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Balance transfer switcheroo

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Lest
Member

Balance transfer switcheroo

I have a number of BofA CCs and they have attractive balance transfer options. But they don't allow to tranfer of balance between BofA cards. So, if I wanted to transfer of funds from one BofA CC to another BofA CC, I get an error saying that it is a BofA account and I can't do it.

 

So, recently I got X1 card with 2% transfer fee but no 0% APR offer.

 

I am thinking, what if I transfer my BofA CC #1 to X1 and then transfer it back to CC #2 with BofA...

 

Am I going to anger BofA gods? X1 gods?

Message 1 of 8
7 REPLIES 7
UncleB
Credit Mentor

Re: Balance transfer switcheroo

I also use BoA for their promo 0% offers... I actually have one running right now.

 

Do you have an offer for a Direct Deposit Cash Advance?  That's the route I usually choose... for me the promo is the same, 0% for 18 months.  The interest if not paid off in 18 months is a few percents higher, but I don't care since by then I'll either have it PIF or I'll send it somewhere else anyway.

 

I prefer this to the BT offers since this way I can do what I want with the money. Smiley Happy

 

Here's what I'm talking about:

 

BoAOffer.png

Message 2 of 8
OmarGB9
Community Leader
Super Contributor

Re: Balance transfer switcheroo

No you wouldn't "anger the BoA gods," but I'd suggest you do the math to make sure it would even make sense financially to do all that switching, because with a 2% fee for X1, and whatever fee BoA charges, depending on how large the balances are, the switching may end up costing just as much as the interest you're currently paying, if not more.


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Message 3 of 8
tcbofade
Super Contributor

Re: Balance transfer switcheroo

As mentioned above, make sure that you do the math including BOTH transfer fees... no, you won't anger either bank, just make sure that it makes financial sense to do so.

 

...I've done it many, many times...

 

Good luck to you!

07/01/24 Fico 8: EX 766, EQ 811, TU 787.
Fico 9: EX 772 07/14/24, EQ 789 07/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 4 of 8
Lest
Member

Re: Balance transfer switcheroo

Looks like X1 doesn't do transfers now. They advertise it but it is not available due to their card is not 100% "working" with features they invisioned. So, the question is closed for now.

Message 5 of 8
SouthJamaica
Mega Contributor

Re: Balance transfer switcheroo


@Lest wrote:

I have a number of BofA CCs and they have attractive balance transfer options. But they don't allow to tranfer of balance between BofA cards. So, if I wanted to transfer of funds from one BofA CC to another BofA CC, I get an error saying that it is a BofA account and I can't do it.

 

So, recently I got X1 card with 2% transfer fee but no 0% APR offer.

 

I am thinking, what if I transfer my BofA CC #1 to X1 and then transfer it back to CC #2 with BofA...

 

Am I going to anger BofA gods? X1 gods?


There's no law against that but it seems inadvisable to pay balance transfer fees twice.


Total revolving limits 650200 (530700 reporting) FICO 8: EQ 708 TU 714 EX 715

Message 6 of 8
SoCalGardener
Valued Contributor

Re: Balance transfer switcheroo


@Lest wrote:

I have a number of BofA CCs and they have attractive balance transfer options. But they don't allow to tranfer of balance between BofA cards. So, if I wanted to transfer of funds from one BofA CC to another BofA CC, I get an error saying that it is a BofA account and I can't do it.

 

So, recently I got X1 card with 2% transfer fee but no 0% APR offer.

 

I am thinking, what if I transfer my BofA CC #1 to X1 and then transfer it back to CC #2 with BofA...

 

Am I going to anger BofA gods? X1 gods?


I make use of BofA's BT offers a lot, and highly recommend them! But as others have mentioned, do you also have a Direct Deposit offer? I always get them simultaneously, with exactly the same terms, but one is called a BT and the other DD. *shrug*  Using the DD offer puts the money in your checking account, and you can pay whatever you want with its funds, including your BofA accounts.

 

Beware, though, that we're not talking about another offer BofA has....I can't think of its name right now, but it's a short-term, high-rate, loan-type offer. Stay away from that! If you have a DD offer it'll be listed along with your BT offers under your card's "Promotional Offers," and its name is Direct Deposit Cash Advance. (No, it does NOT count as a cash advance, despite its name!) Always be sure to read the fine print carefully, on any offer, before accepting.

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Message 7 of 8
gdale6
Moderator Emeritus

Re: Balance transfer switcheroo

As OP says the question is now closed the thread is closed to further comments.
Message 8 of 8
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