Author Topic: Credit Card Balance transfers no longer available ?  (Read 364 times)

Kevin S.

  • Stubble
  • **
  • Posts: 228
Credit Card Balance transfers no longer available ?
« on: August 24, 2020, 12:39:48 PM »
Recently we made a big purchase (used vehicle) on a credit card. Have about 3k left on the card. The O % APR expires the end of this month.

I was planning on transferring the remaining to a credit card that has the lowest balance transfer fee with 0 % apr for the longest term available. However both my discover and citi are not offering any balance transfers ? I have zero debt(besides the above mentioned 3k on a CC), 791 credit score, etc.

Now i'm reading up that because of covid they are tightening the belt so to speak on any balance transfers ?

I guess we will just pay the remaining balance out of our savings but i would have preferred to use another balance transfer...

Has anyone else run into this yet ?

Interesting times ahead(imho) as far as our financial world goes(and our world in general it seems) ...


Morning Glory

  • Handlebar Stache
  • *****
  • Posts: 2225
  • Location: The Garden Path
Re: Credit Card Balance transfers no longer available ?
« Reply #1 on: August 24, 2020, 01:59:01 PM »
I have seen rates as low as 3.5 on a HELOC. Might be worth looking into if you own a house.

Duke03

  • Bristles
  • ***
  • Posts: 372
Re: Credit Card Balance transfers no longer available ?
« Reply #2 on: August 24, 2020, 01:59:11 PM »
This is the first I've heard, but it doesn't surprise me.  I'm a hardcore CC churner and banks have tighten up so much on the lending side since Covid-19 started.  The problem is banks have still not been able to price in their defaults and risk assessments due to Covid-19 so most are just treading water and waiting to see what happens.  They know CC defaults will be the the canary in the coal mine so they limiting themselves anyway they can when it comes to Credit cards.  Cutting back on approvals, lowering limits, not doing balance transfers ect.

Proud Foot

  • Handlebar Stache
  • *****
  • Posts: 1135
Re: Credit Card Balance transfers no longer available ?
« Reply #3 on: August 25, 2020, 10:59:33 AM »
Wells Fargo currently has a few with 0%balance transfer offers. Yes it's signing up for a new card but it could be an option for you.  One of them also has a $150 bonus for $500 spend in the first 3 months.

Laserjet3051

  • Pencil Stache
  • ****
  • Posts: 884
  • Age: 92
Re: Credit Card Balance transfers no longer available ?
« Reply #4 on: August 25, 2020, 11:16:48 AM »
Im still receiving 0% balance transfer offers from multiple firms on a regular basis (mid 800s credit score). However, since every one has a 3% transfer fee they are useless to me.