Answers About Credit Card Balance Transfers
Select from the following questions about balance transfers.
- I applied for a credit card offer, requesting a balance transfer of $5,000. But the bank only approved a $1,000 credit limit and an $800 transfer. Given those amounts, I don't want the card, but the bank says I can't cancel. What can I do?
- I made a balance transfer onto my credit card, and the bank increased the rate on the entire balance. Can it do that?
I applied for a credit card offer, requesting a balance transfer of $5,000. But the bank only approved a $1,000 credit limit and an $800 transfer. Given those amounts, I don't want the card, but the bank says I can't cancel. What can I do?
As a general note, it's extremely important to read any solicitation very closely. Before signing up, you want to have a clear understanding of what will happen if you accept the terms of the offer.
In this case, the solicitation should have explained what the bank will do once you reply. Generally, it will review your credit report and the information you provide to determine if you meet the criteria for the offer. After the review is completed, you may or may not qualify for the terms that you requested-or even for the card itself.
You should contact the bank and discuss your options. Even if you don't like the terms, once you have accepted the offer you will need to pay off the entire amount of the balance transfer. Then you can cancel the card.
I made a balance transfer onto my credit card, and the bank increased the rate on the entire balance. Can it do that?
Generally, yes. However, it depends on the offer. You should review your Account Agreement. If you have questions about the actions taken, you should contact the bank for an explanation.
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