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Talked to a USAA agent prior to doing a large 15,000 credit card balance transfer.  Said my payments would be approx. $250 per month depending on any new purchases.  I went ahead and did the balance transfer.  Today I looked at my account and the minimum payment is $634.00.  Apparently he didn't have a clue.  I can't affore that payment so now I have to do another balance transfer to my Discover card.  If he didn't know how to figure it out, why lie or why guess?


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Hello @Bob2920, I'd like to clarify the first payment amount when a Balance Transfer occurs on an account. 

 

Since there is a Balance Transfer fee of 3% of the amount, that will be part of the first payment. You should see the amount charged for the 3% listed as Balance Transfer Fee. Once you subtract that amount, you'll come up with the approximate amount for your future monthly minimum amounts due. 

Thank you for the opportunity to help clarify the first minimum amount due, I hope it is helpful and will prevent you from needing to initiate another balance transfer. 

 

I will share your concerns with the appropriate area to review your feedback. 

 

Have a good weekend. ~ Lori C

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2 REPLIES

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Hello @Bob2920, I'd like to clarify the first payment amount when a Balance Transfer occurs on an account. 

 

Since there is a Balance Transfer fee of 3% of the amount, that will be part of the first payment. You should see the amount charged for the 3% listed as Balance Transfer Fee. Once you subtract that amount, you'll come up with the approximate amount for your future monthly minimum amounts due. 

Thank you for the opportunity to help clarify the first minimum amount due, I hope it is helpful and will prevent you from needing to initiate another balance transfer. 

 

I will share your concerns with the appropriate area to review your feedback. 

 

Have a good weekend. ~ Lori C

View solution in original post

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Thank you for the quick reply.  I managed to cancel the other balance transfer.  The agent didn't tell me that the 3% charge would be on the first payment.  Other cards add this fee into the balance so that is what I was use to.  Thanks for the clarification.