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Can a credit card balance be transfered to a new card with the same creditor?
I've had this card for about a year and the creditor has just sent an invitation to transfer high interest balances, is it unheard of to transfer with the same creditor?
7 Answers
- Anonymous1 decade agoFavorite Answer
yes it can.
- Anonymous1 decade ago
Gone are the days with 0% APR's on balance transfers. The feature was misused so much that credit card companies thought it best to revoke these offers. The reason could be the loss of revenue to credit card companies but this habit of transferring balances frequently and avoiding the debt repayment was increasing the volume of credit card debt. Balance transfer is a good practice if done with caution and restraint.
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- 1 decade ago
No you can't. Credit card companies will not allow you to do that. They want to make money. If you want to open a new account with the lower rate and transfer balance from other creditors, that's what they want you to do.
Some credit cards would allow you to deposit money into your checking account. You certainly can do that then turn around and use that money to pay off the higher interest rate account. We can't tell you that over the phone so when we suggest that, just accept it 'cause when the money is in your checking account, you can pay whoever you want.
I've told customers that I can't pay off their higher interest owns by my company but I can deposit the money into their checking account with the same promo rate, some of them don't get it and refused to deposit money into their checking account. Same promo rate, whether you transfer the balance or direct deposit.
You can't combine 2 credit cards either if you have one credit card with a higher interest rate and one is lower 'cause that would be the same if you transfer the balance within the same company.
Source(s): Work for a credit card company - 1 decade ago
No, they usually don't let you do it. It has to be from a totally different creditor. So if you owe money from a different credit card, try transffering that. I'm sure they would do that.
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- Anonymous1 decade ago
No you can not. You maybe able to combined both balances to one card but they will give you a new account number and close the other two you have.
- 4 years ago
it won't be a stability flow. What that's, is that your pal could be paying off your mastercard debt together with his mastercard. that's in all probability to be seen a money enhance. that's especially no longer likely to be seen a stability flow, so till your pal has a 0% APR on purchases or money advances (which he could) you will no longer make the main of the deal.
- 1 decade ago
Some credit card companies let you others do not, you would have to call them to find out.