2015 Balance Transfer Report

Balance Transfer Study
Rising credit card debt levels, a recovering economy and historic 0% credit card offers have combined to create an ideal balance transfer landscape. In fact, the right balance transfer deal now stands to save the average household – which has $7,126 in credit card debt alone – more than $1,000 in fees and finance charges while helping them pay off amounts owed months sooner.

However, a general lack of consumer understanding prevents most people from taking full advantage of this sweet-spot for savings. This study will strive to close that knowledge gap by comparing the policies of 15 major credit card companies and ultimately bringing clarity to the following key issues:

  • Types of debt eligible for a balance transfer
  • Timetable for the balance transfer process
  • Relationship between requested and approved balance transfer amounts
  • Ability to earn rewards on transfers

Main Findings

  • Balance transfer costs have gone down by 13% since 2013. It now costs an average of $326 to transfer a $5,000 balance that will be paid off over 24 months.
Cost of the Best Balance Transfer Offers by Issuer

 

  • The three best balance transfer credit cards on the market are:
  1. Chase’s Slate Card: 0% for 15 months, no balance transfer fee, no annual fee
  2. PNC Flex Card: 0% for 18 months, 3% balance transfer fee, no annual fee
  3. Citi Diamond Preferred & Discover’s it Card: 0% for 18 months, 3% balance transfer fee, no annual fee
  • The Wells Fargo Platinum Card is the most improved balance transfer offer, having reduced its overall cost by 59% since 2013. On the opposite end of the spectrum, it has become 71% more expensive to transfer a $5,000 balance to the PenFed Defender Card, which has moved from offering 0% for 18 months to 4.99% for 12 months.
  • 60% of issuers allow you to transfer most common types of consumer debt – including mortgages, auto loans, small business loans, and student loans – to their credit cards. This includes Bank of America, Barclaycard US, Capital One, Citi, Pentagon Federal Credit Union, USAA, U.S. Bank, Sun Trust, and Wells Fargo.
  • Three major issuers –Barclaycard US, Chase, and U.S. Bank – offer their cardholders rewards on transferred balances at least some of the time.

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Side by Side Comparison

 

Issuer Time of balance transfer approval When will the balance transfer be posted? Do cardholders earn rewards on balance transfers? Can someone have more than one of your credit cards open at one time? What happens if a consumer requests a larger balance transfer than you are willing to approve?
American Express Current cardholders: 24-48 hours
New cardholders: 10 days
2-3 days No Yes The request will be declined and cardmember will be given the opportunity to reapply with a lower amount
Bank of America Current cardholders: immediately
New cardholders: 2 weeks
Current cardholders: 4-6 days
New cardholders: 2 weeks
No Yes Full or partial payment will be sent
Barclaycard US Within 10 business days Within 10 business days Yes, depending upon the program Yes Current cardholders: can transfer a balance up to their available credit
New cardholders: as much as the credit line will permit
Capital One Immediately on transfers processed online or over the phone
2-3 days for access check transfers
Within 10 business days No Yes Balance transfers are subject to the cardholder’s available credit
Chase Timing may vary Within 10 business days Yes, depending upon the program Yes Partial payment will be sent
Citi 14 days after an account is opened 14 days after an account is opened No Yes The request will be declined
Discover Two weeks Two weeks No Yes Partial payment will be sent
Pentagon Federal Credit Union Within 24 to 48 hours Up to three business days for electronic payment No Yes Members may request a credit line increase
USAA Current cardholders: 3 days New cardholders: 14 days 2-3 business days for electronic payments 7-10 business days for check payments No Yes The request will be declined
U.S. Bank Current cardholders: 3 business days
New cardholders: 10 business days
Between 15-20 calendar days At this point, we do not offer rewards on balance transfers Yes Partial payment will be sent
Wells Fargo Current cardholders: the same day
New cardholders: 10 days
Current cardholders: the next day
New cardholders: 12 days
No Yes Partial payment will be sent
PNC 15 days from account opening 15 days from account opening No Yes The payment and transfer of balances is subject to approval
SunTrust Within 5 – 15 days Within 3 – 13 days No Yes Partial payment will be sent
Regions Current cardholders: 7 days
New cardholders: 14 days
Current cardholders: 7 days
New cardholders: 14 days
No Yes A client can transfer balances up to their credit limit
TD Bank 2 to 4 weeks 2 to 4 weeks No Yes All balance transfers are subject to your available credit limit

