Hi all,

I have two credit cards, CardX and CardY. I have a balance of about $2K on CardX (which has a credit limit of $5K). CardY has given me an offer with 1.99% APR that I would like to use. I was wondering if I can transfer a balance of $4K from CardX to CardY to take advantage of the low APR though my balance on CardX is only $2K.

Thanks in advance for the responses.

I don't see how that is possible without having the balance on X to even pay but I may be wrong.

Yes, you can do this. The only issuer that I'm aware of that doesn't like this is American Express, but that's only if you are way over your credit limit.

Thanks for the replies.
CardX is HSBC and CardY is chase. I don't understand the part about the credit limit, though...

Why would you want to transfer more than you owe (balance?). Why not transfer what is on cardX and then start using Card Y as normal?

If you transfer $4K to card Y, leaving you with a credit of $2K on card X, can you request card X send you a check for $2K? Is that what you're thinking of doing?

I would be wary of doing this. CC companies in general don't like to see huge credit balances (raises flags about suspicious activity). Some have been known to close accounts over this issue.

This can be done, and as long as the receiving card is not Amex, I doubt it will be a problem for just $2k. Do not try it with Amex, as BlueT said. Some banks are more friendly about it than others. Many banks, if you call and ask, will let you put the money in a checking account (clarify that this will be done as a "balance transfer" and not a "cash advance"), to allow you to "allocate the money among your other creditors as you see fit". Some banks will not do this, and if you hear the words "cash advance", you generally want to terminate the transaction, as it will be expensive. Also make sure that your balance transfer fee (usually 3%) is capped at $50 or $75.

Also, search for the app-o-rama thread for more information on this type of thing.

Thanks for the replies. I finally applied for a citi credit card with 0% APR and no BT fees.....