Credit Tips: Not Being Able to Balance Transfer to Orchard Bank Credit Card

Posted On: April 1, 2007

Author: jrwilheim
Posted: Fri Mar 30, 2007 12:30 pm
Post subject: Ever heard of this?

Okay…today I tried to do a balance transfer ONTO my Orchard Bank card, which has no balance on it currently as I just paid it off. I was rudely told that because there were no balance “offers” at the moment, I couldn’t transfer a balance onto the card.

I have never heard of not being able to transfer a balance ONTO a card.

Admittedly, my reasons for wanting (dare I say, needing) to transfer this balance are unusual. I have a secured card with First Premier, which I would very much like to get rid of, even though I’ve gotten its rate lowered to 5.9% from 18.9%. I had requested rate reductions before, as well as to have my card made unsecured, but was roundly turned down until I finally got this Orchard card, which is unsecured.

I think 5.9% is the lowest they go with reductions, because I never told them what my rate is on the other card, since, when I requested info from them on what conditions I would have to meet to have my secured card unsecured, I was told this was “proprietary information”. So when asked what the rate was on my other card, I told them that was “properietary information.” HE HE HE

Anyway…my Orchard card is at 14.99%. But basically, I want to transfer my balance off of my Premier card because I just want my $500 deposit back. I have been dealing with this secured card for over 2 years, earning NO interest on this deposit, and I just want the return of my own money.

Only problem is, the Premier card currently has a $400 balance on it, and I need to transfer it to another card to get the full $500 back. I recently got a new card from Juniper, at 8.99%, but transfered $400 off my Orchard onto that (and paid off the rest of my Orchard balance). I also have another card with a $300 limit and a $250 balance, with a zerio introductory APR, but I got that only to buy a chair that I had saved up about half what I need for anyway, and I applied my savings to the Orchard card, so that I could completely pay that 14.99% sucker off.

Anyway…has anyone else ever been told they cannot transfer ONTO a card (assuming you’re not trying to transfer so much that it would exhaust your credit limit)?

Author: Ira
Posted: Fri Mar 30, 2007 1:30 pm
Post subject:

I don’t understand what you’re saying.

A balance transfer is a simple transaction. You have a credit card and you either write a balance transfer check or you call customer service to arrange a balance transfer from that card to wherever you want it to go. In many cases the destination can be your own checking account, or even your brother-in-law. Where the money goes is never a concern of the card issuer, unless you are trying to transfer money to another card issued by the same bank. That’s usually a no no.

The receiving entity treats the money that’s been transfered the same as any other payment. They couldn’t care less whether it’s a balance transfer or money from heaven. A payment is a payment is a payment.

Am I missing something here?

Author: sb1966
Posted: Fri Mar 30, 2007 2:22 pm
Post subject: Re: Ever heard of this?

jrwilheim wrote:
Okay…today I tried to do a balance transfer ONTO my Orchard Bank card, which has no balance on it currently…

…I have a secured card with First Premier, which I would very much like to get rid of, even though I’ve gotten its rate lowered to 5.9% from 18.9%.

If Orchard still says no, you could see if Orchard currently has any check writing offers where you could write a check from your Orchard account for the same apr as swiping your card. If so, write a check off Orchards acct and pay off your FPremier card.

Not as clean as the rep doing a BT, but it’s definately a work around solution.

Good luck

Author: Brammy
Posted: Fri Mar 30, 2007 2:56 pm
Post subject:

If it is a rebuilding card they rarely offer BTs. If you have first premie it it is probably their rebuilding card.

Author: Polonius
Posted: Fri Mar 30, 2007 5:28 pm
Post subject:

Some banks DO reject payments that will overpay what’s due on the card–the funds are just returned to the sender! I know it sounds strange–but some banks have that policy. I think CapitalOne, for example, doesn’t allow more than a 10% overpayment of the amount due.

But this example doesn’t make sense to me either. WHAT bank is telling you that you can’t transfer? Banks usually don’t/can’t know the balance of the card you’re transferring TO. They might be able to look up the amount due on the last statement–but you could have made a large purchase today and have a respectable balance to pay off tomorrow.

Author: Brammy
Posted: Fri Mar 30, 2007 6:24 pm
Post subject:

The regular Household bank MasterCard didn’t allow Bts either at least the subprime one. I had it for four years, I know.

Labels: Credit Balance Transfering