topic Re: For all those scared to do a BT with Barclays in Credit Cards

For all those scared to do a BT with Barclays

Anonymous — Sat, 10 Sep 2016 21:09:49 GMT

I did a BT to my Aviator card of $2,900 August 3rd. I only had a 5k limit. I made a few payments (currently at $2,600) and I got a notice a week ago that they bumped my limit up from 5k to 10k. Granted most of my other cards are over 20k, but this just goes to show you won't necessarily get AA by doing a BT to Barclays. I only did it because I just went on a 3 week trip to Europe and figured I could use the 0% interest. So feel free to do those BTs!

Re: For all those scared to do a BT with Barclays

Anonymous — Sat, 10 Sep 2016 21:40:27 GMT

With scores like that and low to no inquiries I don't think anyone is afraid of Barclays. For anyone with recent inquiries or accounts opened and scores below the stratosphere I would still suggest staying below 20% of total card limit when utilizing Barlcay BT

Re: For all those scared to do a BT with Barclays

Anonymous — Sat, 10 Sep 2016 21:41:11 GMT

@Anonymous wrote:
With scores like that and low to no inquiries I don't think anyone is afraid of Barclays. For anyone with recent inquiries or accounts opened and scores below the stratosphere I would still suggest staying below 20% of total card limit when utilizing Barlcay BT

I agree!

Re: For all those scared to do a BT with Barclays

baller4life — Sat, 10 Sep 2016 21:46:13 GMT

@Anonymous wrote:
@Anonymous wrote:
With scores like that and low to no inquiries I don't think anyone is afraid of Barclays. For anyone with recent inquiries or accounts opened and scores below the stratosphere I would still suggest staying below 20% of total card limit when utilizing Barlcay BT
I agree!

Me too!

Re: For all those scared to do a BT with Barclays

MidnightOwl — Sat, 10 Sep 2016 23:46:05 GMT

I've used them for several BT's but, never got an increase.

Re: For all those scared to do a BT with Barclays

kdm31091 — Sat, 10 Sep 2016 23:52:14 GMT

There's no point in anyone being scared of doing a BT. It's pretty simple, a BT triggers an account review with any creditor. They want to make sure you are good to repay the debt.

Assuming this review turns up nothing of interest you are fine. The problem is when you have lots of new accounts and inquiries. It looks like you're credit hungry, and the BT signals possible financial trouble. It's not too hard to figure out why AA occurs in most cases.

If your gut is telling you the BT is a bad idea you are probably right. People with 10 inquiries in the last 3 months should probably avoid drawing unnecessary attention to their account with any creditor.

Re: For all those scared to do a BT with Barclays

negg — Sun, 11 Sep 2016 01:08:26 GMT

Yeah I don't get why people are scared of Barclays. In the 4 years I've had my apple card iv never made a pos charge with it. I have thou ran $20000 thru it on BT's not one word or letter from then, except the CLI letters. From 1500 to 10,800. Never an issue for me.

Re: For all those scared to do a BT with Barclays

gingerflower — Sun, 11 Sep 2016 01:19:39 GMT

+1000 I've had my Barclay for 6 years and never had problems with bal transfers. The more transfer I make the more credit line increase I receive.

Re: For all those scared to do a BT with Barclays

lhcole77 — Sun, 11 Sep 2016 01:50:27 GMT

I love me some Barclays! I've been with them for over 3 years now--never an issue.

I've done BTs with new accounts opened, new INQs, etc. No AA. Just more offers and SP CLis and APR reductions.

That has been my experience and I am happy with them.

Re: For all those scared to do a BT with Barclays

Anonymous — Sun, 11 Sep 2016 02:52:17 GMT

I have credit increases when I did balance transfer as well. But then I applied for 10+cards last Summer. Barclays is a good company it's no one thing that causes the reaper. It's doing whole bunch of things seen as risky.

Re: For all those scared to do a BT with Barclays

Anonymous — Mon, 12 Sep 2016 03:19:09 GMT

Talk about over zealous CSRs....eeeek..... one time went to set up the pin for chip and pin on arrival plus and all these id questions come up our of nowhere that didnt even match my SO. And then there was the time with the app for Ring where not only for my SO, but for 1 friend and a few famly members, were required to send in copies of ID, SSN, piece of mail, AND professional licensure.

