topic Re: Balance transfer roulette in Credit Cards

Balance transfer roulette

Anonymous — Thu, 16 Aug 2012 03:24:31 GMT

My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..

Re: Balance transfer roulette

Creditaddict — Thu, 16 Aug 2012 03:28:02 GMT

@Anonymous wrote:
My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..

Ummm unless Capital One is sending you some kind of special offer they will be charging you 3-5% of the amount you transfer. If you are paying it off in 25ish days from now don't move it!

Re: Balance transfer roulette

Anonymous — Thu, 16 Aug 2012 03:32:45 GMT

It isn't an insane amount..just under $300 that I'd be transferring..basically just to clear the one off (the first is rent, two car notes and an installment loan..and it must be paid off since we need the best possible scores on 9/26) and gain a little extra more time to wipe out the balance on capital one.

They show "balance transfer offers" on my page, but it looks like I have to start the wholeprocess to see what it's all about..is the3-5% on top of my apr? But if I pay it off before next statement, will there still be interest?

Re: Balance transfer roulette

Anonymous — Thu, 16 Aug 2012 03:36:26 GMT

And it says same as purchases, no fee..

Re: Balance transfer roulette

CK_Charles_Lover — Thu, 16 Aug 2012 03:37:32 GMT

@Creditaddict wrote:
@Anonymous wrote:
My cap one statement cuts today..and I have another card with a higher interest rate that's due on the first...an odd payment date for me. Anyhow, should I transfer that balance to the cap one, essentially maxing out cap one for the time being, to save on interest? I should be able to pay the balance off on the cap one before the 15th of next month..

And the one I'd be transferring FROM has met an untimely death via surgical scissors. Our sea world annual pass monthly charges go to it, so they can't close it for not being used..
Ummm unless Capital One is sending you some kind of special offer they will be charging you 3-5% of the amount you transfer. If you are paying it off in 25ish days from now don't move it!

Cap One doe no fee transfers, at least I get email every other day.


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Re: Balance transfer roulette

Anonymous — Thu, 16 Aug 2012 18:35:06 GMT

Balance transfers aren't intantaneous, it can take anywhere from 1-3 weeks to go through.

Re: Balance transfer roulette

youngandcreditwrthy — Thu, 16 Aug 2012 18:43:05 GMT

Yeah, with Capital One, the BT interest rate is usually higher, but they don't charge BT fees usually. Another option would be to just have them send you a check for the amount of the xfer, deposit it into your checking, then pay the other creditor - it took about 8-9 business days to get the check, which is much less than waiting for Capital One to send it to the other creditor IMO.

Re: Balance transfer roulette

jamesdwi — Thu, 16 Aug 2012 18:53:11 GMT

@youngandcreditwrthy wrote:
Yeah, with Capital One, the BT interest rate is usually higher, but they don't charge BT fees usually. Another option would be to just have them send you a check for the amount of the xfer, deposit it into your checking, then pay the other creditor - it took about 8-9 business days to get the check, which is much less than waiting for Capital One to send it to the other creditor IMO.

I always pay the same APR as I have with purchases, 11.9%, and no fees... My only wish would be if I could match my high CL 6k (Amex Blue), Then it was be an excellent BT card.

Re: Balance transfer roulette

youngandcreditwrthy — Thu, 16 Aug 2012 20:36:19 GMT

We all know how Capital One sucks w CL's or CLI's. Ugh, even after 6 years, Im stuck at a CL of $1,300 :-/. My int rate is 13.99%