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Transferring Credit Card Balances

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Transferring Credit Card Balances

Old 11-09-09, 02:45 PM
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Transferring Credit Card Balances

Do no-fee balance transfers exist anymore? Anyone have suggestions of companies to pursue? Seems like everything out there that I can find has a fee of 3-5% and only 0% interest for 6 months...
Old 11-09-09, 02:54 PM
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Re: Transferring Credit Card Balances

I don't know about new credit card offers, but I haven't seen a no-fee offer in a long, long time. As you mentioned, most have the 3-5% fee associated with it and no maximum amount as a cap. I've received some low rate offers (1.9%), some that go until 2011. However I can recall a year or two ago occasionally receiving a low interest rate for life type offer which is also a thing of the past.
Old 11-09-09, 03:01 PM
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Re: Transferring Credit Card Balances

Yeah, the no-fee or low fixed fee balance transfers seem to have disappeared. So there's essentially an upfront interest payment now.

The best I've been seeing lately is low or no interest on purchases. That's not bad if you have something that would take a big chunk of cash to pay for, like a tax payment, but it's generally not for a very long period that there's no interest.
Old 11-09-09, 03:25 PM
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Re: Transferring Credit Card Balances

like others have said, the good ol days of low or fixed transfer fees are over. what rate is your current balance at, and how much do you owe?
Old 11-09-09, 03:31 PM
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Re: Transferring Credit Card Balances

Citi had a couple as of a couple of months ago but I don't see them anymoe
Old 11-09-09, 03:36 PM
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Re: Transferring Credit Card Balances

Originally Posted by D.Pham00 View Post
like others have said, the good ol days of low or fixed transfer fees are over. what rate is your current balance at, and how much do you owe?
The main one we're trying to pay off is $6500 at 19.99%.
Old 11-09-09, 03:42 PM
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Re: Transferring Credit Card Balances

oh my, 20% is horrible. do you own a home? you can try to get a personal loan as well with your bank or credit union to see what you can get.
Old 11-09-09, 03:51 PM
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Re: Transferring Credit Card Balances

Originally Posted by D.Pham00 View Post
oh my, 20% is horrible. do you own a home? you can try to get a personal loan as well with your bank or credit union to see what you can get.
I know. My wife's credit cards from before we were married. We do own a home. Personal loan is a good idea - will try that at the credit union. I can transfer it to an existing discover card, but that has a 5% fee and 0% for only 6 months. I'm paying $500 a month on it, but it kind of sucks to see that $110 in finance charges.
Old 11-09-09, 04:09 PM
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Re: Transferring Credit Card Balances

you should def at least see what you can get from the personal loan...if you can get a 5-7% fixed, then imo, it'd be worth it over the 0% for 6 mo (unless, you can pay it off in 6mo).

your wife must have had bad credit before you two got married.
Old 11-09-09, 04:27 PM
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Re: Transferring Credit Card Balances

Originally Posted by D.Pham00 View Post
your wife must have had bad credit before you two got married.
It's possible that the card in question had a lower rate at one point. Not only are credit card companies buckling down on the balance transfer offers, they're also tightening the belt on the handling of accounts. You could miss a due date by a day and the cc company can hike the rate up to 20%.
Old 11-09-09, 05:07 PM
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Re: Transferring Credit Card Balances

Originally Posted by cardsfan111 View Post
It's possible that the card in question had a lower rate at one point. Not only are credit card companies buckling down on the balance transfer offers, they're also tightening the belt on the handling of accounts. You could miss a due date by a day and the cc company can hike the rate up to 20%.
very true. also, CC's are jacking the rates even if you're not late, though, when they do this, assuming you're in good standing, you can opt to have the account closed and maintain the old rate at the balance on hand.
Old 11-09-09, 06:55 PM
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Re: Transferring Credit Card Balances

