Balance Transfer question: New Card vs. Existing Card

For just about anything you want to get off your chest about credit cards.
5 posts
rwockenf
Green Member
Green Member
 
Posts: 18
Joined: Thu Jun 18, 2015 9:02 am

Balance Transfer question: New Card vs. Existing Card

Postby rwockenf » Thu Sep 29, 2016 10:57 am

I am looking to transfer a balance and applied for the Chase Slate card. The application is pending. I need to do this relatively soon, and I have room on an existing card, but the BT offer is not terrible, but not great. My question is this:

What happens if, while waiting for the pending application, I transfer the balance to my existing card, and then the BT on the NEW card is approved...?

Will I just get the new card and the BT to the new card won't happen? Does anyone have any insight?

Thank you in advance!


User avatar
PhillyPhoto
Centurion Member
Centurion Member
 
Posts: 155
Joined: Wed May 13, 2015 3:32 pm
Location: New England

Re: Balance Transfer question: New Card vs. Existing Card

Postby PhillyPhoto » Thu Sep 29, 2016 11:22 am

What are the BT fees? 3-5% adds up quickly when you're doing 2 in short succession.
Main Cards:
Amex: Ameriprise Plat, Surpass
Chase: Hyatt

Sock drawer Cards:
Amex: HHonors
Chase: Amazon Rewards, Freedom
Citi: Macy's Amex, Simplicity, ThankYou
Citizens Bank: Cash Back Plus World
Discover: it
Elan: Bank Rewards
Synchrony: PayPal

755 Eq (12/16)|748 TU (12/16)|726 Ex (1/17)

rwockenf
Green Member
Green Member
 
Posts: 18
Joined: Thu Jun 18, 2015 9:02 am

Re: Balance Transfer question: New Card vs. Existing Card

Postby rwockenf » Thu Sep 29, 2016 11:25 am

3%...but the card that the balance is on is 23%, so I feel like it's a no brainer.

My question really is: what happens if while waiting to hear about the new pending (which according to the website can take as much as 30 days) card I decide to just transfer it to one of my existing cards instead.

User avatar
Vattené
Centurion Member
Centurion Member
 
Posts: 1219
Joined: Sun Jan 26, 2014 3:55 am
Location: US

Re: Balance Transfer question: New Card vs. Existing Card

Postby Vattené » Thu Sep 29, 2016 8:20 pm

Is the only reason for the urgency to BT the fact that it's currently at 23%? If so, to me it would be worth it to wait and find out for sure if the Slate application is approved. A 23% APR is high, but keep in mind this is just under 2% per month. You're talking about accepting a 3% fee on this current balance to avoid the possibility of paying a 2% fee on the current balance IF you have to wait around the full 30 days just to find out Chase declined you. I'd suspect you're likely to hear for sure from Chase earlier, but that is the worst-case scenario.

You've already submitted the application; if I were you I'd wait to find the actual result.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

Stros05
Platinum Member
Platinum Member
 
Posts: 93
Joined: Thu Sep 01, 2016 4:16 pm

Re: Balance Transfer question: New Card vs. Existing Card

Postby Stros05 » Fri Sep 30, 2016 9:34 am

Call the bank and ask about the status of your application.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 3 guests