Author Topic: A couple questions about balance transfer credit cards  (Read 1545 times)

ahicks90

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A couple questions about balance transfer credit cards
« on: September 29, 2016, 07:06:28 PM »
Hello, I'm new to this site and I'm having trouble finding information online about a few things regarding balance transfers. If anyone could help me out, it would be greatly appreciated!

1. I know that each card has a cardholder agreement, but I could not find any information about if there is a minimum length of time that I would need to have a contract.

2. Can I transfer from one balance transfer credit card to another balance transfer card when the promotional APR expires?

Thanks again for any information!
« Last Edit: September 29, 2016, 07:08:50 PM by ahicks90 »

Vagabond76

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Re: A couple questions about balance transfer credit cards
« Reply #1 on: September 29, 2016, 08:12:09 PM »
Hello, I'm new to this site and I'm having trouble finding information online about a few things regarding balance transfers. If anyone could help me out, it would be greatly appreciated!

1. I know that each card has a cardholder agreement, but I could not find any information about if there is a minimum length of time that I would need to have a contract.

No minimum

2. Can I transfer from one balance transfer credit card to another balance transfer card when the promotional APR expires?

Yes. Each card is a separate account. At some point you will need to pay the cards off, and most cards have a fee for each transfer.

Thanks again for any information!

Ebrat

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Re: A couple questions about balance transfer credit cards
« Reply #2 on: September 30, 2016, 07:27:42 AM »
You typically won't be able to transfer a balance from one card to another within the same bank (e.g., from one Chase card to another Chase card), but you can transfer with different banks (e.g., from a Chase card to a Capital One card).

rupanama

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Re: A couple questions about balance transfer credit cards
« Reply #3 on: September 30, 2016, 08:39:44 AM »
Be sure to read the details of the fees that are attached to your cards, as that's where the devil lives. As Vagabond76 wrote, there is usually a fee for balance transfers. The last card I got has a fee of 3%, which means I'll just pay my balance each month, thank you very much!

ahicks90

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Re: A couple questions about balance transfer credit cards
« Reply #4 on: October 04, 2016, 11:18:48 PM »
That was all very helpful. Thank you for the info!

kendallf

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Re: A couple questions about balance transfer credit cards
« Reply #5 on: October 05, 2016, 07:23:15 AM »
I float money on these zero interest cards regularly (usually for house renovation expenses).  It's cheaper than a HELOC although a bit more stressful.  I keep a few things in mind:

Keep your overall credit utilization low.  I typically will use a new card until the balance is perhaps 25% of available credit on that line, then stop and let it ride through the zero interest period, paying only minimums.  I return my normal spending to a bonus card (most of the zero percent cards don't offer great bonuses) and pay it off monthly. 

If I want to "transfer" this zero interest balance, instead of doing an actual transfer and paying a transfer fee, about 3-4 months before the zero interest period ends I apply for another zero interest card.  Start using this one the same way, build up a cash surplus, and pay off the first card just before the zero interest period expires.  Repeat.

This requires some organization, although if you're already churning the rewards cards, you're probably already keeping track of this stuff.