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Best Balance Transfer Offers by Issuer

 

Issuer Card Intro APR Balance Transfer Fee Annual Fee Regular APR
American Express Blue Cash Everyday 0% for 15 mo. 3% $0 12.99% to 21.99%
Bank of America BankAmericard Visa 0% for 15 mo. 3% $0 10.99% – 20.99% (V)
Barclaycard US UPromise 0% for 15 mo. 3% $0 12.99% – 20.99% (V)
Capital One Platinum Prestige 0% for 15 mo. 3% $0 10.9% – 18.9% (V)
Chase Slate Card 0% for 15 mo. 0% $0 12.99% – 22.99% (V)
Citi Diamond Preferred 0% for 18 mo. 3% $0 11.99% – 21.99% (V)
Discover Discover it 0% for 18 mo. 3% $0 10.99% – 22.99% (V)
Pentagon Federal Credit Union PenFed Defender 4.99% for 12 mo.* 0% $0** 8.99% (V)
USAA Military Affiliate Card 0% for 12 mo. 3% (max $200) $0 10.9% – 25.9% (V)
U.S. Bank Visa Platinum Card 0% for 15 mo. 3% $0 9.99% – 23.99% (V)
Wells Fargo Platinum Card 0% for 15 mo. 3% $0 10.15% – 24.99% (V)
PNC PNC Flex 0% for 18 mo. 3% $0 10.99% – 19.99% (V)
TD Bank TD Bank Cash Rewards 0% for 12 mo. 4% $0 9.24%-23.24% (V)
SunTrust SunTrust Platinum 0% for 12 mo. 4% $0 12.99% – 19.99% (V)
Regions Regions Preferred 0% for 7 mo. 4% $125 11.99% (V)
Information is accurate as of February 17, 2015. Check out our latest Editor’s Picks for the Best Balance Transfer Credit Cards on the market.
*The promotional offer will be available through March 31, 2015
**Membership in the Pentagon Federal Credit Union might require payment of a one-time $15 fee to join an eligible association.

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Methodology

The issuer-specific information reflected in this study was gleaned through a survey of 15 major card issuers, discussions with customer service representatives, and analysis of online card disclosures. All issuers have either confirmed the information to be correct or issued corrections that have been incorporated into the report, except for Regions. Despite contacting Regions multiple time regarding this study, the institution did not wish to confirm information about its policies for consumers. From each issuer, we sought answers to the following questions:

  1. Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?
  2. What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?
  3. On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?
  4. On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?
  5. Do cardholders earn rewards on balance transfers?
  6. Can someone have more than one of your credit cards open at one time?
  7. What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

We then used the information we gathered to identify trends in the balance transfer landscape as well as to identify areas of opportunity and potential danger for consumers.

In comparing the notable balance transfer credit card offers from each major issuer, we used Card Hub’s credit card calculator to determine the cost of transferring a $5000 balance and paying it down within 24 months. For cards that present the regular APR as a range, the middle of the range was used.

Detailed Findings

Overview

  • As a result of The Dodd-Frank Wall Street Reform and Consumer Protection Act, Regulation Z now requires issuers to wait at least 10 days after approving a new customer’s application before processing a balance transfer request. This rule is designed to give customers time to review final account terms and disclosures and to cancel their balance transfer, if necessary.
  • The length of time between when a balance transfer application is submitted to when the transfer ultimately appears in your account varies based on three main factors: 1) your status as a new or existing customer; 2) your method of application (e.g. online, over the phone, or by mail); and 3) the financial institutions on both sides of the transfer (e.g. transfers between large financial institutions tend to be faster).
    • From start to finish, new customers can expect to complete a balance transfer within roughly three weeks’ time. Existing cardholders can expect to complete a balance transfer in about a week.
  • When a consumer submits a balance transfer request via mail that is in excess of their available credit, certain issuers will outright decline the transfer while others will process part of the requested transfer amount.
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American Express



