0%, no fee BT cards?

[Anonymous]

@QuarterB35, different lenders have different options available, for instance my discover was done all electronically (they take your information for the accounts/balances in which your transferring and deal with them directly) however, my citi will allow me to do it electronically or they also send me physical checks that I can make payable to myself or my lenders and then deposit that check into my checking account or send it directly to whom I'm paying.

[CreditInspired]

Hi and welcome @quarterb35

A BT is used to pay some or all of the balance of anther CC or acct.

Example:
You owe Citi $5K with 16% interest.
You are approved for a new AmX for a CL of $12K with a 60-day no fee transfer and 0% for BT.
You transfer Citi’s $5K balance to your AmX $12K CC.
Now, Citi has a $0 balance and AmX has a $5K balance on its $12K credit line.

[QuarterB35]

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@CreditInspired wrote:
Hi and welcome @quarterb35

A BT is used to pay some or all of the balance of anther CC or acct.

Example:
You owe Citi $5K with 16% interest.
You are approved for a new AmX for a CL of $12K with a 60-day no fee transfer and 0% for BT.
You transfer Citi’s $5K balance to your AmX $12K CC.
Now, Citi has a $0 balance and AmX has a $5K balance on its $12K credit line.

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Amazing!

[CreditInspired]

Yep OP, it really is amazing. Now in the example, Citi is paid off, and you have 12 months to pay off that $5K balance on AmX interest free. Nice.

Before I joined MyFICO, I had never even heard of a BT. Well, in truth, there are a lot of things I learned about CCs just from being here in MyFICO land over the last 2.5 years.

[masscredit]

I mentioned being on the AMEX BL but how about a card that isn't directly from them?  I'm looking at the NFCU site and see they offer an AMEX card. How does it work when the card is through another bank?

[HeavenOhio]

An AMEX card from another bank is fine. These card have nothing to do with AMEX other than running on their network.

[Anonymous]

I use discover and Barclays cash forward for my balance transfers ... Barclays deposits to your bank account so I like how they do that and sometimes have a 2% fee or less ... discover just depends what offer they send you but I think they like to do it electronically.. my fidelity card is trying to get it in that action now too they send me checks to write on the account

[masscredit]

Cap 1 somethings has decent BT offers. I've seen them with 2-3% fees for 12-18 months.