Which cards do balance transfer to checking account?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
11 posts
BoyRod1
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Which cards do balance transfer to checking account?

Postby BoyRod1 » Mon May 20, 2013 10:44 pm

Can we do balance transfers and have the money deposited into our bank/checking account.

Several years ago my wife did one and they put the money into my account. It was a lot too, several thousand dollars from what I recall.

I already know you can do it with the cash advance checks they send out but those cost more to use because of the interest rate and upfront fee. What I want is a credit card company that will give me the money but still classify it as a balance transfer. There is an offer from Chase that I like anyone know if they will do it?


Sevenfeet
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Postby Sevenfeet » Tue May 21, 2013 9:23 am

Penfed did this for me mainly because it was the only way to do a balance transfer from my credit union's line of credit. But it is unusual since banks typically have increased interest rates for a cash advance and putting money into a checking account is basically a cash advance to you.

--Rick
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

BoyRod1
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Postby BoyRod1 » Tue May 21, 2013 1:44 pm

I totally agree in that it seems like putting money in someones checking account is more along the lines of a cash advance. Though that's what some banks do for their balance transfers. I wish I remember which bank it was a few years ago when the balance transfer did that. They ACH'd us the money and told us to pay our debts directly instead of them paying on our behalf.

Credit unions aside, are there any banks that will balance transfer to your bank account while not counting it as a cash advance?

jrv
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Postby jrv » Tue May 21, 2013 4:50 pm

BoyRod1 wrote:
Credit unions aside, are there any banks that will balance transfer to your bank account while not counting it as a cash advance?



Citibank allows you to transfer the money to your bank account as a balance transfer.
Main:
AMEX Platinum NPSL, Member Since 92
AMEX Blue 15K
PenFed 11K
PNC Visa 20K
First National Bank Omaha Platinum Visa 25K
Citi Simplicity 11K
Drawer:
50K Total

BoyRod1
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Postby BoyRod1 » Tue May 21, 2013 5:11 pm

okay great. Do I do that on the application or should I call up after approval and request the transfer? There doesn't appear to be a rush to get it done on Citi's side bec the application says all transfers done within the first 4 months will get the 0%.

jrv
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Postby jrv » Tue May 21, 2013 9:22 pm

BoyRod1 wrote:okay great. Do I do that on the application or should I call up after approval and request the transfer? There doesn't appear to be a rush to get it done on Citi's side bec the application says all transfers done within the first 4 months will get the 0%.


I did my transfer a few months after I received my card & I was able to do it on Citi's website. I don't remember if it can be done on the application.
Main:
AMEX Platinum NPSL, Member Since 92
AMEX Blue 15K
PenFed 11K
PNC Visa 20K
First National Bank Omaha Platinum Visa 25K
Citi Simplicity 11K
Drawer:
50K Total

DavidNY
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Postby DavidNY » Tue May 21, 2013 11:08 pm

Citi Simplicity has no BT fee.

Gamma
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Postby Gamma » Wed May 22, 2013 11:36 am

DavidNY wrote:Citi Simplicity has no BT fee.

Is this something new? I look online but I still see there's a 3% BT fee.

CCG
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Postby CCG » Wed May 22, 2013 1:29 pm

Gamma wrote:Is this something new? I look online but I still see there's a 3% BT fee.


Yes the Citi Simplcity card does comes with a BT fee. Perhaps David was talking about the Chase Slate offer with no balance transfer fee. That is the only card on the market that I know of that, as of today at least, doesn't charge the fee. But click on the link for current offer details.

[citi simplicity].[/citi simplicity]

DavidNY
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Postby DavidNY » Wed May 22, 2013 6:28 pm

It looks like Citi Simplicity does have a fee, so go with Chase Slate or one of these cards, but you'll have to see if they'll cut a check to you.



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