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
  • Store cards
Can’t Transfer Debt From:
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Our program is managed as a balance transfer program for payment products (credit cards and store cards) and not a broad loan refinancing/consolidation program. As a result, we do not allow debt to be transferred from other loan types such as mortgages.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• For current cardmembers, decisions re: balance transfer approval are typically communicated within 24-48 hours from the time an application is submitted. • For cardmembers with new Card accounts, balance transfer applications will not be processed until 10 days after the account was opened to allow time for the Cardmember to receive and review their Cardmember Agreement in case they do not want to proceed with the balance transfer.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• On average, a transferred balance appears in a Cardmember’s account two to three days after the balance transfer application is approved.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• Yes, you may have more than one American Express Card.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• If a consumer requests an amount more than we are willing to approve, the request will be declined, the consumer will be informed that the amount was too large and given the opportunity to reapply with a lower amount that is approvable.

Other comments:

• N/A
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Bank of America



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From: Credit cards, Store cards , auto loans, student loans, personal loans, mortgages, HELOCs, small business loans, payday loans.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Does not apply.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• For current cardholders, we will communicate approval immediately on transfers processed online, over the phone or in our financial centers. For new cardholders, allow at least two weeks from account opening for processing. If declined, a notification is sent immediately.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• For current cardholders, balance transfers are completed within 4-6 days. For new cardholders, allow at least 2 weeks from account opening for processing. Continue paying each creditor until the transfer appears as a credit.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?



What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• If the total amount you request exceeds your total credit line, we may send full or partial payment to your creditors in the order you provide them to us.

Other comments:

• N/A
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BarclayCard US



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• Applicants for a new credit card can request on their application to transfer a balance from 15 or 16 digit account number including MasterCard, VISA, American Express, or Discover. Once an account has been opened, customers can use a balance transfer check to transfer from any type of account to their Barclaycard account.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• There are system limitations related to on-line balance transfers being limited to 15/16 digit account numbers. Customers can use a balance transfer check to transfer from any type of account to their Barclaycard account.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Generally applications are approved within 10 business days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Regulation Z requires creditors to wait 10 days after sending out Account Opening Disclosures before the creditor can process a customer’s balance transfer request from their application.

Do cardholders earn rewards on balance transfers?

• Yes, depending upon the program. Some programs earn rewards for initial balance transfers.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• It depends on the circumstances and whether it is a new application or an existing customer requesting the balance transfer. On a new application we will process the balance transfer as much as the credit line will permit. Existing customers can transfer a balance up to their available credit.

Other comments:

• Barclaycard US wants to stress that it does not recommend transferring certain types of debt – including mortgages and student loans – to credit cards, saying “It’s just not a financially wise decision for a consumer.”
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Capital One



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• You can transfer from any of the above listed debts so long as it is not a Capital One card based debt.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Does not apply.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• We will communicate approval immediately on transfers processed online or over the phone with one of our customer service representatives. Access check transfers will need to post to the customer account before they are approved, which can take 2-3 business days once it gets to the bank of first deposit.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• If your balance transfer request is approved, payment will be sent to your creditors within 10 business days.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• You may not initiate a balance transfer from one Capital One card to another, but you can have more than one card at a time

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• Balance transfers are subject to the cardholder’s available credit.

Other comments:

• N/A
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Chase



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
Can’t Transfer Debt From:
  • Store cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Timing may vary.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Balance transfers will be applied to your account and sent to your designated payee(s) 10days after your account is opened. In total, it may take up to three weeks to set up your new account and process the balance transfer(s).

Do cardholders earn rewards on balance transfers?

• This can depend on the credit card product and balance transfer offer.

Can someone have more than one of your credit cards open at one time?

• Yes, you can have two different credit card products with Chase.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• The total amount of your request(s) including fees and interest charges cannot exceed your available credit or $15,000, whichever is lower. If your request(s) exceeds the amount that we approve, we may either decline the request or send less than the full amount requested to your designated payee.

Other comments:

• We offer clear terms and conditions on balance transfers and encourage customers to use this option responsibly. We offer Chase Blueprint to Slate customer to help them manage their spending and borrowing. Blueprint helps consumers take charge of their finances, pay down balances faster, avoid interest on everyday purchases – even when they carry a balance.
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Citi



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
  • Store cards
Can’t Transfer Debt From:
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Balance transfers are approved no sooner than 14 days after an account is opened. If balance transfer is declined a mail notification is immediately sent.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Balance transfers are approved no sooner than 14 days after an account is opened. After the 14 days the balance transfer is reflected on the customer account and a communication is sent confirming the terms of the balance transfer.

