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spotcatbug
Veteran Member
 
Join Date: May 2004
Location: Clayton, NC
 
2007-03-06, 13:18

I've done this a couple of times. Finally done with that, though. All paid off. Anyway...

The new card is just going to make a payment to the old card in the amount you specified in the balance transfer paperwork. That's how the balance transfer happens. If the transfer payment doesn't make it to the old card before your next payment due date, you're going to have a late fee incurred.

The text of most of those transfer offers usually says something like, "You should continue to make payments to your old card until the transfer is confirmed." Basically, you're supposed to keep paying the other card until it has no (or low enough to pay off) balance (due to the transfer). After that, you pay off whatever small amount is left on the old card and cancel it.

edit: In my experience, the transfers happened within 2 weeks. But I've only done it a couple times. YMMV.

Ugh.
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