Hey gang!
Had a bit of an odd thought this morning. I'm going to be putting more spend on my QS, since they finally gave me a CLI in July - after putting more spend through it.
When looking through my account today, I saw a BT 'offer' for a 0% transfer fee but the APR would be my standard card APR.
I have a BT offer expiring on another card and there is still a few grand left. I was planning on paying that few grand once the BT is expired.
My question is: if I BT that few grand to my QS then immediately pay it off (to avoid interest), do you think Cap1 will treat that like 'spend' or utilization that would make them more apt to extend a higher limit next time I request an increase?
Any speculation or first hand experience is appreciated!
Cheers!
Well, BTs aren't "swipes," and if there's no transfer fee, they're banking on making money off the interest. Now, I could be wrong, but I believe you're charged interest from the moment it's initiated, so there may still be a small amount of interest incurred. If that's the case and you're planning on paying it off right away, I don't think there's much point in doing all this as Cap One won't make any money off you, which in turn means they probably wouldn't want to CLI you further.
@OmarGB9 wrote:Well, BTs aren't "swipes," and if there's no transfer fee, they're banking on making money off the interest. Now, I could be wrong, but I believe you're charged interest from the moment it's initiated, so there may still be a small amount of interest incurred. If that's the case and you're planning on paying it off right away, I don't think there's much point in doing all this as Cap One won't make any money off you, which in turn means they probably wouldn't want to CLI you further.
This was my thought too but then I remembered that cap1 is completely computer driven. I wasn't sure if the computers would just see utilization (and not confirm they made $ from that utilization)
¯\_(ツ)_/¯
I can't speak to Cap1, but I recently did this with my Discover and it worked. They wouldn't budge on CLIs because of "low usage in recent months," so I transferred my Prime Day purchases to the Discover card for a $100 fee. After a few weeks with the balance, I applied for a CLI, and they gave me a 40% increase. I figure I bought the CLI for $100. Worth it to me. YMMV with Cap1.
@Cashbackjunky wrote:Hey gang!
Had a bit of an odd thought this morning. I'm going to be putting more spend on my QS, since they finally gave me a CLI in July - after putting more spend through it.
When looking through my account today, I saw a BT 'offer' for a 0% transfer fee but the APR would be my standard card APR.
I have a BT offer expiring on another card and there is still a few grand left. I was planning on paying that few grand once the BT is expired.
My question is: if I BT that few grand to my QS then immediately pay it off (to avoid interest), do you think Cap1 will treat that like 'spend' or utilization that would make them more apt to extend a higher limit next time I request an increase?
Any speculation or first hand experience is appreciated!
Cheers!
My advice is not to do it. You would be messing up your grace period and wasting money on a balance transfer fee, just on the offchance that you might curry favor with Cap One. I don't think it would help your standing with Cap One at all.
@ScenicRouteTo850 wrote:I can't speak to Cap1, but I recently did this with my Discover and it worked. They wouldn't budge on CLIs because of "low usage in recent months," so I transferred my Prime Day purchases to the Discover card for a $100 fee. After a few weeks with the balance, I applied for a CLI, and they gave me a 40% increase. I figure I bought the CLI for $100. Worth it to me. YMMV with Cap1.
Discover is not Cap One.
I have learned recently that Discover does treat balance transfers as usage, for CLI purposes. But I seriously doubt that Cap One does. And I don't think anyone has reported that Capital One gets more liberal with CLI's to its customers who do balance transfers.
@SouthJamaica wrote:
@Cashbackjunky wrote:Hey gang!
Had a bit of an odd thought this morning. I'm going to be putting more spend on my QS, since they finally gave me a CLI in July - after putting more spend through it.
When looking through my account today, I saw a BT 'offer' for a 0% transfer fee but the APR would be my standard card APR.
I have a BT offer expiring on another card and there is still a few grand left. I was planning on paying that few grand once the BT is expired.
My question is: if I BT that few grand to my QS then immediately pay it off (to avoid interest), do you think Cap1 will treat that like 'spend' or utilization that would make them more apt to extend a higher limit next time I request an increase?
Any speculation or first hand experience is appreciated!
Cheers!
My advice is not to do it. You would be messing up your grace period and wasting money on a balance transfer fee, just on the offchance that you might curry favor with Cap One. I don't think it would help your standing with Cap One at all.
0% transfer fee. I might pay ~$1.50 a day in interest depending if interest starts accruing from date of transfer or date of posting to Cap1 - but I'll pay it as soon as it hits the account and I'm able to.