Do cardholders earn rewards on balance transfers?

• No

Can someone have more than one of your credit cards open at one time?

• Yes

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• Balance transfer (plus balance transfer fee) up to the amount of your available credit linemay be processed. Balance Transfers (including balance transfer fee) above the available credit line will be declined.

Other comments:

• N/A
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Discover



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
  • Store cards
  • Gas cards
  • Auto loans
  • Medical bills
  • Student loans
Can’t Transfer Debt From:
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
  • Discover credit cards or Discover loans
  • Taxes
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• About two weeks.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Same as above.

Do cardholders earn rewards on balance transfers?

• No

Can someone have more than one of your credit cards open at one time?

• Yes

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• You may transfer any amount, up to your credit available for transfers, which may be less than your total credit line. If your balance transfer request will exceed your available credit, we will process your transfers for less than the amount requested, in the order requested.

Other comments:

• N/A
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Pentagon Federal Credit Union



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• A member can choose to transfer debt from for any of these types of accounts. However, the balance transfer usually applies to unsecured consumer debt that normally has a higher interest rate than secured debt or commercial loans.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Balance transfers usually occur when a lender offers a very low rate and the borrower takes advantage of the rate to payoff higher interest rates most commonly credit cards that have double digit interest rates, excluding promotional offers. The member’s secured debt (i.e. automobile loan) usually has a low interest rate (depending on the credit quality of the borrower), and that interest rate is over the lifetime of the loan, while balance transfer rates are usually between 12-18 months. The borrower is not incented to payoff a loan that has a low rate and for an extended period of time.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• On average, PenFed will usually have a status reply for an applicant, if not immediately, within 24 to 48 hours.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• These days, most creditors accept electronic payment, so the majority of these transactions are conducted in this manner. On average, an electronic payment can take up to three business days to appear on a member’s account.

Do cardholders earn rewards on balance transfers?

• No

Can someone have more than one of your credit cards open at one time?

• Yes, cardholders may have a combination of credit card products with PenFed.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• When requesting a balance transfer online or via telephone, the member is made aware of their credit line which is available to complete the transaction. If a member would like to transfer an amount larger than their available credit line, they may request a credit line increase.

Other comments:

• N/A
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PNC Bank



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
Can’t Transfer Debt From:
  • Store cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Allow at least 15 days from account opening.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Same as above.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• The payment and transfer of balances is subject to approval by us and we may, in its sole discretion, deny a balance transfer request.

Other comments:

• N/A
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Regions



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
Can’t Transfer Debt From:
  • Store cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• None provided.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Allow at least 14 calendar days from your request date for processing. If you request a balance transfer on an existing Regions credit card, please allow 7 days from your request date for processing.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Same as above.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• A client can transfer balances up to their credit limit.

Other comments:

• N/A
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Sun Trust



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• Clients can transfer credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business and payday loans – as long as the balance transferred is not from another SunTrust or SunTrust affiliate account. A SunTrust convenience check can be used to pay any payee other than another SunTrust loan.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• The rationale for not allowing SunTrust convenience check to pay another SunTrust loan is that the client is indirectly getting another loan from SunTrust in this transaction. SunTrust prefers clients simply apply for additional credit and give the bank the opportunity to perhaps consolidate the other SunTrust loans so clients can get the benefit of a single payment.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• We communicate to clients of their approved BT within 5 – 15 days of the BT application.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• On average it takes 3 – 13 days for a balance transfer to post.

Do cardholders earn rewards on balance transfers?

• No, cardholders do not earn rewards on balance transfers.

Can someone have more than one of your credit cards open at one time?

• Yes, a client is allowed to have more than one credit card open with SunTrust. However, the client will have to go through underwriting and must be approved for each card they have with SunTrust.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• A client can transfer balances up to their credit limit. If the balance transfer amount exceeds the client’s credit limit, SunTrust may process a partial balance transfer for less than the amount that the client requests or may decline the entire request.

