topic Re: Balance transfer to barclays in Credit Cards

Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 19:27:29 GMT

I transferred a balance from my capital one platinum card to my barclay card so I could combine my Plat and QS1 cards together. I'm trying to cut down on the amount of cards I have, it's become overwhelming as I don't use half of them. I over apped in my first year getting back into credit.

So my question is how long does it usually take for a BT? The BT has already posted to my Barclay card but it has yet to show on my Capital One accounts? I put the BT in on Monday. My statements, on my Capital One cards, typically cut between the 22nd and 24th. The billing due date is the 20th. Do you think that the BT will go through by then? I don't want to be double dinged for the balance I'm transferring. It's only about $400 but I just recently got my overall utilization down to under 25% from being around 90%+ for the last few months or so.

Re: Balance transfer to barclays

OmarGB9 — Thu, 17 Mar 2016 19:30:21 GMT

Barclays is normally pretty fast. Shows up on the Barclays end within a couple of days. On the cap one side, might get there by the 20th, but no guarantees. Most likely it'll go through before statement cut, but YMMV.

Re: Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 21:05:29 GMT

You are definitely cutting it close. Set up a payment account in your capital one account so you can submit a payment last minute if it doesn't show. Then the BT will overpay the Cap One and you'll get a check for the balance. This is worst case scenario of course.

Re: Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 21:09:40 GMT

When you do any BT, you should plan on having both accounts report and need to make a payment on the account being transferred out. Some of these can take some time to post.

Re: Balance transfer to barclays

ojefferyo — Thu, 17 Mar 2016 22:20:38 GMT

Just a little FYI about BT to Barclay, is they like to slash your CL afterwards from what I have been reading on here. Not saying it will happen to you but a few on here have had it happen to them when using a BT offer they gave to them.

Re: Balance transfer to barclays

someg33k — Thu, 17 Mar 2016 22:34:17 GMT

@ojefferyo wrote:
Just a little FYI about BT to Barclay, is they like to slash your CL afterwards from what I have been reading on here. Not saying it will happen to you but a few on here have had it happen to them when using a BT offer they gave to them.

I have read that before from other folks. It's funny that Barclays sends me those "convenience checks" and BT offers constantly but from what I hear doesn't really like BTs.

I always shred them anyway... Lets push people to take advantage of this offer, and then penalize for using it?

Sorry to derail the OPs topic. Just find this annoying..

Re: Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 22:43:12 GMT

@Anonymous wrote:
When you do any BT, you should plan on having both accounts report and need to make a payment on the account being transferred out. Some of these can take some time to post.

Good advice.

Re: Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 22:44:08 GMT

@someg33k wrote:
@ojefferyo wrote:
Just a little FYI about BT to Barclay, is they like to slash your CL afterwards from what I have been reading on here. Not saying it will happen to you but a few on here have had it happen to them when using a BT offer they gave to them.
I have read that before from other folks. It's funny that Barclays sends me those "convenience checks" and BT offers constantly but from what I hear doesn't really like BTs.
I always shred them anyway... Lets push people to take advantage of this offer, and then penalize for using it?

Sorry to derail the OPs topic. Just find this annoying..

Me, too!

Re: Balance transfer to barclays

baller4life — Thu, 17 Mar 2016 22:47:14 GMT

YMMV seriously. Some have no issues. I was slashed after bt.

Re: Balance transfer to barclays

Anonymous — Thu, 17 Mar 2016 23:10:08 GMT

If the offer is there and it benefits you, take it. I would not worried about anything else. They are making $$ on the BT so don't sweat it. Just continue to pay your bills on time and everything will take care of itself. No worries.

Re: Balance transfer to barclays

ojefferyo — Thu, 17 Mar 2016 23:27:51 GMT

@Anonymous wrote:
If the offer is there and it benefits you, take it. I would not worried about anything else. They are making $$ on the BT so don't sweat it. Just continue to pay your bills on time and everything will take care of itself. No worries.

The offer is always on my account, it's there but that doesn't mean they like it. Strange they are.

Re: Balance transfer to barclays

Anonymous — Fri, 18 Mar 2016 12:14:11 GMT

Thanks everyone. The BT showed up on my Capital One card today. It's now at a zero balance but I came across a forum post yesterday about PC'ing my Capital One cards and I initiated a PC on the card I paid off with a BT. It will benefit me to pay off the other capital one card I have and combine it into the one I just paid off because the one I just paid off has a lower annual fee. My QS1 has a $39 annual fee and my Platinum has a $19 annual fee. Both have the same APR so now I'm going to wait for another month after I pay the QS1 off so I can combine it with the Platinum that I just PC'd.

Credit is a crazy, crazy thing. I just honestly can't believe I have some now. LOL

Re: Balance transfer to barclays

takeshi74 — Fri, 18 Mar 2016 13:41:05 GMT

@Anonymous wrote:
So my question is how long does it usually take for a BT? The BT has already posted to my Barclay card but it has yet to show on my Capital One accounts? I put the BT in on Monday. My statements, on my Capital One cards, typically cut between the 22nd and 24th. The billing due date is the 20th. Do you think that the BT will go through by then? I don't want to be double dinged for the balance I'm transferring.

It varies and we can't tell you if it will complete before statement cuts. If the balance is double reported one cycle then it double reports from one cycle. Your revolving utilization will recover next cycle. It's really no big deal if it happens.

@someg33k wrote:
I have read that before from other folks. It's funny that Barclays sends me those "convenience checks" and BT offers constantly but from what I hear doesn't really like BTs.

@someg33k wrote:
Lets push people to take advantage of this offer, and then penalize for using it?

That's a gross oversimplification like the "AmEx hates balances" meme and other such memes. Any creditor can take adverse action based on activity that exceeds its risk tolerances. It's not just a matter of BT versus no BT with Barclay's. One's credit profile and the specifics of the BT matter. All BT's are not the same. Always consider revolving utilization on the cards involved in the BT.

It's up to each to responsibly use what they're given. You can't just assume that being given something means that you can use it however you want with no consequences. A BT offer doesn't mean that the impact of revolving utilization and other factors with one's credit profile no longer apply just as being granted a high limit doesn't mean you can just go out and run up charges to the new credit limit. One can certainly use a BT offer or take advantage of a higher limit without incurring adverse action but one has to put some more though into the matter than just "I was offered X so I should be able to just use X however I want with no detrimental impact".