Just up date intrest charge on my Ring mastercard was only $1.50 with no Transaction Fee. That is why I used my Ring mastercard was able to get cash into my checking account and take short term loan for so little in intrest charges.
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 I'd be curious to see that post, any recollection of when and where it was posted?
I've actually been doing this the last couple months. Haven't been wanting more than I was expecting/planning on reporting from my business venture that's taken longer than expected. Kinda has me worried now.
I have a QS with a fixed 10.9% APR. It is set with a $212 autopay amount.
For the last few years, a couple times a year, I transfer about $500 onto the card, from other balances. Then just let the autopay handle it during the next three months. I pay a bit of interest in the middle month, and the card gets activity. Net, I save some interest.
If I were to attempt this with amounts closer to the $10k limit for a well-timed 50 day period and do this repeatedly I would expect the card to be shut down. But I'm not interested in abusing the feature.