CC Balance Transfer Question...

[thawolfman]

Looking to transfer a ~$2500 balance off of a 17% APR Discover Card to save myself some cash...

My question - Does the balance transfer cancel that account completely or just pay off the balance?

Still undecided on what other card to go for, but that's another thread

thx :thumbsup:

 

[DAGTA]

It just pays the balance, your Discover Card account will still be open.

 

[thawolfman]

Originally posted by: DAGTA
It just pays the balance, your Discover Card account will still be open.

:beer:

Thanks

 

[Cerpin Taxt]

If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

 

[thawolfman]

Originally posted by: Garth
If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

Yeah, I'm almost positive that there's no annual fee.

And that's pretty much why I asked - I'd like to leave it open as I have a $9000 limit that I don't want to close

 

[DaWhim]

balance transfer is person A will pay for your balance with discover, but you will have to pay that person A.

 

[RossMAN]

Originally posted by: thawolfman

Originally posted by: Garth
If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

Yeah, I'm almost positive that there's no annual fee.

And that's pretty much why I asked - I'd like to leave it open as I have a $9000 limit that I don't want to close

Read the fine print, there may be two other loopholes:

1) Some balance transfer offers have a transaction fee of 3% or $75, whichever is higher.

2) Requiring a purchase first, I've had one like this. First you make a regular purchase, immediately send in a payment, then you initiate the balance transfer request. I've only ever encountered this once and think it's a pretty rare stipulation.

 

[thawolfman]

Originally posted by: RossMAN

Originally posted by: thawolfman

Originally posted by: Garth
If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

Yeah, I'm almost positive that there's no annual fee.

And that's pretty much why I asked - I'd like to leave it open as I have a $9000 limit that I don't want to close

Read the fine print, there may be two other loopholes:

1) Some balance transfer offers have a transaction fee of 3% or $75, whichever is higher.

2) Requiring a purchase first, I've had one like this. First you make a regular purchase, immediately send in a payment, then you initiate the balance transfer request. I've only ever encountered this once and think it's a pretty rare stipulation.

Mmm citi dividend card from your link:
"The transaction fee for balance transfers is 3% of the amount of each balance transfer, $5 minimum, $250 maximum."

Doh

Any fee free ones still floating around? Searches of previous posts looked like they were disappearing a month or two ago...

 

[LS20]

last fee free i got was Citicard Amex

 

[RossMAN]

Originally posted by: thawolfman

Originally posted by: RossMAN

Originally posted by: thawolfman

Originally posted by: Garth
If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

Yeah, I'm almost positive that there's no annual fee.

And that's pretty much why I asked - I'd like to leave it open as I have a $9000 limit that I don't want to close

Read the fine print, there may be two other loopholes:

1) Some balance transfer offers have a transaction fee of 3% or $75, whichever is higher.

2) Requiring a purchase first, I've had one like this. First you make a regular purchase, immediately send in a payment, then you initiate the balance transfer request. I've only ever encountered this once and think it's a pretty rare stipulation.

Mmm citi dividend card from your link:
"The transaction fee for balance transfers is 3% of the amount of each balance transfer, $5 minimum, $250 maximum."

Doh

Any fee free ones still floating around? Searches of previous posts looked like they were disappearing a month or two ago...

The only no fee balance transfer offers I've received were direct mail promotions from credit card companies.

 

[thawolfman]

Originally posted by: RossMAN

Originally posted by: thawolfman

Originally posted by: RossMAN

Originally posted by: thawolfman

Originally posted by: Garth
If you reduce the balance to zero, you will incur no finance charges, but the account will remain open. If there are any annual fees associated with that account, you will still be required to pay them.

You can take an additional step and close the account once you have reduced the balance to zero. If I am not mistaken, however, it may be better for your credit to leave the account open, and make some small purchases with it every once in a while that you can pay off every month.

Yeah, I'm almost positive that there's no annual fee.

And that's pretty much why I asked - I'd like to leave it open as I have a $9000 limit that I don't want to close

Read the fine print, there may be two other loopholes:

1) Some balance transfer offers have a transaction fee of 3% or $75, whichever is higher.

2) Requiring a purchase first, I've had one like this. First you make a regular purchase, immediately send in a payment, then you initiate the balance transfer request. I've only ever encountered this once and think it's a pretty rare stipulation.

Mmm citi dividend card from your link:
"The transaction fee for balance transfers is 3% of the amount of each balance transfer, $5 minimum, $250 maximum."

Doh

Any fee free ones still floating around? Searches of previous posts looked like they were disappearing a month or two ago...

The only no fee balance transfer offers I've received were direct mail promotions from credit card companies.

Aye, suppose I should actually take a look at some of those now as opposed to shredding them

 

[RossMAN]

Despite the BT fee, I'd probably do it if you're paying 17% on a $2,500 balance.