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balance transfer things to know
i am thinking of using an $8500 limit Citi diamond preferred card to get a $3000 balance transfer check to purchase a vehicle. i can easily pay this back in under 15 weeks. the transfer is 0% for 12 months. seems like a good route to go, but i have a couple questions...

1) I have read that getting a balance transfer can decrease my credit score and cause a credit line to be decreased. This causes my credit usage to go up and my score to drop further. Is there any truth to this? anyone have real world experience?

2) Citi says i'm eligable for a 0% balance transfer. Does this offer expire if i don't jump on it?

3) Anything else I should be aware of?

other than this card i have a $2750 capital one, a $300 capital one, and my original $200 capital one secured card, all with $0 balances. if it matters, i have "excellent" 768 transunion score and a "B" 802 vantage score, 1yr 7month average account age.

I'm new to credit karma, but i have signed up because all the questions i google send me here. since signing up my trans score has gone up 10pts and the vantage went up 2 points, raising it from a "C" to a "B"

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Re: Balance Transfer

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1.) It won't decrease your score any differently than a regular credit card balance.  $3k on an $8k credit card is less than 40% usage, so it probably won't hurt your score.  And citi won't lower your credit limit simply because you accept their offer.  I use 0% promotional checks to make purchases and there has never been any negative impact.

2) yes, they expire.  you should see an expiriation date in the same place you see the offer or on the check itself.  if not, you'll need to ask them.

3) Even though the interest rate is 0%, there is usually a 3-5% transaction fee to use the check.  so citi will add $100-$150 to your balance after the check clears.

Small price to pay for the convenience of buying a car on a credit card. (as long as you can pay it back before the promotional rate expires.

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Tthank You!

And you were right about the expiration date. In small letters under the offer, it clearly says "Transfers Must Post By 03/21/2014 "

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