topic Re: BT's- Transfer More than Current Balance? in Credit Cards

BT's- Transfer More than Current Balance?

sillykitty1 — Tue, 10 Dec 2013 17:31:07 GMT

I've never done a balance transfer before, so I'm 100% on how they work.

Can I transfer more than my current balance? I have quite a bit of holiday spending left to do, I'm planning to put it on rewards cards. So say my current balance is $2,000 on a card, can I balance transfer say $2,800?

I'm considering transferring to either to the Duck or PenFed. As far as I can tell these are the type where you call in, tell them the account number and balance, not the blank check type. Do they pay by check or ACH, does anyone know?

Is there any risk of spooking my CC's I transfer the balances from? I'm assuming they will know it's a bt, not a payment from me?

Re: BT's- Transfer More than Current Balance?

Anonymous — Tue, 10 Dec 2013 17:55:11 GMT

I am not sure but if its just a check you could deposit the check and use that money to pay down balabnces as you charge

Re: BT's- Transfer More than Current Balance?

Creditaddict — Tue, 10 Dec 2013 18:04:01 GMT

@sillykitty1 wrote:
I've never done a balance transfer before, so I'm 100% on how they work.

Can I transfer more than my current balance? I have quite a bit of holiday spending left to do, I'm planning to put it on rewards cards. So say my current balance is $2,000 on a card, can I balance transfer say $2,800?

I'm considering transferring to either to the Duck or PenFed. As far as I can tell these are the type where you call in, tell them the account number and balance, not the blank check type. Do they pay by check or ACH, does anyone know?

Is there any risk of spooking my CC's I transfer the balances from? I'm assuming they will know it's a bt, not a payment from me?

You can transfer more...

I just got update this morning that the BT's I requested via secure message on partners Duck card were approved and are being paid out... Not sure rather checks are being sent or ACH yet. (I also paid more on a couple cards for the exact holiday reason.

Re: BT's- Transfer More than Current Balance?

ksantangelo23 — Tue, 10 Dec 2013 18:06:54 GMT

You generally wont be able to transfer more than your limit. This was the case with my grandmother; she opened up a new Chase Slate account with the intentions of BT $3500, but her limit was only $1,800. We called about a week later and mentioned we specifically intend on transferring a balance, and they gave us a CLI with no hard pull.

I'd call whichever CCC you want to transfer on and ask for the CLI with the intentions of doing a balance transfer. Chase is among the hardest companies to get a CLI with, and I think us mentioning we wanted a CLI strictly for a balance transfer, allowed us to get it with no HP.

The way the transfer will work is, they will credit whichever credit card directly for whatever amount you decide, similar to a merchant refund, and then charge that amount on the card you're transferring too.

Funny story about how your CCC may react to receving a balance transfer credit - Fidelity immediatly started sending us offers for 0% APR until October 2014, an account opened in 2006, and one we transferred ~$2.5K from. There should be no negative side effects.