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Closed Bank credit card - What happens to balance transfer? in: Question

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rated:
   posted: Sep. 13, 2008 @ 11:57a
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Hello all,

Did a previous search on google and on these forums and could not find anything with a specific answer.

Got an offer for a WAMU CC, 3.99% fixed apr for life the balance with no BT fees.

I was thinking of paying off a loan with that, since it's currently at 5.6%.

However, my real question is... what happens to the offer/promotional rate should WAMU go belly up? I understand they'll most likely sell the balance to another bank/institution, but will the terms stay the same?

Thanks for any input!

   posted: Sep. 13, 2008 @ 11:57a

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rated:
   posted: Sep. 18, 2008 @ 4:12p
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I had the situation with one of my CC. Bought by BOA. Therms stay the same.
However, it does not mean that yours WILL stay.
Anyway, I am thinking, if you loan is the size you think to pay off with a CC - in the worst case you will BT that with a 0% to another card

Message edited by: shura7400 on 2008-09-26 12:03:58 CDT
rated:
   posted: Sep. 18, 2008 @ 4:29p
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Guess they could always invoke the clause that lets the lender close the account for any reason if they feel like the card is not reflective of the new owners values. In that case you would be responsible for returning all the outstanding balance.

rated:
   posted: Sep. 18, 2008 @ 5:33p
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cjbell said:Guess they could always invoke the clause that lets the lender close the account for any reason if they feel like the card is not reflective of the new owners values. In that case you would be responsible for returning all the outstanding balance.Account might be closed, but dont they have to allow you to continue paying off the balance with the current terms and APR ?

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