Cancel A Balance Transfer Offer: Nearly Impossible To Do

QUESTION: I recently signed up for a credit card balance transfer offer, but now have second thoughts... Is it too late to cancel? It still says the transfer offer is pending, so maybe it's not too late?

ANSWER: It sounds like, at least in the case of Citibank/Citi Cards (the only place I have ever gotten a balance transfer from), this is not possible. Once you hit the submit button, that money is gonna get beamed to your designated checking account or creditor accounts, regardless of whether you get cold feet later on. Directly from their frequently asked questions (FAQ) page: "What if I change my mind once I request a balance transfer? Once you have accepted the offer, entered the required information and verified it is correct, the balance transfer request will be processed and cannot be canceled."

Of course, policy may be different for your credit card issuer. Call them and ask if it's too late to cancel your balance transfer.

But don't cancel just because you are having slight buyer's remorse. A decent 0% balance transfer can be a powerful and beneficial financial tool, in my opinion, giving you the resources to consolidate all of your debts with ease -- or to quickly finance your small business using relatively "cheap" credit. 

Comments

[Daddy Paul]

Good read on an important subject.