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Capital One Balance Transfer Woes

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Frequent Contributor

Capital One Balance Transfer Woes

Just sharing my experience. Smiley Frustrated

 

I had balances on my two NFCU cards - $612 on my cashRewards (Visa) and $2,120 on my moreRewrards (AmEx). On 4/10, I requested a balance transfer over to my Cap1 Quicksilver because I still have a 0% promo until the end of 2020. The transfered amounts were added to my balance within 2 business days. Cool. The NFCU Visa showed paid about 5 business days later and my NFCU AmEx didn't show paid off. I then received a letter in the mail from AmEx which included the pay off check from Cap1 basically saying, 'this debt doesn't belong to us; here's your check'. I called Cap1 and told them they paid off the wrong debt holder and that I have their check in hand. They went ahead and put a stop payment on the check, but said they couldn't resend it because for some reason, even though it says NFCU is the debt holder, their system wants to send the check to AmEx again.

 

Ultimately, they said they would cancel the balance transfer all together and once the amount is credited then I can resubmit through the app. I declined and just paid off the balance with NFCU. So, really, I'm just looking for a $2,120 credit on my Cap1 card. Flash forward to today, Cap1 is still holding onto that $2K amount even though it should've been credited back to me. I called and the rep couldn't find where a credit was requested. She did some digging, saw where I called in on 4/20 and saw the notes about needing to cancel the balance transfer, but the previous rep attempted a few times, got several errors, and then just gave up and never escalated it. Lol. Ya'll.. she literally said "eff it". Smiley LOL

 

That was my first attempt at a balance transfer. I've learned that you need to follow-up on things like this. 

 

It's still not fixed, btw. Their system is still throwing an error, so they have to get someone to work on it and call me when it's done. They said it will take up to 5 business days and I certanly plan to follow-up then. That balance is killing my score with it's UTI rate. Smiley Indifferent

 

Anyone else had trouble with balance transfers or am I the lucky one?







Message 1 of 11
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Valued Contributor

Re: Capital One Balance Transfer Woes


@Hut1 wrote:

... Anyone else had trouble with balance transfers or am I the lucky one?


I've done a few with them without incident but I have them send me a check & then I redistribute. Sorry for your troubles. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (09/16/2020): FICO 08 EXP: 747; TU: 758; EQ: 775
2020 Goal Score: 760 across the board


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Message 2 of 11
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Super Contributor

Re: Capital One Balance Transfer Woes

The check from NFCU or AMEX was made out to you? Why didn't you just cash it then pay NFCU?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 11
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Frequent Contributor

Re: Capital One Balance Transfer Woes


@NRB525 wrote:

The check from NFCU or AMEX was made out to you? Why didn't you just cash it then pay NFCU?


The check was made out to AmEx when it should've been made out to NFCU. 

 

AmEx sent it to me instead of back to Cap1. 

Perfectly non-confusing. Lol. 







Message 4 of 11
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Frequent Contributor

Re: Capital One Balance Transfer Woes


@James_A wrote:

@Hut1 wrote:

... Anyone else had trouble with balance transfers or am I the lucky one?


I've done a few with them without incident but I have them send me a check & then I redistribute. Sorry for your troubles. 


I wonder if that's something I can request? 







Message 5 of 11
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Valued Contributor

Re: Capital One Balance Transfer Woes

In the future, get a check sent to YOU.

You can deposit the check and pay who you want when you want.

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 6 of 11
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Frequent Contributor

Re: Capital One Balance Transfer Woes

I’ve done several balance transfers with Capital One. I always have a check sent to me for deposit into my checking account.


 

Message 7 of 11
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Valued Contributor

Re: Capital One Balance Transfer Woes


@Hut1 wrote:

@James_A wrote:

@Hut1 wrote:

... Anyone else had trouble with balance transfers or am I the lucky one?


I've done a few with them without incident but I have them send me a check & then I redistribute. Sorry for your troubles. 


I wonder if that's something I can request? 


Yes. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (09/16/2020): FICO 08 EXP: 747; TU: 758; EQ: 775
2020 Goal Score: 760 across the board


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Message 8 of 11
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Established Contributor

Re: Capital One Balance Transfer Woes

I've done quite a few of their BTs with out issue.  I take it to get a check, you have to contact them and request it?  Or is that an option with their actual BT offers and not the 0% fee & 0% for 30 days & 2x.xx% after that I only get?

- | - Mee'sa not'ta Jar'Jar Bink'sa. Mee'sa just like'sa the word'sa BOMBAD! - | -


BK7 Discharged 12/16 - | - EQ8/9: 696/730 | TU8: 738 | EX8: 733
Message 9 of 11
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Valued Contributor

Re: Capital One Balance Transfer Woes


@mrEus wrote:

I've done quite a few of their BTs with out issue.  I take it to get a check, you have to contact them and request it?  Or is that an option with their actual BT offers and not the 0% fee & 0% for 30 days & 2x.xx% after that I only get?


Ahh, I now see the problem. It is not an option for every offer. I just now tried on my Venture card -- the one I've used several times -- and no BT offer is available. On the QS I can BT, but not via check to me.

 

Sorry. It seems it is YMMV. 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (09/16/2020): FICO 08 EXP: 747; TU: 758; EQ: 775
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
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