Balance Transfers

[OMW2_HighAcheiver]

Hello All

Can secured cards be BT'd to unsecured cards? I have a secured 5/3 for $300 & a secured Discover for $200. I was approved for a Cap One QS1 for $500. Is it wise to take advantage of the 0% BT? Transfer one at a time....will it help my utilization? Or naw......

Thanks!

[Anonymous]

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@OMW2_HighAcheiver wrote:
Hello All

Can secured cards be BT'd to unsecured cards? I have a secured 5/3 for $300 & a secured Discover for $200. I was approved for a Cap One QS1 for $500. Is it wise to take advantage of the 0% BT? Transfer one at a time....will it help my utilization? Or naw......

Thanks!

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Balance transfers dont help with utilization.  They just shift the balances from one creditor to another and your overall utilization stays the same.

In your case with the limits as they are, a BT isn't going to help so I would just leave them alone.

[OMW2_HighAcheiver]

Irish I'm more interested in doing it for 0%!

[Anonymous]

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@OMW2_HighAcheiver wrote:
Irish I'm more interested in doing it for 0%!

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Are you talking about transferring $500 to your CapOne card with a $500 limit?

[OMW2_HighAcheiver]

Absolutely NOT! Transfer one, pay it off, transfer the other. I have until October for the 0%. But my question is, can secured cards be transferred?

[Anonymous]

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@OMW2_HighAcheiver wrote:
Absolutely NOT! Transfer one, pay it off, transfer the other. I have until October for the 0%. But my question is, can secured cards be transferred?

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While I've never done it, I don't see any reason why you wouldn't be able to.

[OMW2_HighAcheiver]

Ok. I'll give it a try.

[UncleB]

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@OMW2_HighAcheiver wrote:
Absolutely NOT! Transfer one, pay it off, transfer the other. I have until October for the 0%. But my question is, can secured cards be transferred?

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When you do a balance transfer, the card you're paying off 'sees' the incoming funds as a regular payment, so technically there's nothing keeping you from using a balance transfer to pay off practically any other account.  I've even used balance transfers to pay off credit cards not in my name - again, it doesn't matter.

Now whether or not you should do the BT in your specific situation, well, that's up to you. 

[OMW2_HighAcheiver]

Thanks Uncle fir clarifying. I have no idea how BTs work. Not that I'm going to take my time paying off the balances. But 0% for 10 months sounds great to me. Any idea for the potential of growth for the QS1 within the year? I'm aware of all the factors, I know I need to be a good girl while it grows. How often will they honor CLIs?

[Anonymous]

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@OMW2_HighAcheiver wrote:
Thanks Uncle fir clarifying. I have no idea how BTs work. Not that I'm going to take my time paying off the balances. But 0% for 10 months sounds great to me. Any idea for the potential of growth for the QS1 within the year? I'm aware of all the factors, I know I need to be a good girl while it grows. How often will they honor CLIs?

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Cap1 credit cards are eligible for SP CLIs every 6 months.