How does the credit card balance transfer program work?

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Post subject: Balance Transfer On Credit Card

dumbguy
Date: 11/20/2000 2:44 pm CDT

I got a new credit card and was offered good balance transfer rate, but I don't quite understand how it works. Could someone explain a little bit about what is balance transer?

Thanks,

Dumb Guy

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BLE103
Date: 11/21/2000 6:38 am CDT

What it means is that you can transfer from any credit card account at their special interest rate.Make you understand the terms of the offer before taking them up on it.Also beware that there is a time limit on these.If you are not careful you can get hit with higher interest rates.Now their is only one rule that you can't do when it comes to balance transfers.This is known as kiting.This means you can't transfer a balance from an account that is linked to the same creditor.For an example you couldn't transfer AT&T universal to CITIBANK because citibank is the owner of these two cards.I hope this helps you out.Now you know how to do it.

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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dumbguy
Date: 11/21/2000 1:24 pm CDT

Thanks, BLE103 for the explanation and ! I am now much clearer about that. A question regarding the credit limit in balance transfer: should the balance transfer amount be included in the credit limit? For example, the credit limit of my credit card is $5000 and my balance is 0. If I want to transfer balance of $2000 from another credit card to this one, will the new balance be $2000 and the available credit be $3000?

Have nice holidays!

Dumb Guy

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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Board Monitor - CA
Date: 11/21/2000 5:04 pm CDT

dumbguy,

You are correct (don't be so critical of yourself)! You can find a listing of balance transfer offers by clicking on "Card Reports" from our home page and then clicking on "Low Intro Rate Reports".

Hope this helps and let us know how things turn out.

Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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Dumb Guy
Date: 11/21/2000 10:44 pm CDT

Thanks Curtis! Actually I like this name and I think people more like to help a dumb guy. Is that right?

Happy Thanksgiving!

Dumb Guy

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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Linda
Date: 11/21/2000 11:18 pm CDT

Well, you certainly won't intimidate people.

Linda

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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