Other comments:

• N/A
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TD Bank



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

Can Transfer Debt From:
  • Credit cards
Can’t Transfer Debt From:
  • Store cards
  • Auto loans
  • Student loans
  • Personal loans
  • Mortgages
  • HELOCs
  • Small business loans
  • Payday loans
What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Typically, we do not to transfer less costly debt into a more costly loan type - it doesn't make financial sense for our customers in most cases.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• It may take 2 to 4 weeks to process a Balance Transfer request after your account is opened.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Same as above.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• All balance transfers are subject to your available credit limit.

Other comments:

• N/A
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USAA



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• A member may transfer a balance from any loan with an account number.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• USAA’s products are competitively priced. In addition to our 0% introductory rates on balance transfers, our regular interest rates are well below the industry’s. USAA charges the same APR on balance transfers as purchase transactions. In addition, our BT fee is just 3% with a cap of up to $200. Other large issuers charge balance transfer fees of 4% or 5% with NO cap and usually with a $10 minimum.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• Usually our members apply for a credit card online or by phone and their applications are decided immediately by our underwriting system. Written applications can take several days to decide because they must be data entered into our underwriting system first. If an application is declined, we send a letter to the member letting them know. If the application is approved, we immediately show the member’s pending balance transfers on usaa.com. If we are unable to process a balance transfer, we send a letter in about three days after the application has been decided. For any account that has been opened less than 14 days, we delay processing the balance transfer request until the fifteenth day after account opening. During the 14-day period, we allow a member to cancel a balance transfer request. For accounts opened more than 14 days, we process an approved balance transfer request within approximately 2-3 business days for electronic payments or 7-10 business days for check payments depending on the merchant’s payment acceptance method.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• Same as above.

Do cardholders earn rewards on balance transfers?

• No rewards are earned on balance transfers or cash advances.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• For online and phone requests, our systems do not allow a balance transfer request to be submitted if it is for an amount larger than is permitted on the account. However, for balance transfer requests received in the mail, we either process the full amount requested or we send a letter indicating that we were unable to process the request.

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U.S. Bank



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• We have no restrictions on the types of accounts from which balance transfers can occur, except from other U.S. Bank accounts. (Keep in mind the balance transfer is subject to approval and credit limitations. Most transfers are from a credit card to a credit card.)

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Not applicable because we allow transfers from any type of account, with the exception of transfers between U.S. Bank accounts.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• For new credit card customers, it takes an average of 10 business days from the time we receive a balance transfer request to the time when we communicate whether the request has been accepted or rejected. Otherwise it averages 3 business days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• It takes between 15-20 calendar days from the time a request is submitted to the time the transfer is posted. Customers should continue to make payments to those accounts to avoid late fees and interest charges.

Do cardholders earn rewards on balance transfers?

• At this point, we do not offer rewards on balance transfers.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• We will only approve transfers within the approved line of credit. If a customer makes a request through an automated system, any request over the line of credit will be declined. However if customers talk to a service representative they will be assisted in transferring an amount that is smaller and within the credit limit.

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Wells Fargo



Which of the following types of debt can consumers transfer: Credit card, store card, auto loan, student loan, personal loan, mortgage, HELOC, small business loan, payday loan?

• Customers can use balance transfer to pay off any non-Wells Fargo debt.

What is the rationale behind allowing debt to be transferred from certain types of loans but not from others?

• Does not apply.

On average, how quickly from the time an application is submitted do you communicate to an applicant whether or not a balance transfer has been approved?

• For balance transfers on an existing credit card account, they may learn whether they’ve been approved the same day. For balance transfer requests on new credit card accounts, transfers are not completed until the customer has an opportunity to review mailed copies of new account disclosures before completing the transaction – 10 days.

On average, how long does a transferred balance take to appear in one’s account from the time an application is submitted?

• For balance transfers on an existing credit card account, the transfer may appear in their account as soon as the next day. For balance transfer requests on new credit card accounts, the transfer may be fulfilled after the customer receives the mailed disclosures and has an opportunity to review them. On average, this can take twelve days.

Do cardholders earn rewards on balance transfers?

• No.

Can someone have more than one of your credit cards open at one time?

• Yes.

What happens if a consumer requests a larger balance transfer than you are willing to approve? Do you proceed with the lower amount, decline the transaction altogether, or give the consumer the choice?

• When a customer applies for a balance transfer, we ask them to list creditors and balance transfer amounts in order of preference. We then fulfill the balance transfer request in that order, up to the customer’s available credit.

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