Dear Friends, I am looking on several message boards for the answer to this question. I would like to know in your experience what the credit card companies are looking for in a debtor in order to make balance transfer offers? We just don't get balance transfer offers. Are the companies looking for unused credit cards? Are they looking at percentages of balances to available credit? what? As of mid August all 18K ( gross income 45K) of our CC debt will be at a 9.9% interest rate. We have an excellent credit history as in no late pays, we just have a LOT of det. Getting the 9.9% is great I know but I want those balance transfer rates of 7.9, 5.9 or better. What do we need to do in order to get them?
Most of the balance transfers offers I've seen are not a low interest rate for any length of time. You may get the 5.9% for 3 or 6 months then it goes up. Read the fine print if you receive any. I personally would kill for a 9.9% rate.
I'm not really sure what they look for other than a positive history. Sometimes you have to call and ask if they have a bt rate for you, they don't always announce it. Amex Blue recently offered my fiance 7.9 for the life of the balance transfer. I have had my account longer, and they have never offered me anything like that. Fleet also offered him 7.9 for the life of the bt. My bank of America account is the one with the 8.9 for life of the transfer. They just offered me a better rate of prime for life of the transfer. I am also currently using a bt rate from Citi of 4.9 for 12 months. Discover always offers bt rates, but they've always given me 7.9, 8.9 or 9.9 for 6 months. I'm also coming off of a MBNA bt rate of 6.9 for 6 months.
the other, Regarding your Discover offers: have you ever negotiated a better rate than what they offer on the website? Mine's always 9.9 for 4 months, but I was hoping to call and request something better (need next month for NextCard). Do you have any thoughts on this? Thanks!
That's actually how I got the 7.9. The website was offering 9.9, and I called and asked if they had anything better. From now, I will always call and ask if they have better. Most likely they do.
JacquiG, If my memory is working, didn't you get a 3.9 offer from Chase a while back? What did you do to get that . I have a Chase card with a 15k limit with no balance on it that I would love to use for a great bt rate like that. I called, but they said all they had was my standard purchase apr. It only 8.15 right now, but I was looking for something real good like that 3.9 offer. thanks!
Yes, they offered me 3.99% until paid. The account had only been open for 4 months, and was still under the original promo. Had to transfer it out, and then back to get the deal. <snip> What did you do to get that ... I have a Chase card with a 15k limit with no balance on it... all they had was my standard purchase apr. It only 8.15 right now Guess you have to accept a sucky $4K @18.99% rate like I did <grin>!! Don't know why I deserved that 3.99%...the offer came in my statement. Maybe they got scared by my Citibank approval?
Thanks, I'm almost tempted to transfer something over at the 8.15, then pay it off or transfer it off to see if I can get their attention. I just have to make sure I don't get charged any fees to do it.
Ok, I just transferred almost $7500 to my Chase card at my purchase apr. After that goes through, I will wait until my next statement and transfer it off. The last time I transferred a balance off my chase card, they called an offered me a bt rate. Hopefully they will do the same again, but offer me something low.
Careful on Chase - they're charging xfer fees now. They're not too horrible - something like 2% up to $39 max. - but that can eat up any savings you'll get pretty quickly.
I get lots of offers. I borrow close to the limit, make large payments, take advantage of all teaser rates and once a card is paid off, let it sit idle till another offer comes along. I do have 18 accounts to play with, so it makes it very easy to pay anything that goes to a high rate. CreditWorks runs on this principle and it has been able to help me and all that have tried it. www.creditsense.com
