I have a question I hope somebody here can help me with.
I have an offer from Credit Card "Alpha" to transfer balances onto it for 3.9% until the balance is paid off. But I already have money on this card that I don't want to get "stuck" on the card as it will be paid off after the new low rate on the transfer. So what I want to do is transfer the high rate off to another card, then immediately transfer a different balance back on to the alpha card, leaving me with only a low-rate balance on the card.
Has anybody here ever heard of a credit card not allowing somebody to do this as I would be maneuvering around what they are trying to achieve? (I am sure they want to get the high rate on my current balance stuck behind me paying off the low rate first.)
I have read all the fine print and can't find anything preventing me from doing this. I wouldn't be transferring the same money out and then back in - there would be three cards. I would transfer card alpha to a brand new card, beta (which also is offering a low rate). I would then transfer another old card, "gamma", to alpha. So I would be left with one good rate old card and one good rate new card. . .
Man I hope that made sense. . .
I have an offer from Credit Card "Alpha" to transfer balances onto it for 3.9% until the balance is paid off. But I already have money on this card that I don't want to get "stuck" on the card as it will be paid off after the new low rate on the transfer. So what I want to do is transfer the high rate off to another card, then immediately transfer a different balance back on to the alpha card, leaving me with only a low-rate balance on the card.
Has anybody here ever heard of a credit card not allowing somebody to do this as I would be maneuvering around what they are trying to achieve? (I am sure they want to get the high rate on my current balance stuck behind me paying off the low rate first.)
I have read all the fine print and can't find anything preventing me from doing this. I wouldn't be transferring the same money out and then back in - there would be three cards. I would transfer card alpha to a brand new card, beta (which also is offering a low rate). I would then transfer another old card, "gamma", to alpha. So I would be left with one good rate old card and one good rate new card. . .
Man I hope that made sense. . .