Cap One Balance Transfer Offer

[Jerry45]

I just received a offer for 18 months 0% for balance transfers on my Quicksilver. I have about $3500 in debt between 3 cards, and was wondering if any have used this offer. My CL is 11k.  The 3% fee is a drag, but it beats opening up a new balance card. Thanks

[HeavenOhio]

I've never used an offer for a BT. But I'd think it'd be pretty straightforward. If your interest charges are going to exceed $105, do the transfer. Your utilization on the card would be a little over the "responsible" level (32% vs. 28.9%). But you could decide that's OK and that your score could absorb the temporary ding. Or you could transfer $3,170 and stay under 28.9% if you'd like.

[B335is]

I've never had an issue with Cap1 regarding balance transfers.  I think the most I've done is $7,000 transfer on a $20,000 limit card and paid it off in about 10 months....limit remained intact, no complaints.

[HeavenOhio]

Cap1 will be fine if you decide to use 32% of your limit. It's up to you to decide if the short-term scoring ding matters.

[Jerry45]

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@HeavenOhio wrote:

I've never used an offer for a BT. But I'd think it'd be pretty straightforward. If your interest charges are going to exceed $105, do the transfer. Your utilization on the card would be a little over the "responsible" level (32% vs. 28.9%). But you could decide that's OK and that your score could absorb the temporary ding. Or you could transfer $3,170 and stay under 28.9% if you'd like.

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Thanks Heaven. Nice info

[Jerry45]

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@B335is wrote:

I've never had an issue with Cap1 regarding balance transfers.  I think the most I've done is $7,000 transfer on a $20,000 limit card and paid it off in about 10 months....limit remained intact, no complaints.

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Thanks B33. appreciate the numbers. You were around 35% UTIL at the onset.  Good to hear

[marty56]

Many people (me included) have gotten in trouble with BTs in the past so be careful.  Also watch to pay the BT fee and pay as much as you can to make sure it is PIF well before the term date.  Make sure they don't want you to close the other accounts.

IMHO BT is not a good idea.

[Anonymous]

Did you get in trouble because you failed to make payments and ran up balances again on other accounts or did you get in trouble with the bank just for making a BT?

Responsible use of BT can reduce interest payments by thousands of dollars.

Irresponsible use of BT is just irresponsible use of credit.

[Adkins]

Responsible use of BT can reduce interest payments by thousands of dollars.

Irresponsible use of BT is just irresponsible use of credit.

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Wise words. 

[marty56]

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@Adkins wrote:

Responsible use of BT can reduce interest payments by thousands of dollars.
Irresponsible use of BT is just irresponsible use of credit.

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Wise words. 

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So anyone who has had CC use/debt issues was irresponsible?  Many times a person the best intentions of stoping the CC debt cycle only to fall off the wagon, either by choice or circumstance.  I have seen more posts in this forum about the problems moving debt around rather than I did a BT to clean up my CC debt it never happened again.  Does anyone here really then CCCs using 0% BT transfers/checks is a loosing game for those companies?