Originally Posted by Lunatikk View Post
I know. My wife's credit cards from before we were married. We do own a home. Personal loan is a good idea - will try that at the credit union. I can transfer it to an existing discover card, but that has a 5% fee and 0% for only 6 months. I'm paying $500 a month on it, but it kind of sucks to see that $110 in finance charges.
At $500 a month, it would take 15 months to pay off the $6500 balance with finance charges (~$7400 depending on how the APR is applied). If you look at the Discover balance transfer option, the 5% upfront fee amounts to $325 for the fixed portion. If you still pay $500 for the first six months, your principle would be at $3825 ($6500 + $325 - 6*$500 since there is no finance charge) when the finance charges start getting applied. If the Discover card is also at a 19.99 finance rate, it would take 9 months to pay off the $3825 (19.99 APR), costing a total of ~$7100.

Option 1 - Keep it as it is: Pay $7400
Option 2 - Transfer to Discover card with 5% fee and same finance rate: Pay $7100

If the Discover card has a lower APR, you save even more. So even with the 5% balance transfer fee, you would save some money. $300 is better than nothing. I agree with D.Pham00 - a personal loan @ 5-7% would be best, costing ~$6700 (5% APR).

Last edited by Robertwoj; 11-09-09 at 06:58 PM.
Old 11-09-09, 10:05 PM
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Re: Transferring Credit Card Balances

I just got a HAS Advantage card in late September, 0 % balance transfer fee and 0% APR on balance transfers for a year. I think other US Bank cards may have the same thing going.
Old 11-10-09, 09:33 AM
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Re: Transferring Credit Card Balances

http://www.app-o-rama.com/o/
Old 11-10-09, 09:58 AM
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Re: Transferring Credit Card Balances

Originally Posted by Jericho View Post
I just got a HAS Advantage card in late September, 0 % balance transfer fee and 0% APR on balance transfers for a year. I think other US Bank cards may have the same thing going.
wow...that's pretty good, and in a year, the OP should be able to almost pay off the debt at $500/mo. just be careful of the APR afterwards though, if you don't pay off the balance.
Old 11-10-09, 11:17 AM
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Re: Transferring Credit Card Balances

Originally Posted by D.Pham00 View Post

your wife must have had bad credit before you two got married.
Yep. She lived on credit cards, basically. Trying to fix it knocking out the high interest debt. And then there's the loan from her parents after that. Luckily that is only at 4%.

Originally Posted by cardsfan111 View Post
It's possible that the card in question had a lower rate at one point. Not only are credit card companies buckling down on the balance transfer offers, they're also tightening the belt on the handling of accounts. You could miss a due date by a day and the cc company can hike the rate up to 20%.
Pretty sure this is what happened.

Originally Posted by Robertwoj View Post
At $500 a month, it would take 15 months to pay off the $6500 balance with finance charges (~$7400 depending on how the APR is applied). If you look at the Discover balance transfer option, the 5% upfront fee amounts to $325 for the fixed portion. If you still pay $500 for the first six months, your principle would be at $3825 ($6500 + $325 - 6*$500 since there is no finance charge) when the finance charges start getting applied. If the Discover card is also at a 19.99 finance rate, it would take 9 months to pay off the $3825 (19.99 APR), costing a total of ~$7100.

Option 1 - Keep it as it is: Pay $7400
Option 2 - Transfer to Discover card with 5% fee and same finance rate: Pay $7100

If the Discover card has a lower APR, you save even more. So even with the 5% balance transfer fee, you would save some money. $300 is better than nothing. I agree with D.Pham00 - a personal loan @ 5-7% would be best, costing ~$6700 (5% APR).
The Discover card is 9.99% APR.
Old 11-10-09, 02:29 PM
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Re: Transferring Credit Card Balances

Well I applied for a loan, came back at 10.99%.

Edit: Would actually be 10.49%, as they offer a discount if I repay through my account at the credit union, which I would.

