topic Re: Question About Balance Tranfers in Credit Cards

Question About Balance Tranfers

debtphobe — Mon, 18 Jul 2022 13:01:58 GMT

When you transfer a balance from one credit card to another (in my case, to take advantage of a 12 month 0% APR), does the credit card institution you're transferring from (in my case, Amex) know you transferred the balance, as opposed to paying it? Does it matter either way?

The reason I'm asking is because I'd prefer Amex to think I paid the balance in full as opposed to playing musical chairs with my balances.

Any thoughts appreciated!

Re: Question About Balance Tranfers

bigseegar — Mon, 18 Jul 2022 13:40:50 GMT

Whether they pay attention or not who knows. But they'll be able to tell from your credit report and AX does a SP pretty much monthly on Members.

Re: Question About Balance Tranfers

Brian_Earl_Spilner — Mon, 18 Jul 2022 14:52:21 GMT

I assume they'll know when the payment comes directly from Citi/chase/credit union/etc instead of the account you have on file for payment.

Re: Question About Balance Tranfers

OmarGB9 — Mon, 18 Jul 2022 15:44:08 GMT

@debtphobe wrote:
When you transfer a balance from one credit card to another (in my case, to take advantage of a 12 month 0% APR), does the credit card institution you're transferring from (in my case, Amex) know you transferred the balance, as opposed to paying it? Does it matter either way?

The reason I'm asking is because I'd prefer Amex to think I paid the balance in full as opposed to playing musical chairs with my balances.

Any thoughts appreciated!

I asked this very same question years back, and the answer is: they might be able to tell, but I don't think they care. As long as they get paid.

Re: Question About Balance Tranfers

purebulldogs — Mon, 18 Jul 2022 17:48:40 GMT

@OmarGB9 wrote:
@debtphobe wrote:
When you transfer a balance from one credit card to another (in my case, to take advantage of a 12 month 0% APR), does the credit card institution you're transferring from (in my case, Amex) know you transferred the balance, as opposed to paying it? Does it matter either way?

The reason I'm asking is because I'd prefer Amex to think I paid the balance in full as opposed to playing musical chairs with my balances.

Any thoughts appreciated!
I asked this very same question years back, and the answer is: they might be able to tell, but I don't think they care. As long as they get paid.

Yeah amex told me similar. They know when it's a balance transfer payment but they generally don't care as long as they get paid.

Re: Question About Balance Tranfers

SouthJamaica — Mon, 18 Jul 2022 21:34:02 GMT

@debtphobe wrote:
When you transfer a balance from one credit card to another (in my case, to take advantage of a 12 month 0% APR), does the credit card institution you're transferring from (in my case, Amex) know you transferred the balance, as opposed to paying it? Does it matter either way?

The reason I'm asking is because I'd prefer Amex to think I paid the balance in full as opposed to playing musical chairs with my balances.

Any thoughts appreciated!

No. To them it's just a payment, like any other.

Re: Question About Balance Tranfers

Drifter73 — Tue, 19 Jul 2022 02:08:51 GMT

If one is that worried about it or feels there may be an algorithm that puts any value on that type of payment (e.g. yellow risk flag indicating credit was needed to pay a statement, which could eventually lead to financial distress), then a low apr% PLOC might be the solution.

With a PLOC you can deposit into your checking and use that to pay a few cards to 0 Balances.

Credit union PLOCs generally have the lowest apr for consolidating multiple credit lines.

If managed right, it could work for what you need without trigging a mythical or potential algorithm of concern to a lender worried about how you pay, as well as if/when you pay.