We put the remainder of the roof on one of my credit cards with the intention to transfer it to two of my other credit cards that have 0% balance transfer offers. I have never transferred a balance before and need some advice.
Citicards is giving me two options. The first is that I can use the balance transfer as a personal loan and they will deposit the money into my bank account. I can use the balance transfer rate to do this and it will be 0% until 3/1/2016 for one of the cards and 10/1/2016 for the other.
The second is that they will send a check to the creditor.
For some reason it feels more risky to have them send the funds to the Southwest card. What if they don't make it in time? What if it gets lost and I have to track down the payment?
Has anyone had experience with the personal loan option? I'd feel more in control of everything if it was up to me to pay the Southwest card. Also, if the check was late, I'd have enough notice to transfer money out of my own accounts to pay for it. The Southwest card isn't due until the 28th so I would hope that would be enough time to deal with all this.
Is there anything I'm missing?
Balance Transfer Help
July 10th, 2015 at 03:31 pm
July 10th, 2015 at 03:40 pm 1436542845
July 10th, 2015 at 03:45 pm 1436543119
July 10th, 2015 at 03:48 pm 1436543322
July 10th, 2015 at 03:53 pm 1436543637
July 10th, 2015 at 04:01 pm 1436544081
Thanks for the help and information. I have never done a transfer before and I am a nervous person by nature so my head is thinking of all the ways this can backfire
July 10th, 2015 at 04:06 pm 1436544387
I don't feel the personal loan is a good idea. While they say it is 0% they often look at it as an advance which racks up fess differently.
Make sure of the fees you will be charged and ask them how the payment you make is allocated. Sometimes the fees are paid last and regular interest accrues on the fees because they pay the 0% balance first.
July 10th, 2015 at 06:27 pm 1436552850
Are you taking two 0% CCs because the cost of the roof exceeds the balance on the card that extends to October 2016? I wondered how this process affects your FICO type score. I hope you'll track it via Discovery card or quarterly free credit checks. It would be a helpful point of knowledge for SA participants.
Please don't worry the CC grantors do millions of these processes every year
July 10th, 2015 at 07:19 pm 1436555971