Then there was another instance (again with SO and others) where these security questions came up and my SO got them wrong (finally learned to just memorize the incorrect answers, funny how I had to do the same thing with Alliant at least they admit there are many issues with this process), account was locked, forced to call in...nothing fraudulent had happened ever. Out of the 3, 1 person with scores near 800 and no new accounts was balance chased after getting a sum of money left in a will, and paid their card in full. I wish I could remember what they said the reasoning was. Something along the lines of it looked suspicious to them that they had borrowed money to pay the bill off.

Bts on ring no problem, even up to 60% of limit and PIF, and still no increase (like 18+ months old) ...is it really worth the hassle to take the HP for another 5 or 10k when all heck could break? I know most ring increases usually go 10 to 15 to 20, and some of their limits are in the 20-40k range...Thoughts? My thought is, if its been done several times with no repercussions then its not worth it. They get paid some interest, and utilization eventually heals.

Eventually we all got over it. If anything happens we have plenty of other options (hence my stern view in the importance of a little diversity in ones wallet)....and with arrival plus redemptions changing to $100 minimum, eventual loss of trip it pro, and you have to remember to do barclays math or else you are stuck with points in limbo due to the rebate. https://www.reddit.com/r/churning/comments/4apl32/barclay_arrival_redemption_math/ :

Basically if you have 46k points you should redeem 38,105 miles towards a purchase, then you are left with 9800. Then you only spend $100 on travel and you can redeem your 10k miles. Then left with 500 miles. Had you redeemed all 46k points at once you'd have 2300 miles in limbo and be required to spend another $3,850 before you can make another redemption.

After watching a documentary about the mortgage bailouts in the UK, some of their paranoia/scruitiny makes sense.

Still, I love the idea of a card available to pretty much anyone, with their community that votes on aspects of the card (design, reducing FTFs yet increasing CA fees). Discussions about credit, etc. Cool stuff. I would think more credit unions would do this since you basically own a share or portion, so you should be able to have some input. And at least it gets folks aware that single digit APR cards still exist.

Re: For all those scared to do a BT with Barclays

kdm31091 — Mon, 12 Sep 2016 11:47:47 GMT

@Anonymous wrote:

Basically if you have 46k points you should redeem 38,105 miles towards a purchase, then you are left with 9800. Then you only spend $100 on travel and you can redeem your 10k miles. Then left with 500 miles. Had you redeemed all 46k points at once you'd have 2300 miles in limbo and be required to spend another $3,850 before you can make another redemption.

The math is right, but I have no clue why people want to put up with cards with such inane restrictions instead of just using flat 2% cards.

Re: For all those scared to do a BT with Barclays

Anonymous — Mon, 12 Sep 2016 12:10:20 GMT

@negg wrote:
Yeah I don't get why people are scared of Barclays. In the 4 years I've had my apple card iv never made a pos charge with it. I have thou ran $20000 thru it on BT's not one word or letter from then, except the CLI letters. From 1500 to 10,800. Never an issue for me.

We also have to remember that we don't always hear the whole story on myfico. Often when AA follows a BT, the person may have had new accounts, inquiries, increased utilization overall, and now they want to do a BT for a large portion of the credit line? I'd be a litte leery too if I were the lender.

Re: For all those scared to do a BT with Barclays

CreditJim — Mon, 12 Sep 2016 14:36:36 GMT

@Anonymous wrote:
I did a BT to my Aviator card of $2,900 August 3rd. I only had a 5k limit. I made a few payments (currently at $2,600) and I got a notice a week ago that they bumped my limit up from 5k to 10k. Granted most of my other cards are over 20k, but this just goes to show you won't necessarily get AA by doing a BT to Barclays. I only did it because I just went on a 3 week trip to Europe and figured I could use the 0% interest. So feel free to do those BTs!

I'm glad the mods are allowing this to stay in Credit Cards where people can see this and realize Barclays aren't going to balance chase and CLD you for using a BT.

I posted an almost identical anecdote to yours OP, and it was moved to Approvals!

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/Barclays-has-taken-action-after-using-BT/td-p/4532882