Questions tagged [balance-transfer]

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What happens if you do a balance transfer for more than you owe?

Say you owe $1k on credit card A. You get a new credit card, B, and ask for a balance transfer from A to B for $4k. What happens? Do you end up with a negative -$3k balance on A? Or would B typically ...
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4 votes
3 answers
427 views

If you have a different interest rate applicable to a part of your credit card balance, how does this apply in monthly payments? [duplicate]

Here's a scenario. My credit card's balance transfer option allows the money to be deposited to my bank account. Let's say I owe $10k at 12% and borrow an additional $10k at 0. If I pay back $10k the ...
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1 vote
2 answers
130 views

Procedure to get approved, and transfer balance to a 0% APR credit card?

I have the following two credit cards: Credit card A—$2500 balance, of $3000, 10.99% APR Credit card B—$0 balance, of $1300, 19.99% APR I want to transfer the balance of credit card A to a 0% APR ...
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0 votes
1 answer
85 views

How long does it take for a major payment to influence better terms on credit cards or personal loans?

I have ~$10K in cash "thanks" to way overpaying IRS the previous 2 years. I'm not very good at doing my own taxes, apparently. I can use it to pay off some credit card debt, which is ...
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8 votes
2 answers
284 views

0% intro APRs complicating payoff plans

So I'm in not-the-best™ position with about 15K in undesirable credit card debt (And another 5K in permanent no-interest deferred payment plans). I'm trying to calculate what the optimal payoff ...
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4 votes
1 answer
180 views

Multiple Balance Transfers

I have a credit with a small balance, but large enough to be annoying. It comes from an impulse purchase. The APR is 22%. My credit score is excellent. (Which comes from decades of avoiding impulse ...
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2 votes
2 answers
159 views

Are there any pitfalls to balance transfer checks?

I've recently received an offer from a credit card that I always pay off each month. This credit card also has the lowest APR out of my 3 cards, but that doesn't really matter since I pay it off each ...
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0 votes
2 answers
87 views

Loan vs Balance transfer - how to effectively calculate my way to a decision

Let us say I have $10k in a high interest debt. Or even some money I need to borrow for expenses. I am unable to clear the $10k in one payment and so putting it on a credit card won't make sense. ...
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1 vote
2 answers
81 views

Visa balance transfer from one loan company to another

I have a Visa loan with company A that has an interest rate of 10%. Company B is offering to let me transfer my balance with A to them for a 12-month 0% interest rate. I know that company A also ...
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0 votes
3 answers
155 views

How exactly do balance transfers work?

I have two credit cards, one with a credit limit of $400, and another with a credit limit of $4,000. The one with the $400 is with US Bank, and the one with $4,000 is with Synchrony Bank. My US Bank ...
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1 vote
1 answer
263 views

Do credit card balance transfer offers dry up during economic downturns? (USA)

I have great credit and occasionally take advantage of low-fee, 0% interest balance transfers offers on existing or new credit cards, always reading the fine print and paying it off without paying a ...
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3 votes
1 answer
124 views

Auto Loan and Balance Transfer

I have an auto loan of $15,000 which I am paying off monthly. It's one of the areas of my personal finance that's just been on auto pilot and haven't really put much thought into, the money comes out ...
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  • 133
1 vote
3 answers
712 views

Do I lose the grace period on new purchases after a promotional balance transfer on some cards but not others?

I just used my credit card from Barclay Bank to make a balance transfer at 0% APR for 18 months for a 2% fee. I already paid the 2% fee, so I'm not planning on paying anything more than the minimum ...
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8 votes
5 answers
24k views

Can I use a balance transfer offer to pay off someone else's credit card debt?

A family member of mine owes significant debt on several high-interest credit cards. They are struggling to make much more than the minimum payments, which is keeping them in a cycle of debt. I have ...
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0 votes
1 answer
359 views

Is it possible to max out a credit card and then transfer balance to pay 0% interest for 40 months?

