I have a Providian MasterCard, $1000 limit at 23.9 with a $700 balance. I've had this card for three months. I just got a Household Bank card, $1000 limit at intro rate for 6 months at 3.9. I want to do a balance transfer which would bring the Providian card down to a 0 balance. My question is: By moving the balance, would it hurt my chances for a line increase on the Providian card.
I don't think it would. I did a transfer for $4,700 from Providian @ 16.9 to my Southwest Airlines Plat card @ 2.9 for 7 months and then 9.99 for the life of the transfer. After the payment posted to Providian, they automatically increased my limit $1,000. I also received a letter to increase by another $1,000 for $75. I declined that offer.
I've never done a balance transfer. If you wouldn't mind explaining, how are they generally done? Do you just call up your creditcard company, ask if that particular option is available, give them the account info on the balance you want to transfer and they process it? If you get a card with a low rate, I can see where a balance transfer would really come in handy. Thanks much. Donna
Donna - This will be my first one. The Household Bank card I have offered it, and it can be done on-line.
Usually when you make an initial application, you can transfer balances to your new credit card. Some card companies will allow you to transfer balances after you have opened your account, but they may charge a fee (usually 3% of the balance transfer). Fortunately, NextCard and my SW Airlines card will allow balance transfers with no fees attached. With my Providian transfer, I called my card company and did it over the phone. The transfer took three days to post to my account and Providian posted the payment three days after that.
Donna I did this with my Citigold card, I originally got the silver first but when I called them and asked if they were offering any balance tranfers they replied no, but then I read a post about this option with the gold card, I really didn't see any difference in cards except fees, but I went ahead and got the gold card. I then called citi and asked if they had any balance tranfers deals with this card, they said they would take my request and get back to me in 5-7 business days, I checked online with my account 2 days later and I was able to tranfer at 6.9 for 6 months. By the way they did pull inquiry for this. Mom
Nope they pulled on the VERY day I requested the balance tranfer. I had the card a month before I inquired about it, made me mad. Mom
RE: Thank you, JD, Greg and Mo I appreciate the info. This is something I've been wondering about but was afraid I would sound stupid asking. Earlier in the week, I responded to a pre-approved offer from AT&T Universal for their Plat card and I think it comes with a low introductory rate for balance transfers. I'm skeptically optimistic...but...if I get the card, I'd like to do a balance transfer with one of my Cap one cards. Then, I'd close the account. If that option doesn't come through, then maybe, Mom, I'll call Citi and see if I can work out something. Again, thanks for the help. Donna
RE: Thank you, JD, Greg and Mo You're welcome! Just be sure that there are no hidden fees for doing the transfer!
RECiti Inquiries Mom, Back in October, I dropped my silver card and combined it with the gold. At the time, the balance on the silver was zero and the Citi rep combined the two accounts instantly on the phone. There was definitely no inquiry. Sorry you got stuck with one. Donna
RE: Thank you, JD, Greg and Mo One note for all... I tried to transfer a balance from my Choice/Citi to my At&T card... they are both Citibank. Who knew? I didn't know AT&T was covered under citbank.
SOUTHWEST question Did you apply for that great rate on line? I went to the SW site (First USA bank) and the rates are 18%. YUK! Judy
RE: citiciti Citi didn't pull a check, and offered me 6.9% balance transfer 0 fee, after having the card for 4 cycles. After hearing that the next day i went for APR with retention.
RE: SOUTHWEST question No, I filled out an application at the Reno/Tahoe Airport on my way back to Seattle. I got a free T-Shirt too ;-)
To: Judyputy I just checked out the Southwest card online. YIKES! FirstUSA is really screwing online applicants. I have completely different terms! I would not have applied at 18% APR. The Rapid Rewards program isn't all that great anyway to be paying such a high APR.
RE: posted rates Citi does the same thing, they post the worst rate, and then usually give better rates, perhaps thats what they are doing. Nobody should be paying more then 13% if they are "prime" cardholders..
