Creditnetters, I have some more questions Can we do Balance Transfer (BT) from card A to card B more than one time? Or Balance Transfer (BT) can be done only when we receive new offer from a CCC? Thanks, goeast
only restriction I am aware of is that you cannot bt from Company A to Company A. For example, suppose you have a citibank MC at 0%BT and citibank visa at go to rate of 9%fixed that you have had 5 years. Since you were recently approved for the "citibank MC", you CANNOT bt the old citibank balance @9% to 0% because the money is tied into the same company. However, if you had suppose an account with Bank One, then you could transfer the balance from "Citibank Visa" to Bank One, then transfer from Bank One to Citi MC @ 0%. Does this make sense? The company's do not care if you BT money from one company to another, although many credit company say that "hopping" the balance from one card to another is not healthy. Im assuming that "Bank One" would pull your credit eventually and see that the balance of "1000" was transfered to Citi, unless you pay off the balance and therefore the other company who know that you are card hopping. Hope this info helps and did not confuse you.
let me repharse what i said. the companies do not care financially that you are card hopping to pay the minimum/balance, but they do care as far as credit score is what I have been told because if you owe "1000" and never pay it off, but card hop, then the debt is actually not being paid, but in essence transferred.
IT IS IMPOSSIBLE FOR THE BANK TO KNOW 100% FOR SURE IF YOU ARE DOING BT TO BT TO BT OR YOU BOUGHT AN AIRLINE TICKET FOR $1,000!!! OR BOUGHT A BIG SCREEN TV!!! ALWAYS have a "BACK-UP" card to BT away the entire balance if they decide to "JACK" you!!! AND SOCK DRAWER THE "JACKED" CARD...or CLOSE IT!!!
Re: Re: BT Questions The fees vary. I have seen them as high as 3% or $50 max. One way to save on fees is to have the transfer made to your checking account or to an account where you have access to the excess amount and then pay off other cards from it. Example, lets say you get a BT offer from Chase and your limit is 10000 and you owe Citi 5000 and MBNA 3000, you make the BT to MBNA for 9000, your fee is a one time fee, but now you can turn around and pay Citi 5000 and make a payment to Chase for 1000. www.creditsense.com
Re: Re: BT Questions Hello creditworks, I never done this before. I think BT is usually offered by a new CCC that wants us as their customer right (?) and we could receive 0% BT. What if I already had 2 credit cards: Card A and Card B, both different companies. If I had $5,000 balance in Card A, will Card B take the BT? Which side is charging me? But is there any CCC would BT for free no matter how many time you do it? Regards, goeast
Re: Re: Re: BT Questions BT'S NEVER INCUR A FEE ON THE RECEIVING BANK...only the sending bank (but many BT'S are FREE)
Re: Re: Re: BT Questions Here is another one that I really really wanted to find out : ) Lets assumed John Dole is making US$20,000 every month and his total payout expenses are $15,000 monthly. John has 3 credit cards with perfectly clean history, and all them are from different credit card companies. John can pay off the total balance of all cards at any time. = = = = = Card A: $5,000 Credit Limit. 9.9 APR. $30 Annual Fee. 1% Cash Rebates. (This is Johnâ??s favorite card because of its 1% cash rebates on â??Any Purchase of every US$100â? & perks for products redemption) Card B: $10,000 Credit Limit. 7.9 APR. No Annual Fee. Earn Air Miles. (John seldom travel by air) Card C: $15,000 Credit Limit. 6.9 APR. $30 Annual Fee. (John enjoy the cat picture on the card. . . lol ) NOTE: 0% BT and also free of charge. (any other fee?) = = = = = - - - - >John wanted to maximize his rebates from Card A so he will spend $5,000 x 3 on this card A and then he BT balances to the other 2 credit cards. And of course he will pay off the total balance in full when due. - - - - > Can he successfully do it? BT in MONTHLY BASIS? - - - - > Does he really need to use 3 credit cards all together? - - - - > Should he take advantage of the Air miles? - - - - > Will an extra card help him more? - - - - > Which CCC will be likely to reject johnâ??s â??hoppingâ?? - - - - > Lastly, if all the $5,000 x 3 from Card A were BT to Card C, will John gets 1% Cash Rebates from Card A? - - - - > Which CC is making profit better than the other? Card A or Card C? Any opinions/comments will be greatly appreciated : ) BIG THANKS in advance. Regards, goeast p/s: Which CCC do BT for free??
Re: Re: Re: BT Questions ok, some of the example you lost me one, but Card A will make more of a profit than Card C due to a APR higher which means a higher finance charge!
Re: Re: Re: BT Questions In my opinion the more cards the better, I have 18 lines, I don't BT monthly, but if you can find a reason to do it and the fees don't negate the gains do it. I only BT when a worthwhile offer is made. I do use airline rewards for upgrades, the last three trips we took we went first class. www.creditsense.com
Re: Re: Re: BT Questions Stupid question (and maybe I didn't see it posed) re: BTing a "Bank A" card to another "Bank A" card...if the bank is one that sends a BT check to the customer and not to the bank where the other card is, couldn't you just deposit the check and pay the first card off (while still keeping the balance with the same company, albeit on a different card, and hopefully at 0% for awhile longer)?
Re: Re: Re: Re: BT Questions YES...you CAN BT BANK A to BANK A if you deposit a check into your checking account or they do a EFT to your checking!!! Then just write a check out to your other credit card or do ON-LINE EFT...
Re: Re: Re: Re: BT Questions Slap me silly for typing such a long scenario for such an easy answer. So if Card C is willing to send BT-money to John checking account, then John can write check to payoff the balance in Card A. (Right?) I really doubted any CCC would do it 3 times monthly and charges 0% BT. Regards, goeast p/s: THANKS ALL for the feedbacks. Anyone else? . . .
Re: Re: Re: Re: BT Questions BT'S ARE EASY!!! Some credit card companies HAVE A HISSY if you don't BT enough!!!
Re: Re: Re: Re: BT Questions Another silly question. I know CCC always wanted consumer to pay interest charges on balance or pay the min, and they hope that we will keep paying the high interest. But in John case, John only request BT from Card C to pay Card A ... he trys to max the rebates from Card A . . .. but john is going to pay off the balance in FULL next month when card C balance is due. So Card C is still welcome John's BT request even for several times in a month? I THINK THAT'S GREAT NEWS. Regards, goeast