Last night I've asked a question - What is the catch with "balance transfer" credit cards? - but I wasn't precise enough... Quite rightfully it was marked as duplicate and provided ...
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2 votes
1 answer
1k views

What is the catch with "balance transfer" credit cards? [duplicate]

If I understand correctly I can transfer a balance of my credit card to a new credit card and pay no interest for 40 months? How your promotional rates will change After 40 months, the rate on ...
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4 votes
1 answer
884 views

How to interpret this paragraph from a credit card company

A credit card company has sent me an offer of a balance transfer with 0% interest until November 2017. Their Q&A section has this question: Q: If I take advantage of this offer, will it affect ...
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3 votes
4 answers
606 views

Can you switch credit cards annually to avoid interest if you have no outstanding balance?

I am aware of how balance transfers work, and that there are various things to consider with that. However, I generally treat my credit card as a debit card, paying it off fully at the end of each ...
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1 vote
1 answer
2k views

Can I send money from my VCC to PayPal?

I don't have a bank account due to several (personal) reasons, and I can't open one, but in some way (with help of my mobile service provider) I can have as many Virtual Credit Cards as I want. Those ...
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9 votes
5 answers
3k views

In layman's terms, what is balance transfer?

I know very little about my credit cards, all I know is that I make sure to do the minimum payments on time. Some suggested that I do balance transfer? What is that suppose to mean? Can someone pay ...
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3 votes
4 answers
5k views

Using credit card balance transfer to pay Mortgage line of credit

I have a mortgage which has a credit margin at rate of 5.75% which I would like to get rid of as soon as possible. One strategy to lower the interest cost would be to using one of my credit card to ...
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1 vote
1 answer
49 views

Credit influence of transferring debt to new account

I understand that the age of my accounts has an impact on my credit score. My oldest account, by a wide margin, is my federal student loan. I'm hoping to minimize my payments in size and/or how long I ...
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  • 135
2 votes
1 answer
166 views

How to handle fee for a balance transfer?

To save some money on interest, last week I transferred a balance of $17,500 from my student loan account to my credit card for 0% APR for 18 months and a 2% transfer fee. The transfer fee ($350) ...
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1 vote
2 answers
80 views

Medical Bills and IRA Distributions

From my research I think we have unknowingly and accidentally screwed ourselves here, but I would like to ask to confirm. Oct 2015: Our son needed emergency surgery when we were traveling in Panama ...
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4 votes
3 answers
819 views

High credit utilization, some high interest - but credit score not overly bad. How to attack debt in this situation?

I presently have: Credit Card, £2250 balance, interest rate of 17.43% Credit Card, £1500 balance, interest rate of 39.9% (3.5% min payment) Credit Card, £2400, interest rate of 34% Overdraft of £1300 ...
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0 votes
2 answers
357 views

Interest charges on balance transfer when purchases are involved

I just finished reading a great explanation on how interest is determined and how to avoid. It was stated the way to avoid interest is to pay off your full statement balance each month. Example: - ...
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1 vote
2 answers
321 views

Do no-balance-transfer-fee credit cards make exceptions in their special offers?

I have a wide array of credit cards that I use to maximize rewards. Every now and then I get an offer in the mail from one of the cards I haven't used in a while, offering 0% APR on balance transfers ...
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2 votes
1 answer
147 views

Balance transfer reward, is there a downside?

My credit union is offering a credit card promotion, 2% cash back on balance transfers No balance transfer/cash advance fees I currently have ~$13k in savings/CDs earning 1%-1.1%. Is there a ...
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4 votes
2 answers
5k views

What does this section about revolving balances in a credit card TAC mean?

So, I'm about to hit the end a promotional period on a credit card that I used to buy an engagement ring. I'm looking at about $3000 in interest added back onto the card, which I don't really want, so ...
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1 vote
1 answer
182 views

Strategy to save the most on interest

I'm planning on applying for a credit card that offers 0% APR on balance transfers for 15 months and $0 balance transfer fees. I'm thinking on using this card to pay down some of my student loans. ...
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2 votes
2 answers
370 views

Credit CARD Act and applying payments to recent purchases and balance transfer

The Credit CARD (Card Accountability Responsibility and Disclosure) Act in the U.S. states that payment amounts made in addition to the minimum payment must be applied to balances carrying the highest ...
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1 vote
4 answers
8k views

Transferring balance to a debit card

I often receive credit card offers in the mail with very attractive balance transfer options. I wonder what will happen if apply to a credit card and try to transfer a balance to a debit card. Let ...
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4 votes
2 answers
3k views

Can I use balance transfer to buy car?

