so you used that BT check, and you didn't have to pay any fees?


workingonit said:

The Chase offer I referred to (0% APR on BTs and purchases for up to 15 months) is Offer Code RU; call (800) 651-CHASE to apply (by July 31). No annual fee, but the BT fee is 3% ($5.00 minimum, $75.00 maximum per transaction, "unless otherwise disclosed to you in writing"). [Edit: That could conceivably mean the CSR has power to waive the BT fee?]

--So to avoid several different BT fees, you'd definitely want to get one single large BT check made out to yourself, and pay off your other cards from that. Note that you can ONLY request a BT check during that first phone call, while you're applying for the card; after you hang up, you'll be stuck doing individual BTs from your other cards if you haven't taken care of them at the start.

The CSR said I should hear within 30 days. She also said Chase might decide to issue me a card with Standard Pricing instead of the one described; such a card would NOT have BT capability (nor would it have 0% on anything -- not terribly useful).

I don't know anything about their online application; can't help you there. Applying by phone was very easy; I'd recommend it since you want to make sure you get the chance to request a BT check.

I must admit I was thrown off balance by being asked to name an amount for the BT check when I didn't even know what CL I would have, but I just went ahead and named a figure; the CSR said that if I do get Elite Pricing or Premium Pricing, they'll gladly issue me a BT check for up to $100 less than my credit limit.


I also saw another ad in Sunday's paper that you might be interested in:

AT&T Universal Card is offering 0% APR on BTs and purchases until July 1, 2006; apply at www.online.universalcard.com or call (800) 541-2579. Apply by August 15. No annual fee, and no BT fee "for balances you transfer in response to this offer." The ad does not give any promotion code.

--So again, you'd definitely want to ask them to issue you a BT check while you're on the phone applying for the card, in order to avoid the BT fee which otherwise would be 3% ($5.00 minimum, $75.00 maximum per transaction).

ezwinner701 said:so you used that BT check, and you didn't have to pay any fees?
I didn't say that. I didn't realize until after I'd requested it that their wording probably meant the CSR had some leeway -- so I didn't ask that the fee be waived. Smarter next time, I hope. But the $75.00 fee isn't all that bad (I console myself), considering the interest I'll be getting over the next 15 months (3.5% APY at Presidential).

jdopple said:Good thread and comments by Dave Hanson. I'm not sure I agree about using only 50% of a bt line however, as that is a very costly way 'preserve' a very high credit score. Unless you have access to unlimited bt's (and most don't), you are leaving 50% of whatever profit you can make on the table. I maxed out 5 cards, 2 were lifetime bt's, and am using 50% of my TOTAL credit line, but 95% on the 5 cards. All the money is in bank CD's and I can pay off the line at any time.

It knocked my score back some , but its still over 700 ,and you can't spend the credit score. As I pay off the cards, I'm sure it will creep back up.

Good post, I concur.

Auream said:UncleSam said:I was wondering if I could transfer the balance to a dormant card with $0 balance and then this CC company to issue a check for the credited amount. Will this strategy work or am i missing something.

Did you read the thread? Doing a BT to a card with a 0 balance is one of the standard ways to get cash from a BT if they won't just send a check. Easiest to do this with is a Citibank card, which have a handy online "credit balance refund request" option.

Can anyone confirm this works with Citibank? I just did a BT from my Sony/Chase card to my MBNA card and the MBNA credit department called and threatened to cancel my card as they don't normally accept overpayments. They sent the funds back to Chase and I did get my $50 tranfer fee back automatically from Chase. Citibank doesn't accept overpayments on their online site so I was wondering if they will also reject the BT?

DFWDAL said:nuclearfusion said:Can anyone confirm this works with Citibank? I just did a BT from my Sony/Chase card to my MBNA card and the MBNA credit department called and threatened to cancel my card as they don't normally accept overpayments. They sent the funds back to Chase and I did get my $50 tranfer fee back automatically from Chase. Citibank doesn't accept overpayments on their online site so I was wondering if they will also reject the BT?
In my experience, overpayments work fine with Citibank. But I haven't tried it with very large amounts (always less than 10K). How much was your overpayment to MBNA?

Thought 10% over was the limit...or maybe I made that up.

nuclearfusion said:acfu said:DFWDAL said:nuclearfusion said:Can anyone confirm this works with Citibank? I just did a BT from my Sony/Chase card to my MBNA card and the MBNA credit department called and threatened to cancel my card as they don't normally accept overpayments. They sent the funds back to Chase and I did get my $50 tranfer fee back automatically from Chase. Citibank doesn't accept overpayments on their online site so I was wondering if they will also reject the BT?
In my experience, overpayments work fine with Citibank. But I haven't tried it with very large amounts (always less than 10K). How much was your overpayment to MBNA?

Thought 10% over was the limit...or maybe I made that up.

I tried a BT of 16K.

On a CL of?

My overpayment to Citibank was only about $5K, worked no problem (CL of $10K). I don't think you have anything to worry about with Citibank. MBNA on the other hand, as you have discovered, is extremely anal about overpayments. Do a search, there's at least one thread regarding MBNA's treatment of overpayments.

workingonit said:Not sure if this belongs here, but hesitate to start another thread...

Some of the no-fee 0% BT cards allow you to make additional BTs on the same terms at any time during the 0% period.

Thus, each time you reduce your balance on such a card by making a minimum payment, you can use that "wiggle room" to make another BT, which can cover the minimum payment on another card -- allowing that much of "your" money to continue collecting interest.

Yeah, and some even reward you for each BT. Citi Dividend or AT&T Universal will give you $5 for every BT over $1500. $5 is probably subtracted from your yearly $300 reward cap though.

workingonit said:Not sure if this belongs here, but hesitate to start another thread...

Some of the no-fee 0% BT cards allow you to make additional BTs on the same terms at any time during the 0% period.

Thus, each time you reduce your balance on such a card by making a minimum payment, you can use that "wiggle room" to make another BT, which can cover the minimum payment on another card -- allowing that much of "your" money to continue collecting interest.

Lately I've had a couple of chase cards that have been very nice about this.

Agree with golf247's note about authorized users on cards - however like almost all generalizations it depends. Depending on one's spouse's credit history a old & large line might do more good than harm - even if it's has a large outstanding balance.

I have gotten smarter about new lines though.

Thanks SIS!