topic Re: AMEX & Cap 1 Credit Line Transfer Question in Credit Cards

AMEX & Cap 1 Credit Line Transfer Question

Repairman — Sun, 06 Sep 2015 03:53:03 GMT

Next year, I plan to transfer the credit line on 1 of my AMEX cards to the other, and then close the 1st card. I also plan to do the same with 2 of my Capital One credit cards. My question is, how should I go about that?

Should I do the transfer 1st, and then after it goes through, contact AMEX and Capital One again and cancel the card? Or do I tell them right from the start, that I want to transfer the credit line and close the account?

Re: AMEX & Cap 1 Credit Line Transfer Question

Blodreina — Sun, 06 Sep 2015 13:29:36 GMT

Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.

Re: AMEX & Cap 1 Credit Line Transfer Question

Repairman — Sun, 06 Sep 2015 13:40:17 GMT

@Simba501 wrote:
Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.

I didn't realize that. I thought you could transfer a partial amount of the credit line from one card, and keep it open if you so chose. Is that not correct?

Re: AMEX & Cap 1 Credit Line Transfer Question

FICOEmpire — Sun, 06 Sep 2015 14:05:37 GMT

@Repairman wrote:
@Simba501 wrote:
Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.
I didn't realize that. I thought you could transfer a partial amount of the credit line from one card, and keep it open if you so chose. Is that not correct?

With AMEX you can transfer a portion of the limit between cards. Do it online with chat or call them. The donor card has to be 13 months old and the recipient 3 months. With Cap 1, you can combine accounts online. The entire limit will be transferred and the donor acct will be closed. I don't know if you can transfer just a portion of the CL. Chat or call.

Re: AMEX & Cap 1 Credit Line Transfer Question

Repairman — Sun, 06 Sep 2015 19:09:48 GMT

Thanks so much for the info!

Re: AMEX & Cap 1 Credit Line Transfer Question

FinStar — Sun, 06 Sep 2015 19:28:29 GMT

@FICOEmpire wrote:
@Repairman wrote:
@Simba501 wrote:
Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.
I didn't realize that. I thought you could transfer a partial amount of the credit line from one card, and keep it open if you so chose. Is that not correct?
With AMEX you can transfer a portion of the limit between cards. Do it online with chat or call them. The donor card has to be 13 months old and the recipient 3 months. With Cap 1, you can combine accounts online. The entire limit will be transferred and the donor acct will be closed. I don't know if you can transfer just a portion of the CL. Chat or call.

Correct.

OP - for Capital One, it's all or nothing - there is no partial CL reallocation. Once you click submit, there's no going back and the donor card will be effectively closed.

Re: AMEX & Cap 1 Credit Line Transfer Question

Repairman — Sun, 06 Sep 2015 19:36:54 GMT

@FinStar wrote:
@FICOEmpire wrote:
@Repairman wrote:
@Simba501 wrote:
Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.
I didn't realize that. I thought you could transfer a partial amount of the credit line from one card, and keep it open if you so chose. Is that not correct?
With AMEX you can transfer a portion of the limit between cards. Do it online with chat or call them. The donor card has to be 13 months old and the recipient 3 months. With Cap 1, you can combine accounts online. The entire limit will be transferred and the donor acct will be closed. I don't know if you can transfer just a portion of the CL. Chat or call.
Correct.

OP - for Capital One, it's all or nothing - there is no partial CL reallocation. Once you click submit, there's no going back and the donor card will be effectively closed.

And I assume they explain all of that to you during the process?

Re: AMEX & Cap 1 Credit Line Transfer Question

FinStar — Sun, 06 Sep 2015 19:47:36 GMT

@Repairman wrote:
@FinStar wrote:
@FICOEmpire wrote:
@Repairman wrote:
@Simba501 wrote:
Transferring the limit is closing the card. If eligible and it goes through, then the card's limit that was moved will be closed. I think both AMEX and Cap 1 allow you to do it online anyway. Could be wrong about AMEX; I don't have one.
I didn't realize that. I thought you could transfer a partial amount of the credit line from one card, and keep it open if you so chose. Is that not correct?
With AMEX you can transfer a portion of the limit between cards. Do it online with chat or call them. The donor card has to be 13 months old and the recipient 3 months. With Cap 1, you can combine accounts online. The entire limit will be transferred and the donor acct will be closed. I don't know if you can transfer just a portion of the CL. Chat or call.
Correct.

OP - for Capital One, it's all or nothing - there is no partial CL reallocation. Once you click submit, there's no going back and the donor card will be effectively closed.
And I assume they explain all of that to you during the process?

I would assume you're an individual who reviews disclosures and T&C before clicking "submit"? If so, and specific to Capital One, this information is provided at the point of combining the accounts - be sure to read things carefully to ensure it agrees with your expected results. It cannot be undone once you click submit (hence why you'd check the boxes).

Re: AMEX & Cap 1 Credit Line Transfer Question

NLYTN — Tue, 08 Sep 2015 20:30:59 GMT

So is it safe to say that people open new cards just to do this? Because if I wasnt receiving the CLI's I wanted this may be a good option to look into. Yes you may take a hit on the pull and closing but you can pad ur SL. Hmmmm, the force is growing stronger with this one...lol