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BT to NFCU—Then Back Out Again?

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Fletcher2
Regular Contributor

BT to NFCU—Then Back Out Again?

I have some BTs that are going to convert to insultingly high Discover rates in the not-too-distant future; I really took advantage of the low (and no) interest rates, but still have a little at which to chip away.

 

I was going to apply for a new card with a 12/15/18 month 0% deal, but then I thought...

 

  • Couldn't I simply transfer the balances over to NFCU Platinum card (right after my upcoming statement close and after they report out), san fees, then, once Discover cashes the proverbial check, take Discover up on their current BT deals and transfer it right back in (will incuir 3% to get the 0%/longer time horizon...will have to do the math, but assuming the 3% route is the way).

 

I thought I would ask, as perhaps there are some rules that prevent this back-and-forth approach, but still weighing the HP/new account/long-term implications (3 new cards in the last year and not looking to add a 4th) vs. a nominal fee to hedge up the BTs before interest spikes and afford me more time to PIF. Smiley Happy

 

 

Message 1 of 7
6 REPLIES 6
NRB525
Super Contributor

Re: BT to NFCU—Then Back Out Again?

There is nothing preventing moving a balance to a card with no BT fee, then a few weeks later BT to another or back to the original card. I tended to give it a little time on the temporary card, and not do it too frequently, but as a one-time BT shuffle, go for it. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 7
tcbofade
Super Contributor

Re: BT to NFCU—Then Back Out Again?

I have done this many, many times.  You're good.

 

Good luck!

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 3 of 7
unsungivy
Established Contributor

Re: BT to NFCU—Then Back Out Again?

Yes, yes you can. And it's a good strat, too 👍

SD - Biz -
Message 4 of 7
SouthJamaica
Mega Contributor

Re: BT to NFCU—Then Back Out Again?


@Fletcher2 wrote:

I have some BTs that are going to convert to insultingly high Discover rates in the not-too-distant future; I really took advantage of the low (and no) interest rates, but still have a little at which to chip away.

 

I was going to apply for a new card with a 12/15/18 month 0% deal, but then I thought...

 

  • Couldn't I simply transfer the balances over to NFCU Platinum card (right after my upcoming statement close and after they report out), san fees, then, once Discover cashes the proverbial check, take Discover up on their current BT deals and transfer it right back in (will incuir 3% to get the 0%/longer time horizon...will have to do the math, but assuming the 3% route is the way).

 

I thought I would ask, as perhaps there are some rules that prevent this back-and-forth approach, but still weighing the HP/new account/long-term implications (3 new cards in the last year and not looking to add a 4th) vs. a nominal fee to hedge up the BTs before interest spikes and afford me more time to PIF. Smiley Happy

 

 


Yes you could.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 5 of 7
Fletcher2
Regular Contributor

Re: BT to NFCU—Then Back Out Again?

Thanks for intel, everyone!

 

Being able to transfer into NFCU without incuring BT fees, using it like an intermediary to 'refinance' BTs at a lower rate, and moving it right back out makes that card just that much more valuable in the wallet.

 

I do treat them very well, so this is a mutually beneficial arrangement and definately not taking them for granted. Smiley Happy

 

Thanks again.

 

Message 6 of 7
SouthJamaica
Mega Contributor

Re: BT to NFCU—Then Back Out Again?


@Fletcher2 wrote:

Thanks for intel, everyone!

 

Being able to transfer into NFCU without incuring BT fees, using it like an intermediary to 'refinance' BTs at a lower rate, and moving it right back out makes that card just that much more valuable in the wallet.

 

I do treat them very well, so this is a mutually beneficial arrangement and definately not taking them for granted. Smiley Happy

 

Thanks again.

 


The NFCU Platinum card is indeed a very valuable card.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 7
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