Good Balance Transfer Offer From Bank One
Author: melziemom
Posted: Sun Jan 30, 2005 12:02 am
Post subject: Bank One BT - 2.99% for the life of the balance
I got this offer in the mail for one of my Bank One credits cards and was looking to do a large balance transfer (perhaps my car loan because it would be lower than what I am paying in interest currently). I have already taken advantage of a similar BT offer on a different Bank One card. When I read through the terms and conditions, it says that the terms remain the same as long as you make your payments on time and don't default on payments for this card or any other card.
I have read about how some people have had experiences with Bank One suddenly raising their interest rates because their credit scores went down. If I don't default/miss any payments, but my credit score goes down because of a large balance transfer, should I be worried about them raising the rates?
Would you take advantage of this offer?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sun Jan 30, 2005 10:06 am
Post subject: Good Balance Transfer Offer From Bank One
BTs don't make your credit score go up or down; they usually have absolutely no effect on the score. So, sure--you should take advantage of that good offer.
As long as you make your minimum payments on time, the bank can't change the terms of that balance transfer offer. It can change the terms on your regular purchase rate, cash advance rate, late fees, overlimit charges, etc. So the safe way to do BTs is to pay off the card in full so that you have a credit balance of at least the BT fee itself, and then do the BT--and never use the card again for anything else until the BT is paid off. That way you're perfectly safe against any changes in terms--again, as long as you make your minimum payments on time.
I've mentioned here often recently my problems with Bank1/FirstUSA. I had balance transfers going when it cancelled outright 4 of my 5 cards and reduced the credit limit on the remaining one. I just continued making my usual payments until the BTs were paid off--the terms on those never changed even though the cards were cancelled and I couldn't make a new purchase.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: melziemom
Posted: Sun Jan 30, 2005 10:31 am
Post subject: Good Balance Transfer Offer From Bank One
Thanks! I have paid off the card already so that I could do the balance transfer, but just wanted to check things out first and make sure I was makign a good decision.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hdporter
Posted: Tue Feb 01, 2005 6:04 am
Post subject: Good Balance Transfer Offer From Bank One
There's a modest exception here -- pushing any card above 50% utilization via a BT might ding your score, but probably less than 10 points. That won't be sufficient to trigger a penalty rate. Go for it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Jan 30, 2005 12:02 am
Post subject: Bank One BT - 2.99% for the life of the balance
I got this offer in the mail for one of my Bank One credits cards and was looking to do a large balance transfer (perhaps my car loan because it would be lower than what I am paying in interest currently). I have already taken advantage of a similar BT offer on a different Bank One card. When I read through the terms and conditions, it says that the terms remain the same as long as you make your payments on time and don't default on payments for this card or any other card.
I have read about how some people have had experiences with Bank One suddenly raising their interest rates because their credit scores went down. If I don't default/miss any payments, but my credit score goes down because of a large balance transfer, should I be worried about them raising the rates?
Would you take advantage of this offer?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sun Jan 30, 2005 10:06 am
Post subject: Good Balance Transfer Offer From Bank One
BTs don't make your credit score go up or down; they usually have absolutely no effect on the score. So, sure--you should take advantage of that good offer.
As long as you make your minimum payments on time, the bank can't change the terms of that balance transfer offer. It can change the terms on your regular purchase rate, cash advance rate, late fees, overlimit charges, etc. So the safe way to do BTs is to pay off the card in full so that you have a credit balance of at least the BT fee itself, and then do the BT--and never use the card again for anything else until the BT is paid off. That way you're perfectly safe against any changes in terms--again, as long as you make your minimum payments on time.
I've mentioned here often recently my problems with Bank1/FirstUSA. I had balance transfers going when it cancelled outright 4 of my 5 cards and reduced the credit limit on the remaining one. I just continued making my usual payments until the BTs were paid off--the terms on those never changed even though the cards were cancelled and I couldn't make a new purchase.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: melziemom
Posted: Sun Jan 30, 2005 10:31 am
Post subject: Good Balance Transfer Offer From Bank One
Thanks! I have paid off the card already so that I could do the balance transfer, but just wanted to check things out first and make sure I was makign a good decision.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hdporter
Posted: Tue Feb 01, 2005 6:04 am
Post subject: Good Balance Transfer Offer From Bank One
There's a modest exception here -- pushing any card above 50% utilization via a BT might ding your score, but probably less than 10 points. That won't be sufficient to trigger a penalty rate. Go for it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:29 PM
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