topic Re: Need Help Balance Transfer in Credit Cards

Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 06:31:42 GMT

Greetings,

I currently have Chase Freedom card and I am at an 80% utilization rate on this card (overall 30%). I am trying to find a way to transfer my funds before my 0% promotion is completed in a couple months. I've heard people stating that Chase Slate sometimes will write you a check for balance transfer. Is this true? Any fees associated to the check?

I am trying to avoid any balance transfer fees if possible.

What other options exist for me? My credit score is in the 700's so I am willing to apply for any card out there.

Re: Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 06:39:53 GMT

Barclay Ring has no fee, but charges 8% out the gate. Most cards have a fee. Capital One QS1, I think, does not...but has an AF. Chase won't let you BT to another of their cards -- needs to be done at a different bank.

Re: Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 06:51:06 GMT

@Anonymous wrote:
Barclay Ring has no fee, but charges 8% out the gate. Most cards have a fee. Capital One QS1, I think, does not...but has an AF. Chase won't let you BT to another of their cards -- needs to be done at a different bank.

Is the 8% on new purchases or also on the balance transfer funds?

Re: Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 06:57:27 GMT

Also on the BT.

Re: Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 12:49:12 GMT

@Anonymous wrote:
@Anonymous wrote:
Barclay Ring has no fee, but charges 8% out the gate. Most cards have a fee. Capital One QS1, I think, does not...but has an AF. Chase won't let you BT to another of their cards -- needs to be done at a different bank.

Is the 8% on new purchases or also on the balance transfer funds?

Ring is a great utility card. 8%, no BT fee, no cash advance fee. It's really close to a PLOC in its features. You just won't get that 0% promo rate which can add up $.

I have heard about Chase BTs to checking, but have not tried it personally.

Re: Need Help Balance Transfer

Anonymous — Wed, 30 Dec 2015 12:51:47 GMT

My ED and BCE both came with 12 month 0% balance transfer offers with a 3.5% BT fee. That could work for you if you can get in with Amex.

Re: Need Help Balance Transfer

takeshi74 — Wed, 30 Dec 2015 13:28:44 GMT

@Anonymous wrote:
What other options exist for me? My credit score is in the 700's so I am willing to apply for any card out there.

It's never just about score. At 80% utilization on the Freedom, don't count on a new card for BT'ing. High utilization doesn't just impact approvals but the limit and APR you'd qualify for as well. 30% overall utilization is just at the max. On its own it's not terrible (though lower is better) but having one card at 80% will still have an impact.

Also, keep in mind that you don't have just one credit score. There are many scoring models used by creditors and for most models you have a score with each of the 3 major CRA's. If you're going to rely on score then you need to always consider the model & CRA and the relevance of a given combo to a given creditor.

@Anonymous wrote:
Chase won't let you BT to another of their cards -- needs to be done at a different bank.

It's not just Chase. No creditor will do so.