Balance Transfer.... with same credit card company

[iluvnola]

Hello! Having a discuss and wondering if it's possible to do a balance transfer within the same credit card company. i.e., if you have two or more cards with the same credit card issuer, will that issuer allow you to do a balance transfer to consolidate the credit card balances? I feel that I have read somewhere that you can't do balance transfers within the same card company. Thx in advance!

[Anonymous]

Extremely unlikely that it would be possible directly.
If you had an additional card from unrelated issuer could then be possible:

Issuer A card A to Issuer B card B to Issuer A card C

If using that strategy there is some danger of downward and/or upward spikes in utilization depending on the timing of when the payments and transfers are reported to CRA's.

[Brian_Earl_Spilner]

I don't think any lender allows that

[iluvnola]

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@Anonymous wrote:
Extremely unlikely that it would be possible directly.
If you had an additional card from unrelated issuer could then be possible:

Issuer A card A to Issuer B card B to Issuer A card C

If using that strategy there is some danger of downward and/or upward spikes in utilization depending on the timing of when the payments and transfers are reported to CRA's.

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Thanks for the insight... I would suspect the same thing.

[iluvnola]

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@Brian_Earl_Spilner wrote:

I don't think any lender allows that

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Right I agree... discussing with a friend and wanted to make sure I was on the right path.

[Anonymous]

2. Trying to Transfer a Balance Between 2 Cards From the Same Issuer

Although this term is rarely spelled out, a bank will not perform a balance transfer between two cards that it issued. From the bank’s perspective, the purpose of a balance transfer is to acquire a new customer and an existing debt, not to allow existing customers to avoid interest charges.

[iluvnola]

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@Anonymous wrote:

2. Trying to Transfer a Balance Between 2 Cards From the Same Issuer

Although this term is rarely spelled out, a bank will not perform a balance transfer between two cards that it issued. From the bank’s perspective, the purpose of a balance transfer is to acquire a new customer and an existing debt, not to allow existing customers to avoid interest charges.

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Precisely... Thanks for the insight!

[longtimelurker]

As stated earlier, it's not going to happen directly.  But the indirect approach can be easy with certain banks.

Some banks will issue you a balance transfer check, which you deposit into a checking account.    Then there is nothing to prevent you from using the money to pay off another card from the same issuer.

[Aim_High]

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@longtimelurker wrote:

As stated earlier, it's not going to happen directly.  But the indirect approach can be easy with certain banks.

Some banks will issue you a balance transfer check, which you deposit into a checking account.    Then there is nothing to prevent you from using the money to pay off another card from the same issuer.

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That would be a good strategy to bypass that restriction, probably the only way to do it.  As someone who did quite a few balance transfers many years back, I remember most banks spelled it out in the fine print that you could not transfer a balance from within any of their own accounts.  Never heard of any allowing that. 

[AverageJoesCredit]

For instance i could take a bt from Discover, deposit it in my checking and as soon as i have the money, i could make a payment to that same Discover as if it were a regular payment. Id imagine they would take the payment but at the end of the day, the would know or believe thst money csme from their bt that they allowed. Could create a future problem or could not. Probably lender specific but nothing really stopping you from trying if you get the bt deposited directly to your account.