Credit Card Balance Transfer -- Within 3 Months?

• 

  chumlee on 07/11/2018 - 14:45

  +1

  Why not just make the purchase on this card?

  https://financialservices.coles.com.au/credit-cards/no-annua…

  Also you need to make sure you are approved for $15k as well

  • 

    [Deactivated] on 07/11/2018 - 18:39

    Thanks, didn't know such things existed.

    Compared to some transfer offers is 15 months vs 24/26. Just issue of if approved for another high-ish limit.

• 

  CAPTCHHHA on 07/11/2018 - 14:50

  While applying for the balance transfer card(different bank) tell the bank that you have 15K worth of debt on the card you want to use for making the purchase.Banks don't really talk to each other much so there is a good chance the transfer will happen. Now you can either use ATM to withdraw the 15K without any cash advance fees as the said card is in 15K credit or use it to make the purchases.

  • 

    tajid on 09/11/2018 - 09:04

    Since comprehensive credit reporting, most big banks will have shared most of this information to credit agencies so unless the cards are with small banks, they will know that you have a credit limit of 15k somewhere else.

    This may prove harder to get another 15k credit limit somewhere else.

    But yes another bank won’t know how much you owe. They will only know your history, credit enqiries & existing credit limits.

• 

  carlJack on 07/11/2018 - 14:51

  +2

  Banks wont see purchases on card. They only want the balance transfer amount, name and number of the credit card. You will be fine.

• 

  HighAndDry on 07/11/2018 - 15:18

  I am concerned that the bank may reject transfer application if they see that there is only one purchase on the card

  I'm not sure the transfer-receiving bank even gets to look at the transactions on the card you're transferring from. That's never happened that I've come across at least.

  • 

    jimbobaus on 09/11/2018 - 03:37

    Correct
    However this will change in early 2019.
    Banks will share your transaction data with each other in regards to credit applications.

    Lots of Uber eats purchases could technically get you rejected for a loan etc as they might see this as being frivolous with your money.

    • 

      donbot on 09/11/2018 - 06:41

      What's this next round of data share? Have you got more info?

• 

  GangGang on 07/11/2018 - 16:38

  My previous transfer wasn't covered the full amount.

  Eg, I wanted to balance transfer from one credit card to another and they only transfer $4,000 when my balance was $5,000. Double check that. Also there will be a balance transfer fee.

• 

  [Deactivated] on 07/11/2018 - 18:44

  Thanks all for your help.

  Sounds like probably no issues as just replacing the card for another, and quantity of purchases is not relevant to the transaction.

  I will make purchase on new card and after points credited will do the balance transfer to a new card, and hopefully get some more points love in the process from new bank too.

• 

  jimbobaus on 09/11/2018 - 03:35

  Balance transfer will mean you need to be able to be approved for $33,000 (roughly)

  When you are assessed for the second card they will note you already have $15k of cc debt so you need to be able to service that 15k+ second card
  Even though you are transferring the balance it does not cancel the first card and as such the lender has to consider that debt/limit when assessing you for the second card .

  Generally your new card balance needs to be 10-20% higher than the amount you intend to transfer as banks usually only allow you to transfer max 90% of your new cards limit as a transfer. This men’s roughly the second card will need to have a limit of $18,000 to be able to fully transfer the 15k across (80% limit rule)
  Make sure you are able to be approved to transfer that kind of limit before you go and spend the money. You risk not being able to fully transfer the 15k and therefore stuck with the interest if you don’t clear balance In time.