Balance transfer question

Discussion in 'Credit Talk' started by Shirley, Nov 5, 2001.

  1. Shirley

    Shirley Well-Known Member

    I feel very dumb so please bear with me. I have no familiarity with balance transfers.

    I just got my HSBC card in the mail, it's 3.9 percent for the first six months and then prime plus 9 percent, $1,500 limit.

    I have two other cards, a Cap 1 and an Associates Visa both with balances of about $200 each. Those APRs are ridiculously high.

    I just called HSBC and the rep told me they would mail me some checks that I can write out and pay off the Cap 1 and Associates and then those balances would be transferred to my HSBC card.

    It sounds great to me. Is there a catch to this?

  2. Momof3

    Momof3 Well-Known Member

    Alot of banks issue checks for balance transfers, did she ask you the amount??

    It is not uncommon Citi does this all the time, just make sure they are BT checks and not purchase checks or convience checks these checks will not give you the BT intro rate. Also did you ask if there is a BT fee??

    GEORGE Well-Known Member

    The only "CATCH" is there may be a FEE for each transfer...
    You can OVER-PAY one, then get a CREDIT BALANCE refund, deposit that check in your checking account, then pay off the second card...
    Over-paying STOPS the interest clock...

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