Just wondering...I had this happen on a credit card that I've never been late on or had any problems with. I tried to transfer a balance of about $4,300 to my Chase Visa that has a $6,000 credit limit because they offered me a 0.99%APR balance transfer offer through July of 2010 with a max fee of $99 per transfer (no matter what the balance). The process started and they cancelled it. I can't seem to reach anybody to find out a reason why. What are the reasons why they would do this? I got the card in 2008 and some of my payments on it were pretty high, so I am very far from a "minimum balance" customer. Some payments have been up around $700+ for the month.
I did a little research online and I saw where someone else was confused about this and Chase apparently did it to them. A while after their transfer was cancelled, they received a letter in the mail informing them their account was closed.
That seems pretty unreasonable. My credit is excellent, I have a 750+ credit score and other credit cards. Why would Chase deny me for such a thing?
The amount you want to transfer was too large a proportion of your credit limit. Makes the bank worried that you are just transferring balances around to avoid interest, which you are, and not paying it off.
I'm not really sure. But, it is a new world in credit cards. Even with high credit scores, card companies are looking at everything to prevent excessive risk. It could be something on your credit report, like higher unsecured debt, or they are just limiting their risk with the influx of balance transfers from other card companies. I would find someone that wants your business, like a credit union. Great rates and no funny business.