Does a balance transfer count as your monthly payment?

[Homerboy]

likely a dumb question I know.
but if I do a balance transfer from card A to card B that counts as my "payment" on card A right?

 

[JohnAn2112]

Originally posted by: Homerboy
likely a dumb question I know.
but if I do a balance transfer from card A to card B that counts as my "payment" on card A right?

Yes. In fact, it's like paying the balance in full.

 

[Homerboy]

Originally posted by: JohnAn2112

Originally posted by: Homerboy
likely a dumb question I know.
but if I do a balance transfer from card A to card B that counts as my "payment" on card A right?

Yes. In fact, it's like paying the balance in full.

figured but there was a small, $39 balance left, and I realized I never sent in payment on that $39 to wipe it clean and was thinking those bastards would hit me with some $35 late payment fee 😛

 

[dullard]

Originally posted by: JohnAn2112
Yes. In fact, it's like paying the balance in full.

Yes, but balance transfers are done deliberately slow (often 2 weeks later than you think) so that you will almost always be hit with substancial late fines. The company simply doesn't want you to transfer out, so you get hit with a big late fine unless you pay your monthly payment.

 

[Syringer]

This may be a really really dumb question, but I've always wondered what would stop someone from paying off card A with card B, so card B now has a balance, and then a month later use card A to pay off Card B, and continue doing that? Interest would never be accrued right?

I personally always use my checking account to pay off my cc's.

 

[dullard]

Originally posted by: Syringer
This may be a really really dumb question, but I've always wondered what would stop someone from paying off card A with card B, so card B now has a balance, and then a month later use card A to pay off Card B, and continue doing that? Interest would never be accrued right?

Many companies charge an ~3% fee to transfer in or out.

 

[Josh123]

I've actually have been looking for a good card to transfer my balance. Any suggestions??? I mainly just want 0% for 12 months on balance transfers and no annual fee. All the other crap is useless for me cause I wont use it, just try paying it off with no interest.

 

[KK]

Originally posted by: Josh123
I've actually have been looking for a good card to transfer my balance. Any suggestions??? I mainly just want 0% for 12 months on balance transfers and no annual fee. All the other crap is useless for me cause I wont use it, just try paying it off with no interest.

I've been doing the whole balance transfer thing for about 4 years now. Lot of good deals out there, you just have to watch out for the fine print fees.

 

[xSauronx]

Originally posted by: Homerboy

Originally posted by: JohnAn2112

Originally posted by: Homerboy
likely a dumb question I know.
but if I do a balance transfer from card A to card B that counts as my "payment" on card A right?

Yes. In fact, it's like paying the balance in full.

figured but there was a small, $39 balance left, and I realized I never sent in payment on that $39 to wipe it clean and was thinking those bastards would hit me with some $35 late payment fee 😛

yeah, sucks, eh?