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Capital one balance trasfer with no intrest charge.

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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@SouthJamaica wrote:

@firefox100 wrote:

Is this correct if you do a balance transfer from a capital one card like Quick silver to another credit card not with capital one at regular intrest rate and not pay any intrest if the balance is paid off before the account closes , before you get bill.


My experience with Capital One was that if you used their zero-fee balance transfer offer, and paid it back before the statement cut, they charged no interest. I took advantage of that for awhile, and then they closed ALL of my accounts. They refused to tell me the reason, but that was the only possible reason for the account closures.


Yikes, that's the second time someone has said that happened to them. Definitely won't be using this feature!



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
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Message 11 of 23
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Frequent Contributor

Re: Capital one balance trasfer with no intrest charge.

How many times did you do a balance transfer before Capital one shut down? I think ther wher other reasons that Capital one shut down your accounts look like you have lot of accounts and large amount of credit lines. How large wher the balance transfer for. By law if credit card company does advers credit action they must give you a reason for the action taken.

Message 12 of 23
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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@firefox100 wrote:

How many times did you do a balance transfer before Capital one shut down? I think ther wher other reasons that Capital one shut down your accounts look like you have lot of accounts and large amount of credit lines. How large wher the balance transfer for. By law if credit card company does advers credit action they must give you a reason for the action taken.


The reason they give you doesn't have to be the actual reason. 

Two people with excellent profiles have now said that they had their accounts shut down after doing this. Capital One isn't known for shutting down accounts, it's certainly something to take notice of. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 13 of 23
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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@firefox100 wrote:

How many times did you do a balance transfer before Capital one shut down?

 

Many

 

I think ther wher other reasons that Capital one shut down your accounts

 

I don't

 

look like you have lot of accounts and large amount of credit lines.

 

Yes but everything was paid in full and on time and utilization was very very low

 

How large wher the balance transfer for.

 

Large

 

By law if credit card company does advers credit action they must give you a reason for the action taken.


I know. They violated the law. 

 

The reasons they first gave made no sense: for my business account they said "your account is not being used for household purposes" which was true, and for my personal account they said "your account is not being used for business purposes" which was also true.  But of course neither was a valid reason or made any sense.  My personal account was used for personal purposes and my business account was used for business purposes. Period.

 

After I escalated this thing to their fabled "Executive Offices" a senior officer said "the reason was a back office thing, and the back office never tells us why they did it".

 

I've even thought of suing them over it.  One of the accounts they closed was a 15 year old checking account I had originally with ING Bank, which was taken over by CapOne360.

 

 


Total revolving limits 646000 (570000 reporting)



Message 14 of 23
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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@Saeren wrote:

@firefox100 wrote:

How many times did you do a balance transfer before Capital one shut down? I think ther wher other reasons that Capital one shut down your accounts look like you have lot of accounts and large amount of credit lines. How large wher the balance transfer for. By law if credit card company does advers credit action they must give you a reason for the action taken.


The reason they give you doesn't have to be the actual reason. 

Two people with excellent profiles have now said that they had their accounts shut down after doing this. Capital One isn't known for shutting down accounts, it's certainly something to take notice of. 


I hadn't read the other person's post. I thought I was the only one that had figured out how great these balance transfer offers were Smiley Happy I'd be curious to see that post, any recollection of when and where it was posted?


Total revolving limits 646000 (570000 reporting)



Message 15 of 23
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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@SouthJamaica wrote:

@Saeren wrote:

@firefox100 wrote:

How many times did you do a balance transfer before Capital one shut down? I think ther wher other reasons that Capital one shut down your accounts look like you have lot of accounts and large amount of credit lines. How large wher the balance transfer for. By law if credit card company does advers credit action they must give you a reason for the action taken.


The reason they give you doesn't have to be the actual reason. 

Two people with excellent profiles have now said that they had their accounts shut down after doing this. Capital One isn't known for shutting down accounts, it's certainly something to take notice of. 


I hadn't read the other person's post. I thought I was the only one that had figured out how great these balance transfer offers were Smiley Happy I'd be curious to see that post, any recollection of when and where it was posted?


Here ya go, SJ

 

https://ficoforums.myfico.com/t5/Credit-Cards/Can-I-BT-a-large-amount-for-7-10-days-Cap-One/m-p/5793...



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 16 of 23
Highlighted
Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@Saeren wrote:

@SouthJamaica wrote:

@Saeren wrote:

@firefox100 wrote:

How many times did you do a balance transfer before Capital one shut down? I think ther wher other reasons that Capital one shut down your accounts look like you have lot of accounts and large amount of credit lines. How large wher the balance transfer for. By law if credit card company does advers credit action they must give you a reason for the action taken.


The reason they give you doesn't have to be the actual reason. 

Two people with excellent profiles have now said that they had their accounts shut down after doing this. Capital One isn't known for shutting down accounts, it's certainly something to take notice of. 


I hadn't read the other person's post. I thought I was the only one that had figured out how great these balance transfer offers were Smiley Happy I'd be curious to see that post, any recollection of when and where it was posted?


Here ya go, SJ

 

https://ficoforums.myfico.com/t5/Credit-Cards/Can-I-BT-a-large-amount-for-7-10-days-Cap-One/m-p/5793...


Wow, thank you for that. I wasn't the only one after all Smiley Happy

 

My question. Why on earth offer something if you're going to shut people down for using it???


Total revolving limits 646000 (570000 reporting)



Message 17 of 23
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Established Contributor

Re: Capital one balance trasfer with no intrest charge.

Frequent balance transfers (taking one out, then immediately paying it back) probably touch off security flags related to possible money laundering.
I think banks have certain obligations when those flags start waiving.

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Message 18 of 23
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Super Contributor

Re: Capital one balance trasfer with no intrest charge.


@Dalmus wrote:
Frequent balance transfers (taking one out, then immediately paying it back) probably touch off security flags related to possible money laundering.
I think banks have certain obligations when those flags start waiving.


I guess that makes sense but Navy Federal doesn't charge BT fees either and I haven't heard anyone getting their account shut down for doing a quick BT and paying it down. The difference here is that Navy Federal would make interest income for however many days it took to post and get paid off where Capital One would have earned nothing. 



01/2019:
03/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 19 of 23
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Frequent Contributor

eeRe: Capital one balance trasfer with no intrest charge.

 

 

 

Hear is an up date on Capital one Quick silver mastercard BT with no intrest charge or transaction fee.Last month in December I took a cash advance on my barclays Ring master using the checks that Barclay's sent me for my Ring mastercard. I deposited a check for $650 into my checking account. When balance of $650 posted to my Ring mastercard I called Capital one on my closing date for the Quick silver mastercard and did a Bt to the barclay's ringmastercard for $650. Couple days before the Due date on my Quick silver card paid 250 to bring the ul under 10 percent. I just my on line statement from Capital one and it shows balance of 400 dollars with no intrest charges or transaction fee. Will pay off the of 400 before the due date in February 17.

Message 20 of 23
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