topic Re: Balance Transfer Question in Credit Cards

Balance Transfer Question

Girlzilla88 — Thu, 27 Feb 2020 20:51:38 GMT

If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?! Sorry if this has been answered somewhere.

Re: Balance Transfer Question

Anonymous — Thu, 27 Feb 2020 20:59:33 GMT

@Girlzilla88 wrote:
If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?! Sorry if this has been answered somewhere.

How much to transfer is almost certainly your decision.
That being said, if your utilization is high I would suggest paying off old card completely if an option.
If you pay down to zero, marginally less danger of new card showing balance and balance still showing up on old card, before old bank reports payment.
Better chance of bank reporting mid-cycle if you pay down to zero.

Re: Balance Transfer Question

Girlzilla88 — Thu, 27 Feb 2020 21:03:00 GMT

I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!

Re: Balance Transfer Question

M_Smart007 — Thu, 27 Feb 2020 21:10:13 GMT

@Girlzilla88 wrote:
I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!

Small amount, Don't fret about it.

Re: Balance Transfer Question

pinkandgrey — Thu, 27 Feb 2020 21:23:56 GMT

Yep, you can choose how much.

Good luck!

Re: Balance Transfer Question

SouthJamaica — Thu, 27 Feb 2020 21:52:55 GMT

@Girlzilla88 wrote:
If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?! Sorry if this has been answered somewhere.

No, you can transfer as much or as little as you like.

Just bear in mind that your scores may dip if you put more than 28% or so on any one card.

Re: Balance Transfer Question

Anonymous — Thu, 27 Feb 2020 22:42:07 GMT

@Girlzilla88 wrote:
I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!

When I was approved last March for an Amex with an 8000 CL the first thing I did was balance transfer $5000 to it. I've been approved for 3 Amexes since then.

With any product, if they're tryinig to sell it to me at a substantial discount, I have to assume they want me to buy it.

Re: Balance Transfer Question

FinStar — Fri, 28 Feb 2020 01:25:02 GMT

@pinkandgrey wrote:
Yep, you can choose how much.
Good luck!

As mentioned above, you can decide on the amount. Definitely give consideration for the BT fee (if applicable) and leave enough breathing room so your account isn't heavy on the balance (i.e. utilization). The cost savings can definitely outweigh any temporary score dips.

Good luck whatever you decide!