I have many CCs and done many BT in the past! I don't recall ANY of the BT promotions allowed for 100% BT of total limit.
If you do max transfer, the BT fee would put you over the limit and then they have to charge you over the limit fee! So I don't see why any CC would allow 100%+ on BT...
@Kforce wrote:From what I understand some institutions have a cap that
they allow for balance transfers.
Just like they have a lower amount for cash advance's.
Would be dangerous to max a card at 100% from both Fico scores to
looking like you are in financial trouble.
Possible AA from other issuers.
Most Myfico post about using balance transfers talk about using approximately
50% of the CL as the somewhat safe limit. Sure many have pushed it much higher.
Looks like your issuer has ~80% as a cap.
Could try another card or use two BT offers
+1
Agreed, on all counts.
@kremonis wrote:Yes the balance is $0.
@Kforce wrote:From what I understand some institutions have a cap that
they allow for balance transfers.
Just like they have a lower amount for cash advance's.
Would be dangerous to max a card at 100% from both Fico scores to
looking like you are in financial trouble.
Possible AA from other issuers.
Most Myfico post about using balance transfers talk about using approximately
50% of the CL as the somewhat safe limit. Sure many have pushed it much higher.
Looks like your issuer has ~80% as a cap.
Could try another card or use two BT offers
My Fico scores are already effed. I have been taking advantage of ever balance transfer and introducory 0% offer availble. I am to "stoozing" the cash among other things. My scores will be back to normal in the end of winter 2024.
You're just losing, rather than "stoozing", because the balance transfer fee wipes out any gain you might think you're getting.
@SouthJamaica wrote:You're just losing, rather than "stoozing", because the balance transfer fee wipes out any gain you might think you're getting.
Not to mention that any gains are likely taxable income, and an up-front 3% BT fee equates to a lot more than 3% APR unless it's something like 0% for 18 or 21 months. There are not a lot of scenarios where this makes sense. 0% on new purchases while stashing the money away you would have been using to make credit card payments can be a different story, of course (or using it to pay down other existing debt).
Example : $9,000 BT with current average HY-Savings interest rate of 4.35% APR.
With 3% fee real gain not counting you time.
Minimum payments then balloon payment at end = Gain of ~1/2 percent.
With equal monthly payments = ~ Neg 1/2 percent
Like @SouthJamaica and @K-in-Boston pointed out fee really hurts any gain
