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Yahoo Answers! Credit Cards This is a RSS feed for Topics from Yahoo Answers! That pertain to the discussion of credit cards, bad credit cards and credit limits. Feel free to discuss this in the credit card discussion Forum. MEMBERS WITH THE DESIGNATION Powered by Yahoo! Answers under their names ARE BOOTS FROM YAHOO ANSWER...! NEW THREADS MUST BE STARTED ON REGULAR FORUMS, MEMBERS ARE HOWEVER ABLE TO ANSWER OR PARTICIPATE WITH CURRENT THREADS...

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Old 10-28-2007, 02:26 AM   #1 (permalink)
i ? Phil Hansen
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credit card q: transferring balance=combining limit?

1. capital one has a service where i can transfer my balance from another credit card. if i transfered my balance from another credit card (both visa) does that mean i combine the limit? say i have $500 limit on capital one and $500 on card A, when i transfer my balance from card A to capital one the limit become $1000. am i right?
2. when the balance is transfered, will my card A be automatically canceled? or do i have to call?
i just want 1 card.
3. also can i do that from master card to visa?
how do i combine my credit card limit? so i just have 1 card instead of 2.
 
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Old 10-28-2007, 02:26 AM   #2 (permalink)
Travis G
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No, if you have a $500 limit on one card and transfer $500 from another card you have $0 available credit on the card you transfered the balance to and $500 available on the card you transfered the balance from.
 
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Old 10-28-2007, 02:29 AM   #3 (permalink)
Steveo
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Don't cancel any card. IF you cancel them it worsens your credit record and score.

Beware that you will pay a 3% transfer fee to get the lower rate. Figure that in. Make sure that it get paid off in the 6 months to the year that they give you.
 
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