How do CCs react to Balance Transfers?

[EaglesFan2006]

I know many CCs love it when you transfer balances to their card, but how does it work the other way?  I’m giving some thought to transferring my Barclay balance to another card to take advantage of a BT offer I got.  The Barclay card has my highest rate and no rewards.  However, it does have a nice limit and I don’t want them to be closed.  I know Barclays can be a little unpredictable when it comes to closing accounts.  But what’s the general rule of thumb regarding accounts whose balances were transferred away?

[GaTech]

Don't apply for a credit card and request a balance transfer at the same time with AMEX.

They tend to frown upon those who revolve balances month to month wihout paying down their balances other than the minimum payments.

[parakleet]

There's a recent thread about the T&C for Barclays requires a purchase every 3 months or so to avoid account closure. But that wouldn't stop me from doing a BT if it was going to save me money. If Barclays shuts you down because you did a BT to another cc to save some interest that you'd be otherwise paying to them, I'd say you're better off.

[EaglesFan2006]

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@GaTech wrote:

Don't apply for a credit card and request a balance transfer at the same time with AMEX.

They tend to frown upon those who revolve balances month to month wihout paying down their balances other than the minimum payments.

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Thanks but I'm not interested in a new card.  I have a BT offer on an existing card and that's why I'm thinking aobut moving. 

[GaTech]

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@EaglesFan2006 wrote:

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@GaTech wrote:

Don't apply for a credit card and request a balance transfer at the same time with AMEX.

They tend to frown upon those who revolve balances month to month wihout paying down their balances other than the minimum payments.

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Thanks but I'm not interested in a new card.  I have a BT offer on an existing card and that's why I'm thinking aobut moving. 

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Calculate how much the Balance transfer fee is (if they're charging you one), and then see if it benefits you good luck!

[Walt_K]

Can you have the BT put directly in your bank account.  Citi issues checks that you can write to yourself, or you can do the BT online and have it transferred directly to your bank.  Then you can write Barclay's a check to pay off your balance and they won't know you did a BT.  I don't know if they would care one way or the other, but that is an option if you're concerned about it.

[Anam]

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@GaTech wrote:

Don't apply for a credit card and request a balance transfer at the same time with AMEX.

They tend to frown upon those who revolve balances month to month wihout paying down their balances other than the minimum payments.

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It really depends...

I moved good amounts through my AMEX with initial credit line of 2000. I would always pay in full. Next card I applied to they gave me a 2000 limit as well. Later on I was able to bump both of those cards but it took some time.

Now my friend with 3x less income got the same card (BCE) with the same limit. Charged it to around 1500 and then put it on autopay for minimum while it's at 0%. Next AMEX card he applied for got him a 6000 credit limit (he also waited less before he apped for his second card compared to me). He also charged a bunch of stuff on that one and put it on minimum autopay. Then later AMEX bumped his BCE to 4000.

I was not amused...

[maiden_girl]

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@Walt_K wrote:

Can you have the BT put directly in your bank account.  Citi issues checks that you can write to yourself, or you can do the BT online and have it transferred directly to your bank.  Then you can write Barclay's a check to pay off your balance and they won't know you did a BT.  I don't know if they would care one way or the other, but that is an option if you're concerned about it.

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I find this method to be protentially dangerous. Some people will end up using the BT funds for other things and not pay the creditor they intended to pay. The direct pay is always the best method...at least to me anyway..

[too-much-time]

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@Walt_K wrote:

Can you have the BT put directly in your bank account.  Citi issues checks that you can write to yourself, or you can do the BT online and have it transferred directly to your bank.  Then you can write Barclay's a check to pay off your balance and they won't know you did a BT.  I don't know if they would care one way or the other, but that is an option if you're concerned about it.

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That's the only way for me. Once they know, they won't forget.

[Creditaddict]

I would be more concerned about money savings over rather Barclay will take the oppurtunity to CLD you.

Keep in mind Barclay is keeping track of your overall debt... and watching it from time of approval onward... so if the debt isn't going up or if it goes up and you are paying it down, I wouldn't worry.