I am in market to buy new car but I am a little short on money. I could finance the car but if buy on cash, I will qualify for additional savings up to $1000. Furthermore even if I finance the car ...
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  • 143
4 votes
2 answers
2k views

Can I negotiate a 0% transaction fee with my credit card company?

Whenever a month or two passes without using one of my credit cards, the respective bank usually sends me an offer for a 0% APR for a year or so on balance transfers. They send me these blank checks ...
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6 votes
1 answer
146 views

Transfering balance between VISA cards in different continents

Is it possible to transfer credit card balance from a VISA card issued in Europe to a VISA card issued in the US? I've never done balance transfers before, and I (US card holder) need to help my ...
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  • 161
0 votes
1 answer
5k views

Balance transfer from Wells Fargo to Chase

I have had a Wells Fargo Credit Card for about 3 years with a limit of $3100 and a chase bank credit card since January with a limit of $3000. Wells Fargo is charging me close to 13% and chase has its ...
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  • 1,027
3 votes
2 answers
2k views

Is it acceptable to balance transfer a credit card's balance to itself?

Is it acceptable to balance transfer credit card debt to the same card? Often, balance transfer promotions come as checks in the mail, and I learned that you may write that check to yourself and ...
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1 vote
1 answer
471 views

Transferring money to Indian private bank

I work for a friend overseas who want to pay me through SKRILL (MONEYBOOKERS - PAYPAL like service) in USD. I would have my Moneybookers account linked to my Savings Bank Account in a private indian ...
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4 votes
2 answers
2k views

Explain this balance transfer offer

We have 3 credit cards which, up until this past summer, were always paid off in full. This past summer there was a perfect storm of events (car trouble + family emergency) and we are slowly paying ...
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7 votes
1 answer
18k views

How is "Balance Subject To Interest Rate" calculated?

I was approved for a balance transfer of $2,500 to a card, and that month my statement looked like this: INTEREST CHARGES (APR 2013) -------------------------------------------------------------------...
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5 votes
1 answer
2k views

How to dispute a balance transfer that never posted with other creditor?

Three months ago, I did a credit union credit card balance transfer at 0% to pay down three student PLUS loans. In the payments, the account number and sequence number for the three loans were given. ...
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1 vote
1 answer
11k views

When does interest start for a 0% APR balance transfer?

I have made a balance transfer with 0% APR for 12 months and paid only the minimum for 12 months. I wasn't charged any interest and if I pay the balance in full before 12 months is over, I don't get ...
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2 votes
1 answer
268 views

How to arrive at the fee-adjusted APR (accounting for balance transfer fee, but not inflation)?

I'm trying to figure out the fee-adjusted interest rate paid when incurring a balance transfer fee on a loan, not accounting for inflation. If the APR is 4%, the loan 5000, the transfer 2% and you ...
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5 votes
3 answers
29k views

Mint.com: How to set up savings line items in budget: As expense, income, or neither?

This question is really more specific to Mint.com since I do all of my personal account management there. In the Budgets tab, I always have the unaccounted transactions at the bottom of the page where ...
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6 votes
4 answers
4k views

Possible to use balance transfers to avoid interest with major credit cards?

I recently paid off a balance transfer and then this thought occurred to me. Let's say you have $3000 of debt outstanding on a credit card. The goal is not to pay interest while you work to save the $...
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7 votes
2 answers
769 views

What does zero interest on credit card balance transfers mean in practical terms?

I'm considering applying for another credit card with my existing bank. (It's a Platinum Credit Card if any one is interested). The site states: 0% on balance transfers for 16 months What does this ...
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6 votes
7 answers
2k views

Is it a bad idea to transfer all my money via ATM?

I recently moved out of state and have all my money in the bank where I used to live. I've opened up an account at a credit union here, and want to transfer my money from my first bank to this one. ...
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  • 815
14 votes
3 answers
466 views

Is it worth it to use "balance transfer" credit cards, to take advantage of low-rate offered as sign-up incentives?

I'm attracted by the low interest, but scared of having too many credit cards and losing track of payments, or worse, adversely-affecting my credit rating or future borrowing potential by having "too ...
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  • 8,653