote:
@lg8302ch wrote:
I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!
What is this?

I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive. I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

Re: Balance Transfer Questions

NRB525 — Sat, 21 Mar 2015 01:31:18 GMT

@Anonymous wrote:
@Anonymous wrote:
I believe this is wise but I want to confirm it with the masses.

@DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback".

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.
Use the card. That's what it's there for!

I even confirmed with analyst on the phone that they like to see HEAVY usage of their cards with aggressive paydowns. I think if you could ramp it up to $300/mo you'd be golden.

50% utilization from a BT is nothing, particularly if it is the only outstanding balance. You will still be paying 8% APR however (actually works out to 8.22% with daily compounding of interest), so there is no benefit to milking this one for any longer than you have to. Even that 8% is going to add up to a lot more than you want to pay, if you stretch it out for 3 years.

Re: Balance Transfer Questions

Anonymous — Sat, 21 Mar 2015 01:59:24 GMT

@NRB525 wrote:
@Anonymous wrote:
@Anonymous wrote:
I believe this is wise but I want to confirm it with the masses.

@DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback".

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.
Use the card. That's what it's there for!

I even confirmed with analyst on the phone that they like to see HEAVY usage of their cards with aggressive paydowns. I think if you could ramp it up to $300/mo you'd be golden.
+1
50% utilization from a BT is nothing, particularly if it is the only outstanding balance. You will still be paying 8% APR however (actually works out to 8.22% with daily compounding of interest), so there is no benefit to milking this one for any longer than you have to. Even that 8% is going to add up to a lot more than you want to pay, if you stretch it out for 3 years.

Agreed on paying it as quickly as possible. However, it's still a big difference. If I just made the $160 payment to Chase I'd be paying for 17-20 years. lol

Re: Balance Transfer Questions

JSS3 — Sat, 21 Mar 2015 12:14:57 GMT

@lg8302ch wrote:
@JSS3 wrote:
@lg8302ch wrote:
I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!
What is this?
I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive. I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

~~WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this~~.

=============================================

ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on.

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped!

Re: Balance Transfer Questions

lg8302ch — Sat, 21 Mar 2015 13:23:28 GMT

@JSS3 wrote:
@lg8302ch wrote:
@JSS3 wrote:
@lg8302ch wrote:
I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!
What is this?
I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive. I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉
~~WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this~~.
=============================================

ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on.

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped!

Just be careful......it is way too easy to get money like this from the comfort of the own living room ! ....lol

Re: Balance Transfer Questions

JSS3 — Sat, 21 Mar 2015 13:43:12 GMT

@lg8302ch wrote:
@JSS3 wrote:
@lg8302ch wrote:
@JSS3 wrote:
@lg8302ch wrote:
I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!
What is this?
I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive. I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉
~~WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this~~.
=============================================

ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on.

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped!
Just be careful......it is way too easy to get money like this from the comfort of the own living room ! ....lol

Technology is making things way too easy, and other things obsolete.

Downside is it's turning us lazy, gluttonous, less(mentally) sharp, and antisocial,

Oh well....yay to technology.