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balance transfer help


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#1 bonehead

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Posted 01 September 2006 - 12:38 AM

I just got a wamu credit card that has no fee for balance transfers, but it does have a 10% apy on balance transfers.

My questoin is after I make a balance transfer does the interest start accuring that instant? or do I have until the end of the month to pay off the transfer in full and not get any interest fees.

I ask because I could do a 10,000 balance transfer to my self take the 10 grand but it in a 5 % account for the month and then keep the 42 dollars in interest i would get.



#2 ratbert

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Posted 01 September 2006 - 11:11 PM

Interest accrues the day you do the balance transfer unless you have a 0% deal for X months. WAMU is notorious for offering 0% balance transfer rates for X months in their mailers, and then don't give the 0% apr if your credit is not perfect. That happened to my girlfriend, she got the mastercard but they did not give her the 0% apr on the balance transfer. When she called them they said sorry, you did not qualify. Of course the offer they mailed her said 0% apr for X months on the cover of the envelope.


QUOTE(bonehead @ Aug 31 2006, 07:38 PM) View Post

I just got a wamu credit card that has no fee for balance transfers, but it does have a 10% apy on balance transfers.

My questoin is after I make a balance transfer does the interest start accuring that instant? or do I have until the end of the month to pay off the transfer in full and not get any interest fees.

I ask because I could do a 10,000 balance transfer to my self take the 10 grand but it in a 5 % account for the month and then keep the 42 dollars in interest i would get.




#3 Bankgeek

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Posted 03 September 2006 - 06:13 PM

Bonehead,
Run, don't walk, from this deal. About two years ago I tried to open a checking account at a local WAMU branch. I have excellent credit and no problems with my Chexsystems report. The next thing I know I'm told by the WAMU customer service rep that my application has been rejected. I was shocked and asked why. She said I had too many inquiries on my chexsystem report! So about six weeks later when I got my report it said that four inquiries had been put on it in one day, everyone from WAMU! How come? I applied for one account, not four! I then spent the next four months trying to straighten out my Chexsystems report. That happened because Chexsystems threw my original paperwork away! So I had to do it again.
Anyway, when I asked WAMU to conpensate me for my expenses like certified letters and postage and all the other problems they refused. WAMU was clearly at fault. This bank stinks and you shouldn't have anything to do with it. You are just asking for trouble.



#4 bonehead

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Posted 04 September 2006 - 08:00 PM

QUOTE(Bankgeek @ Sep 3 2006, 06:13 PM) View Post

Bonehead,
Run, don't walk, from this deal. About two years ago I tried to open a checking account at a local WAMU branch. I have excellent credit and no problems with my Chexsystems report. The next thing I know I'm told by the WAMU customer service rep that my application has been rejected. I was shocked and asked why. She said I had too many inquiries on my chexsystem report! So about six weeks later when I got my report it said that four inquiries had been put on it in one day, everyone from WAMU! How come? I applied for one account, not four! I then spent the next four months trying to straighten out my Chexsystems report. That happened because Chexsystems threw my original paperwork away! So I had to do it again.
Anyway, when I asked WAMU to conpensate me for my expenses like certified letters and postage and all the other problems they refused. WAMU was clearly at fault. This bank stinks and you shouldn't have anything to do with it. You are just asking for trouble.



i might be wrong but you sound kinda bitter.
your warning has come to late for i already have the card.



#5 Bizzell

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Posted 12 June 2010 - 03:57 AM

Itís when one credit card repays debts on other credit or store cards; so you now owe it the money instead, hopefully at a special cheap rate. A balance transfer credit card allows you to transfer your existing credit card balances and repay them at a much lower rate, sometimes even 0% interest, over a set term. If you still have a leftover balance after the balance transfer offer expires, the remaining balance will generally revert to the standard purchase rate for the credit card.







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