Weird BT Offer

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credit-utopia
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Weird BT Offer

Postby credit-utopia » Sat Dec 06, 2014 9:34 am

I recently opened an Orbitz Rewards Visa issued by Comenity Bank. Before I even had the card in my possession there was a BT offer on my online account for 12 months at 0% and then 15.99% for the remaining balance after 12 months. The weird thing is they gave me the highest rate on the card when I opened it...24.99% (15.99% was the lowest on the APR range)

Could this BT offer be some kind of error? If I take screenshots of the offer page is that sufficient to fight them if after 12 months if they try to raise the interest back up to 24.99 percent?


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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Dec 06, 2014 10:01 am

Keep in mind they will charge a 3% fee for the balance transfer.

If I had a balance to transfer, I'd get a true balance transfer card like a Slate or maybe a special offer from Discover.

I don't know what Comenity's logic is as far as determining your APR, or what BT-related tricks they might have.
Very useful: SchwabPlat, CSP, IHG, Costco (was AA Plat), Freedom, SPG, Prestige (retention)
Somewhat useful: Discover, ED (was EDP), BCE, Hyatt
SD with activity alerts, might close: Arrival

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech, BofA Travel PH, Aviator Red

whit
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Postby whit » Sat Dec 06, 2014 2:40 pm

it's different for sure

maybe they're like, this sucker isn't gonna be able to pay it off in 12 months so instead of charging you at ur regular rate for purchases they'll charge you for the lowest they have in the range for the next 12 months and if you really can't pay it off in 24 months than it's whatever rate the transfer apr is, which could be 15.99 or higher than 24.99

make sure if you do do it have a plan in place

like x amount transferred divided by 12 months and budge yourself to be able to set aside that amount of money to pay

so you won't get caught on that and can turn around on the issuer and be like thank you!!

except for the 2-3% transfer fee but what's done is done,
u already applied for it

and after if u decide to use the credit card you would get rewards vs slate that has none right?

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otter
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Postby otter » Sun Dec 07, 2014 11:07 am

I got a Comenity balance offer on my Sportsman Visa except mine was different. It was a year at 0% with no BT fee. I'm not sure of what the APR is if I don't pay it off in a year, but I guess I wasn't really paying attention since I will pay it off in a few months.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

flan
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Postby flan » Sun Dec 07, 2014 5:23 pm

credit-utopia wrote:I recently opened an Orbitz Rewards Visa issued by Comenity Bank. Before I even had the card in my possession there was a BT offer on my online account for 12 months at 0% and then 15.99% for the remaining balance after 12 months. The weird thing is they gave me the highest rate on the card when I opened it...24.99% (15.99% was the lowest on the APR range)

Could this BT offer be some kind of error? If I take screenshots of the offer page is that sufficient to fight them if after 12 months if they try to raise the interest back up to 24.99 percent?


the catch may be that if you use the card for purchases, that since you're carrying a balance, there's no grace period on applying interest. 25% apr on 1000 for 30 days is 20 bucks. $20 is probably about what it costs them to borrow $5000 for a year. So they probably make money on that...



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