If transfer balances from a credit card to a new credit card, does the new card take all of the debt that is requested or can they choose a portion of the debt and then you are left with two cards both having balances?
2006-08-29 06:19:54 · 10 answers · asked by MARK D 1 in Business & Finance ➔ Credit
If you have the credit available, they will move the whole amount. But, if the amount you are requesting to transfer is higher than the credit line they will only take up to the credit line. Also, you should be careful and leave a couple hundred open for any fees otherwise you could go over the limit which will cause fees and your interest to raise.
2006-08-29 06:51:17 · answer #1 · answered by personal_finance_101 3 · 0⤊ 0⤋
The can take all of the balance as long as to you have a credit line that will cover it. For example: If you request a balance transfer of $5000.00 and the card that you are transferring to only has a limit of $3000.00 you will be left with two cards and 2 balances. The credit card company is not going to give you a limit of a certain amount on a transfer as long as your credit limit will cover it they want your interest and funds in their pocket.
2006-08-29 06:26:28 · answer #2 · answered by Sarah J 2 · 0⤊ 0⤋
Why would you like to do a balance transfer? if the existing card is damaged, lost or stolen the bank puts a hold on the account and requests a new one from credit card division, and if it expires they automatically send you a new one.
The new card that they send, will be exactly the same as the old one. As far as I know, you can only ask for a secondary card on the existing one, which will have the same balance.
2006-08-29 06:42:02 · answer #3 · answered by Brenda 1 · 0⤊ 0⤋
As long as the amount you requested is within your limit on your new card, they'll payoff your old credit card for the amount you requested. If the new card is still in process of being approved when you request the transfer, they might only transfer a portion of it if they don't give you a high enough credit line.
2006-08-29 07:19:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They should take all of the debt that you request to transfer, UNLESS taking on that one amount of debt would put you over the credit limit for that particular (new) credit card. The new credit card will udoubtedly have a different credit limit than your previous credit card had. Check the credit limit that you have on the new credit card first. Any (new) credit card company is both happy and willing to take a nnce from you, within your credit limit, because it means that you will now be paying finance charges to them, and not to your previous credit card company.
2006-08-29 06:52:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
From what I understand, they could take the whole portion, but don't close out your old credit card. It looks better on your credit report that you have another credit card available, but not maxed out. It's good to have the credit, but you don't want to overdo it either.
2006-08-29 06:31:26 · answer #6 · answered by Shelby 1 · 0⤊ 0⤋
You can specify any amount for the balance transfer.
2006-08-29 06:22:08 · answer #7 · answered by Rob 5 · 0⤊ 0⤋
You can do a partial balance transfer.
2006-08-29 07:14:07 · answer #8 · answered by Anonymous · 0⤊ 0⤋
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2016-12-11 17:20:12 · answer #9 · answered by ? 4 · 0⤊ 0⤋
You can transfer whatever amount you wish unless it says specifically that you can only transfer a certain amount.
2006-08-29 06:23:21 · answer #10 · answered by mtngrl7500 4 · 0⤊ 0⤋