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I Did It – My first credit card balance transfer!

by J. Money on Monday, June 9, 2008

How exciting is that? Okay, well not really i suppose, but being a man who likes doing new things it sure stimulated my brain ;) There’s a whole world out there dedicated to credit card xfers, and it’s nice to have a little better understanding of it all.

As you can imagine, there are a LOT of variables that take place throughout this process, so here’s a quick Q&A session w/ myself to shed some more light (just like my interview! haha…):

  1. Why did you have to xfer a credit card balance? Well, GOOD QUESTION! We haven’t yet paid off our entire balance for our new iMac we picked up 6 months ago, and up until now the card was set at 0% interest ;) Had to skip out before it went up to 18%!!!
  2. How MUCH did you xfer? $796.15. We throw $200 against both of our credit card balances each month until they are paid off, but 6 months wasn’t enough time for this guy. But it’s better than the $1500 it was once at.
  3. And finally, did you sign up with one of those rock star 0% cards you recently posted about? NOPE. Remember i’m too scared to mess up on it all? haha… it’s actually kinda sad as this amount would have been perfect to try it out. I just have too much stuff going on thought right now to spend the time and make sure i do it 100% perfectly.

I ended up going with USAA to do it (shocker). I can’t help it, they were super helpful over the phone, they had a special 3% rate going on, and all in all i just felt a million times safer with them. I’m just a loyal dog, what can i say ;)

We’ll have it paid off within the next few months, so it’ll just cost us a few dollars by the time it’s done. Big woop – i’d pay that for a healthy mind anytime.

AND, the best part? It literally took me 4 minutes to set it all up – all online! That’s some convenience for you. And when i was finished, they hooked me up with some sexy reminders so ill know exactly what’s going on:

  • Balance transfers are processed as cash advances according to the terms of the Credit Card Agreement and will begin accruing finance charges from the date of posting until the balance is paid in full. (good to know)
  • Balance transfers requested today will not immediately appear on your account balance. (check)
  • USAA will process your balance transfer request within 5-7 business days. (yeah, well they have have been eating their Wheaties cuz they had that junk processed in TWO business days! talk about effective.)
  • You should continue to make your monthly payments to each creditor as long as there is an unpaid balance. (smart)
  • **Transferring the entire balance will not automatically close your other account. If you want to close the account you will need to contact the issuer directly. (Best piece of advice yet)**
  • Transferring a balance that contains disputed purchases or other charges may forfeit the dispute rights related to those transactions. (sure….never dealt w/ any “disputed” charges anyways)

So, I am one happy puppy. I got to check this item off the list, and got a nifty litte post out of it at the same time :) Not too shabby there USAA – have any job openings for me yet?


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