Last edited by Dr. Henry Jones, Jr.; 11-10-09 at 02:43 PM.
Old 11-20-09, 09:19 AM
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Re: Transferring Credit Card Balances

OK, so the 19.99% credit card now has a 0 balance. Should I close the account? Considering it, but it's our highest limit card (I think) and would shrink our ratio of used/available credit. Is this a big point to consider in credit scores?
Old 11-28-09, 04:19 PM
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Re: Transferring Credit Card Balances

If you do not have many cards, and can avoid carrying a balance, then sure, keep it open, esp. if you (or she) has had it for many years.
Old 11-29-09, 04:47 AM
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Re: Transferring Credit Card Balances

Originally Posted by Jacoby Ellsbury View Post
+
Old 11-29-09, 05:44 AM
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Re: Transferring Credit Card Balances

Originally Posted by cardsfan111 View Post
It's possible that the card in question had a lower rate at one point. Not only are credit card companies buckling down on the balance transfer offers, they're also tightening the belt on the handling of accounts. You could miss a due date by a day and the cc company can hike the rate up to 20%.
I just had this happen. I made a payment online on the 10th of last month and it didn't clear until the 13th when it was due on the 12th. I held off making the payment so I could pay a large sum. In the past, it has ALWAYS taken 2 days to clear. This time, for whatever reason, it took three.

I get a letter saying they're jacking up my rate to 24.99%. I call to complain since i haven't made a single late payment in 10 years. They say they'll file a "review request" and to call back in a few days. I call back, and tey say my claim is denied. So I asked to speak to a supervisor and threatened to transfer the balance and close the account, then all of a sudden they decide to remove the penalty. Assholes.

It's not like I expect free reign, but 1 day late in 10 years and they want to jack up the interest to where the card isn't even worth using anymore? Ridiculous.

Last edited by Living Dead; 11-29-09 at 05:46 AM.
Old 11-29-09, 11:18 AM
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Re: Transferring Credit Card Balances

Originally Posted by Living Dead View Post
I just had this happen. I made a payment online on the 10th of last month and it didn't clear until the 13th when it was due on the 12th. I held off making the payment so I could pay a large sum. In the past, it has ALWAYS taken 2 days to clear. This time, for whatever reason, it took three.

I get a letter saying they're jacking up my rate to 24.99%. I call to complain since i haven't made a single late payment in 10 years. They say they'll file a "review request" and to call back in a few days. I call back, and tey say my claim is denied. So I asked to speak to a supervisor and threatened to transfer the balance and close the account, then all of a sudden they decide to remove the penalty. Assholes.

It's not like I expect free reign, but 1 day late in 10 years and they want to jack up the interest to where the card isn't even worth using anymore? Ridiculous.
Short term gain instead of long term profitability. Greed is not good.
Old 11-29-09, 09:31 PM
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Re: Transferring Credit Card Balances

Discover has a 0% balance transfer for 12 months. I applied and got approved.
Old 08-22-10, 06:03 PM
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Re: Transferring Credit Card Balances

I have several credit cards with varying balances at some higher rates. I got an offer for a Citi Platinum Select MasterCard in the mail yesterday.

-0% intro APR for 15 months on purchases and balance transfers.

I signed up today and got approved. They charge a 3% fee on each transfer. I wanted a card with 0% since some of my cards have steep rates in the 19.99% range.

This card is always listed as one of the better transfer options out there.

On the approval page, it listed my card details. This was listed for the balance transfer part: "0% introductory APR for 15 months from date of account opening when transfers are completed within 4 months from date of account opening."

So even though I have 0% transfer rate for 15 months, I can only transfer balances during the first 4 months?

Also, does anyone else have this card? I have never done a balance transfer before, but I'm ready to pay off my debt and figured this would help out. Can you do the transfers online with this card?

thanks.
Old 08-22-10, 06:09 PM
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Re: Transferring Credit Card Balances

I would think balance transfer within the first 4 months should be common. If I'm looking to open up a new card with the sole purpose of transferring a balance, I'll transfer the balance during the enrollment process.

I don't have any cards with Citi but I have Chase and they encourage transferring balances, so you may be able to do it online. You could always call them.

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