topic Re: Quick BT question in Credit Cards

Quick BT question

squirrely2005 — Fri, 24 Oct 2014 00:15:06 GMT

I want to close my Cap1 quicksilver because of the crazy APR and I already have a 1.5% cashback card that at a limit of 7.5k which is my nfcu cash rewards.

So anyway my question is can I close the account but still do the balance transfer. I don't see why I couldn't but I don't know if maybe I can't. I'll have to call anyway to close it but don't want to ask them this and they say no and then I wasted time calling them.

Re: Quick BT question

Anonymous — Fri, 24 Oct 2014 00:17:49 GMT

So are u trying to close the account after transferring its balance to NFCU?

Re: Quick BT question

squirrely2005 — Fri, 24 Oct 2014 00:37:48 GMT

I'm actually transferring it over to another CU that has a BT rate thats really low. Here.https://www.ssfcu.org/en-us/loans-credit/credit-cards/Pages/balance-transfer.aspx

Really just unimportant details. Sorry.

Re: Quick BT question

Anonymous — Fri, 24 Oct 2014 00:39:30 GMT

Of course you can close the card after the BT has fully paid off the card's remaining balance.

Re: Quick BT question

Anonymous — Fri, 24 Oct 2014 00:47:25 GMT

Re: Quick BT question

squirrely2005 — Fri, 24 Oct 2014 01:12:57 GMT

Well I mean can I close the account today and THEN initiate the BT later this week.

Re: Quick BT question

Anonymous — Fri, 24 Oct 2014 01:14:32 GMT

@squirrely2005 wrote:
Well I mean can I close the account today and THEN initiate the BT later this week.

I would contact Cap One customer service and pose this question to them so that you can be absolutely certain.

Re: Quick BT question

Anonymous — Fri, 24 Oct 2014 02:12:39 GMT

I would pay it off first... I think u could run into too many problems if it is closed first

Re: Quick BT question

MarineVietVet — Fri, 24 Oct 2014 03:31:16 GMT

@squirrely2005 wrote:
I want to close my Cap1 quicksilver because of the crazy APR and I already have a 1.5% cashback card that at a limit of 7.5k which is my nfcu cash rewards.
So anyway my question is can I close the account but still do the balance transfer. I don't see why I couldn't but I don't know if maybe I can't. I'll have to call anyway to close it but don't want to ask them this and they say no and then I wasted time calling them.

Is there any particular reason you want to close this? Does it have a high annual fee?

If no AF I would keep it open. The APR doesn't matter if you pay in full each month because you pay no interest.

You might consider hanging on to it. Use it every few months to charge something small and pay it off before the statement posts. Another suggestion is using it to autopay a recurring monthly expense. I do for several utilities. Again this will keep it active and you won't have to keep track of the last time you used it.

Re: Quick BT question

squirrely2005 — Fri, 24 Oct 2014 03:40:11 GMT

It does have an anual fee. It's 39 and I don't see the point in paying that. Even if they offered to waive it I wouldn't want to keep it. My plan now is to have a Visa, MC, Discover, and amex. I just need an amex that I'll apply for at some point. I'll have 13300 with the three i have now(except for the Cap1 which would add 2k). And I have a jcrew card I'm considering keeping because it has a 4600 limit that I rarely use. So..I just realized I make about 27k a year with 17k in credit. I'm more than happy with that.

Re: Quick BT question

gingerflower — Fri, 24 Oct 2014 04:39:44 GMT

May I suggest you transfer the balance first then close the acct.

Re: Quick BT question

MarineVietVet — Fri, 24 Oct 2014 21:17:40 GMT

@squirrely2005 wrote:
It does have an anual fee. It's 39 and I don't see the point in paying that. Even if they offered to waive it I wouldn't want to keep it. My plan now is to have a Visa, MC, Discover, and amex. I just need an amex that I'll apply for at some point. I'll have 13300 with the three i have now(except for the Cap1 which would add 2k). And I have a jcrew card I'm considering keeping because it has a 4600 limit that I rarely use. So..I just realized I make about 27k a year with 17k in credit. I'm more than happy with that.

The decision is entirely up to you. No one else knows your situation better than you.

And there's really not a right or wrong answer to this. It's whatever is right for you.

Re: Quick BT question

Kenny — Fri, 24 Oct 2014 21:25:08 GMT

I would just add this... if your Capital One has such a high limit as you posted, you should have no problem getting the annual fee removed. I'd at least ask and see if it were possible first.

Good luck and I hope you come to a decision.

Re: Quick BT question

MarineVietVet — Fri, 24 Oct 2014 21:29:38 GMT

@Kenny wrote:
I would just add this... if your Capital One has such a high limit as you posted, you should have no problem getting the annual fee removed. I'd at least ask and see if it were possible first.

Good luck and I hope you come to a decision.

I agree. All they can do is say no.