Transfer balance from one card and then another

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Transfer balance from one card and then another

Postby Ash17485 » Fri Nov 25, 2016 11:49 pm

I have a chase freedom card that I have used a little too much and really want to get the balance down because I'm past the interest free stage. I also have a capital one venture card that I have hardly used at all. I'd love to get a chase slate and use do a balance transfer to pay off my balance interest free, but I can't transfer from one chase card to the other. My capital one card allows me to do a no fee balance transfer. Can I transfer my freedom card balance to my capital one balance and then transfer that to a chase slate? I'd want to do it pretty much all at the same time to avoid paying interest. Would that work? I feel like there's going to be something that stops me from doing that.

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Re: Transfer balance from one card and then another

Postby TXviking » Sat Nov 26, 2016 9:15 am

Mainly the fee. Chase won't let you transfer from one to the other because that reduces their profits and gains them nothing. Capital One will let you transfer because that makes it their profits rather than Chase's.

There's nothing STOPPING you from doing multiple balance transfers in a row, as long as you have the offers available from each bank. Keep in mind, though, that Chase may or may not approve you for the Slate -- particularly if your utilization is already high -- and that if they approve you, they may approve you for a lower credit limit than you need, or for an inferior product.

The better option is always to try to pay down balances, but if you can't that, beware that the transfer game WILL cost you real money sooner or later, so at least try not to increase the balance but instead hack away at it regularly.

Also, don't focus entirely on 0% balance transfer fees. Years ago when I was in a tight spot and needed to play the same game, I was able to get a 4.99% rate with no BTF or a 0% rate with a 3% BTF. Turns out the 4.99% rate was cheaper in the long run with my circumstances at the time.

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Re: Transfer balance from one card and then another

Postby jxm1769 » Thu Dec 01, 2016 12:41 pm

Technically that would work, yes. Once the debt is in Capital One's hands, when you transfer over back to Chase they're not going to care.

What Cap 1 card do you have that has a no fee balance transfer?

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Re: Transfer balance from one card and then another

Postby amexmember12 » Thu Dec 01, 2016 2:21 pm

TXviking wrote: Turns out the 4.99% rate was cheaper in the long run

Agreed ran into the same sit before, the 3% transfer fee was 2x the interest i would pay @ 4.99%.
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