BT for 18 months 0% but No checks available - Advice

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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nvtech
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BT for 18 months 0% but No checks available - Advice

Postby nvtech » Thu Mar 06, 2014 5:05 pm

Guys,

I have a BT promotion for 18 months, 0% APR and 1% fee.

No balance at an external institution and No BT checks given.


So it has to a BT only and I really want to use the cheap money ;-)

What would happen if I do a BT to an account which does not have balance?
Will the other bank send me a check back for the positive balance?

I have a Chase, Amex, Citi, Discover and Barclays.

Any experience in requesting checks back..something over 10-15k?

Please suggest me something on this.

Appreciate all your help !


samhradh
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Postby samhradh » Thu Mar 06, 2014 9:11 pm

If you don't have a balance on a card than you can't transfer anything.

I suggest using a card with an appropriate rewards program to buy gift cards for however much money you want to float yourself. Then, transfer that balance to the card offering you a low balance transfer rate. Keep in mind how the fees for the debit gift cards/money orders will impact your bottom line.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

daniel2304
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Postby daniel2304 » Thu Mar 06, 2014 10:37 pm

Have you ever heard of VRs and Bluebird? Next quarter of Discover will be Home Improvement, which mean Home Depot, Lowe's)
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

rockyrock
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Postby rockyrock » Thu Mar 06, 2014 11:36 pm

samhradh wrote:If you don't have a balance on a card than you can't transfer anything.


While technically what you are saying is true it may not work out that way. I just did a BT from two cards to one and on both the "transfer" showed up as a payment. To me this indicates my CU made a payment to my accounts I gave them. I did not sign anything granting them access to my accounts so there is no way for them to verify the balance prior to make the payment.

So unless there is something I missed, it may be possible to make an over payment and get a refund check issued. It happened to me once with Amex many years ago when I mistakingly made a double payment. I had to wait for the cycle to close out but they sent a check.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
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Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
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irvinfitness
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Postby irvinfitness » Fri Mar 07, 2014 12:37 pm

How about just putting all your expenses on your other cards and transferring the balances before the BT offer ends. I'm assuming you have a month or so to transfer, so that gives you time to either put your normal expenses on it and save the cash you would normally use to pay the cards off, or make your big purchases that you are looking to take advantage of the no interest for and transfer the balance. Pretty straightforward, but you will get hit with the 1% fee (which is a pretty good offer...better than the standard 3%).
[size=60]Chase Freedom Signature - 10k (rotating 5%)
Citi Platinum Select - 8.1k (rotating 5%)
Discover It - 12k (rotating 5%)
AMEX BCE - 20k (Groceries 3% / Gas 2% )
Regions Signature Visa - 5k
US Bank Cash+ - 5.5k (Restaurants/Fast Food 5% / Drug Stores 2%)
Navy Federal cashRewards Visa Signature - 20k (Business Purchases)
Care Credit - 6k (Vet Bills/Dentist - 0% APR)
Chase IHG Rewards (Priority Club) - 18k (Annual Night Certificate, Platinum Elite Status)

Not used except for occasional purchase with promo:
Jared - 7.5k [/size]

nvtech
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Postby nvtech » Fri Mar 07, 2014 7:47 pm

I am trying my luck with Chase. Have a balance of 3k and paying over 20k with BT there. Will keep you posted how it goes.

takeshi
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Postby takeshi » Sat Mar 08, 2014 10:04 pm

nvtech wrote:So it has to a BT only and I really want to use the cheap money ;-)

Just be sure to do the math on the fee.

rockyrock
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Postby rockyrock » Sun Mar 09, 2014 10:29 pm

takeshi wrote:Just be sure to do the math on the fee.


Sounds like s/he just really wants the cash and that is a secondary concern.
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nvtech
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Postby nvtech » Mon Mar 10, 2014 4:22 pm

takeshi wrote:Just be sure to do the math on the fee.



:-)

Did a 23k BT for 1% fee 18 months until 09/2015 ..a total fee of $230.

I felt I don't lose anything for 1%..as the banks are giving the same 1% if I keep in a bank or even I spend it, I get the base 1%.

The balance is not posted yet.
Once I have the 20k credit balance, I should see how Chase responds when I ask the refund.

daniel2304
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Postby daniel2304 » Tue Mar 11, 2014 10:51 am

nvtech made a really smart move before when dealing with "moving free money." I'm interested in seeing what he will do it with 20k in 18 month :D Mind sharing, nvtech?
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.



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