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Balance Transfer Question

Girlzilla88
Valued Contributor

Balance Transfer Question

If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?!      Sorry if this has been answered somewhere.










7 REPLIES 7
Anonymous
Not applicable

Re: Balance Transfer Question


@Girlzilla88 wrote:

If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?!      Sorry if this has been answered somewhere.


How much to transfer is almost certainly your decision.   
That being said, if your utilization is high I would suggest paying off old card completely if an option.  
If you pay down to zero, marginally less danger of new card showing balance and balance still showing up on old card, before old bank reports payment.
Better chance of bank reporting mid-cycle if you pay down to zero.

Message 2 of 8
Girlzilla88
Valued Contributor

Re: Balance Transfer Question

I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!










Message 3 of 8
M_Smart007
Epic Contributor

Re: Balance Transfer Question


@Girlzilla88 wrote:

I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!


Small amount, Don't fret about it.

Message 4 of 8
pinkandgrey
Community Leader
Senior Contributor

Re: Balance Transfer Question

Yep, you can choose how much. 

Good luck! 

Discover It: 19.7k
Amex Cash Magnet: 18k
Fidelity Visa: 2k
Apple Card: 1.5k
Message 5 of 8
SouthJamaica
Super Contributor

Re: Balance Transfer Question


@Girlzilla88 wrote:

If you opened a card with the intention to use it for a Balance Transfer do you have to transfer the whole amount of whatever card to the new card or can you pick how much you transfer from what?!      Sorry if this has been answered somewhere.


No, you can transfer as much or as little as you like.

 

Just bear in mind that your scores may dip if you put more than 28% or so on any one card.


Total revolving limits 698000 (605000 reporting) FICO 8: EQ 721 TU 742 EX 715

Message 6 of 8
RealityBites
Established Contributor

Re: Balance Transfer Question


@Girlzilla88 wrote:

I'll be paying a big chunk of one of my cards off soon but there will still be a lower couple thousand still left on it when the 0% intro rate expires so I was thinking of just moving whatever or maybe half of what is remaining to a different card while they are offering a low rate BT options....but I have read too that Card Companies frown upon BT ...(not sure if that is entirely accurate)?!


When I was approved last March for an Amex with an 8000 CL the first thing I did was balance transfer $5000 to it. I've been approved for 3 Amexes since then.

 

With any product, if they're tryinig to sell it to me at a substantial discount, I have to assume they want me to buy it. 





Message 7 of 8
FinStar
Moderator

Re: Balance Transfer Question


@pinkandgrey wrote:

Yep, you can choose how much. 

Good luck! 


As mentioned above, you can decide on the amount.  Definitely give consideration for the BT fee (if applicable) and leave enough breathing room so your account isn't heavy on the balance (i.e. utilization).   The cost savings can definitely outweigh any temporary score dips.

 

Good luck whatever you decide!

Message 8 of 8
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