Well it's about time LOL. I finally got a decent offer from Amex. 3.9 % for life of the BT, no transaction fees and they will raise my limit dollar for dollar, up tp 10K. Which will bring my limit up to 13500. Now I have to decide what to transfer!
Congrats! Have you been following the "customer level pricing" threads on the board? You should call them to get a go-to of 7.99% to no higher than 8.99%. Search for "saar customer level pricing" or "direct to r" for the direct number. It's good to "see" you again. You should come around more often.
Thanks Marci, it's been awhile Yes I will search the thread and give them a call Good to see you as well.
Hi, Beware of the tricks that Amex plays -- one creditor complained on this same board (cannot recall that now) -- that he took up on the offer, but got hit immediately with a late fee and over-the-limit fees when his first statement arrrived .... since your credit limit is going to be *dollar for dollar* match on the amount of balance you transfer, the moment you make a balance transfer you are at 100% of your limit -- and being that the finance charges accrue from day 1, by day 2 you have exceeded your limit and incurred over limit fees ($35) ... don't fall for that trap ... If you still want to go ahead with the balance transfer offer, I advise you to send in at least 3% of the amount you transferred as payment to Amex even before their first statement is sent out ... beating them at their own game ... Just my 2 cents. -- lakpr
Well, all issuers have this provision in the terms of agreement. And I suspect that this poster was either maxxed out on the current limit when this happened or did a BT upon opening the account that maxxed out the newly issued credit line. Not necessarily, unless one of the two scenarios above occurs. For example: the right way to do it: Initial limit: $5000 Current balance: $2000 BT: $3000 New limit: $8000 New balance: $5000 or the wrong way to do it, which is what you're addressing: Initial limit: $5000 Current balance: $4990 BT: $3000 New Limit: $8000 New balance $7990 People are fine to take AmEx up on this offer, unless your close to being maxxed out, at which point, you're gonna get hit with overlimits if you aren't majorly paying it down.
In reply to marci: I do agree with you -- however MomOf3 has an initial limit of $3500, but Amex invited her to do a balance transfer of upto $10K ..... She does not need to be close to her limit on her account; she can have *0* balance initially, but try transferring any balance greater than $3500, and she opens herself up for over-the-limit fees .... I was just cautioning her on that ... Just my 2 cents. -- lakpr
Okay. I'm confused: Initial limit: $3500 Initial Balance : $0 BT: $10000 New limit: $13500 New Balance: $10,000 How is she opening herself up to overlimit fees? Am I missing something? I ask, because I'm actually about to do this. Again, the only way I see a person going overlimit on this is if they are already maxxed out and the higher finance charges (from the new higher balance) put them over the top. Remember, AmEx is matching her BT dollar for dollar. So, for every dollar she BTs, her limit automatically increases by the same amount. Thanks,
Hi, Remember, I do not own an Amex Blue card -- so take what I say with a grain of salt ... Initial Balance = $0, initial credit limit = $3500. Balance transfer $5000 (let us say) ... on the day the balance transfer hits the account, she is overlimit, so assess a $35 fees immediately.... The credit limit will be adjusted only when the statement is computed at the end of the billing cycle ... so MomOf3 gets her statement with $8500 credit limit, but $5035 + interest in charges .... BUT.... let's say she transfers only $3400 (just a little less than her limit) ... when the balance transfer hits her account, her balance is $3400, her limit is $3500, so no over-the-limit fees of $35... at the end of billing cycle when finance charges etc. are computed, the limit also will be adjusted to $7000 .... balance will be $3400 + interest ... ************************ I think this was how it was done ... I *DO NOT* have Amex Blue card, all I have is my memory of what I read on this board from a fellow creditnetter ... and remember thinking "My god, what new tricks will credit card industries come up with" .... ************************* -- lakpr
No - the balance transfer is matched dollar for dollar. A BT of $5000 would automatically raise her CL by $5000, so her utilization ratio would be same (thereabouts), not putting her in trouble unless she was already maxxed. This is the point I was trying to make.
Thank you both, I understand what each of you is saying. My current situation Limit 3500 Balance 3200 at 0% for 8 more months I am going to BT 9950, they will up my limit by 10K, they round it off. So Limit will be 13500 Balance will be 13150 I am sending in an extra payment this month.
I got the same offer for my American Express Cash Rebate Card yesterday,the APR is 2.9% until the balance is paid ,they will raise my credit line from current $12,200 to $22,200 if I transfer $10,000 from other card.That's the second BT offer I got in two years,but the APR for last time was 9.9% and they also increased my credit line from $4,000 to $12,200 since I transfered $8,200 .
I can confirm that in my case on this offer, the credit limit increase happens BEFORE the balance transfer posts to the account. I had a $2,000 blue limit, did an $11,900 BT, and even though the BT hasn't hit my account yet, my limit now shows $12,000. A superb deal. I got 3.9%. Most suprising thing is that I was elligble even though I have a $20,000 Cash Rewards card (and moving $18,000 of my formerly $20K blue line is what got it down in the first place.) What I'd like to know now is how to best get an Amex _charge_ card (not credit card), since I want a Costco Small Business card too.
willgator, I just logged in online, americanexpress.com/bt . Since then, I've also received checks in the mail. They "pushed" this offer; I didn't "pull" it by request. I gather most blue account holders received something like it recently.
I've only had 1 billing statement so far. Think I should call so soon to get my fixed lowered from 9.99% to 7.99%? When I try the link for BT, it tells me at my current APR. I am thinking of calling them and telling them that if they give me the 2.9% and cl increase from 10k to 20k that I'll transfer the $13,900 left on my car loan. Good idea?
