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Transfering Credit Card Balances


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Transfering Credit Card Balances
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Yontsey
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Join Date: Apr 2005
Location: Cleveland-ish, OH
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2007-03-06, 11:45

I have a question. I am transfering my credit bill from one company to another so I can get out of the 7.9% interest and get 0% for 12 months and just pay it off.

My question is this. I usually pay my credit card the 10th of every month. I transfered the balance this morning. Do I still have to make a payment to Company A or since Im tranfering to company B, do I not have to make a payment and just wait til I get the card or whatever and put the payment towards that card.

Ive never done a transfer before, so I just wanna make sure so Im not hit with a late charge.

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PKIDelirium
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Join Date: Oct 2005
Location: Xenia, Ohio
 
2007-03-06, 11:50

Well, since I just use a debit Mastercard tied to my checking account, I can't directly help you, but I would call Company A's customer service department and ask, just to be sure.

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spotcatbug
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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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