Moving Cap 1 venture line of credit to my quicksilver

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Mariagk
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Moving Cap 1 venture line of credit to my quicksilver

Postby Mariagk » Sun Oct 11, 2015 6:52 pm

I have 10k on the venture and 3k on the Quicksilver. My venture APR is 24.5% and they won't lower it. Quicksilver is interest free for a year. I would like to transfer my credit to the quickilver to get out of that interest while still having the spending power. Do you guys think this is a good idea? Will cap 1 let me?


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lobbythis
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby lobbythis » Sun Oct 11, 2015 9:13 pm

CapOne just introduced consolidation offers this summer. While I have not tried to do it myself, the wording they use within the offer is subjective as they require to "see if you are eligible" first. But, this can now all be done within your account. Just go to the "More Services" section and I believe the link to check your status can be found there.

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CarefulBuilder14
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby CarefulBuilder14 » Sun Oct 11, 2015 9:16 pm

Is there a currently a balance on Venture? Or you just want to transfer the limit?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Mariagk
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby Mariagk » Mon Oct 12, 2015 2:40 am

There is a balance on my venture. About $8000, so I would be willing to pay it and then move the available $8000 to my quicksilver so that I could carry a balance going forward since the quick is a 0%. or I would just transfer the $8000 debt to the quick and not have to pay interest on it. Either scenario would work. I just want to be able to carry a balance but not at 24.9%-- that is crazy.

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CarefulBuilder14
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby CarefulBuilder14 » Mon Oct 12, 2015 11:41 am

Mariagk wrote:There is a balance on my venture. About $8000, so I would be willing to pay it and then move the available $8000 to my quicksilver so that I could carry a balance going forward since the quick is a 0%. or I would just transfer the $8000 debt to the quick and not have to pay interest on it. Either scenario would work. I just want to be able to carry a balance but not at 24.9%-- that is crazy.

Pay it off, since I doubt you can transfer the debt to QuickSilver. Banks usually only accept balance transfers from other banks. I'd be surprised if Cap One was an exception.

Cap One only needs to charge you interest for a month and a half to make more money than they would doing a BT to QuickSilver.

Or you can look at balance transfer cards offered by other banks if you need to carry a balance.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

ingramjuan
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby ingramjuan » Mon Oct 12, 2015 11:23 pm

Mariagk wrote:I would like to transfer my credit to the quickilver to get out of that interest while still having the spending power. Do you guys think this is a good idea? Will cap 1 let me?


I did actually what you are thinking. I had 3 capital one cards and now I have two. The only way i was able to combine the credit lines is that the balance on both cards had to be zero.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

Mariagk
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby Mariagk » Sat Oct 17, 2015 9:35 am

Thank you for the advice. You are right. I need to get this one paid off ASAP. Any chance they will lower the APR?

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Vattené
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Re: Moving Cap 1 venture line of credit to my quicksilver

Postby Vattené » Sat Oct 17, 2015 8:33 pm

You have nothing to lose by trying, but I would be surprised if they did. You're carrying a large balance already, so you're probably not considered very low risk by Capital One.
-Vattené
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AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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