Creative ideas on doing 0% BT with CCs that don't do transfer to checking...

Not all CC's give you BT checks. Only citi does with no hassles. For the others you need to find a way out i.e debit card transfer, BT laundering, take cash advance(no fees) and BT, ..... Banks do hold them for a certain time. You get interest during that time as well. But if you have BofA, it sucks. They hold anything above 5K and their checking is 0%

Has anyone been able to move money from a credit card balance transfer into their presidential checking account by supplying their Visa ATM debit card number for the BT?

I realize that there are other ways to go about this, but I'd like to know if anyone has had success using the above method.

The BT funds would be coming from a Discover card.

Thank you.

Has anyone figured out a way to successfully get BT from Chase to their bank account? A lot of this thread mentions that you cannot do an ACH to a bank account, nor can you write yourself the check. Seems like the only way to get money for the BT out is to send it to another CC? Can someone who has done this please shine some light onto this issue?

Rajin said: Chase sends checks to me every month and they do ACH transfers on accounts more than a certain age (3 months I think). I've done it both ways in the past 6 months, ACH from my Signature United card and a check from my Sony card.

How long has your sony card been open? Did you have to call chase to request the check and notify them that it would be made out to you? Did the check have any problems cashing at the bank? TIA!

warlord001 said: Rajin said: Chase sends checks to me every month and they do ACH transfers on accounts more than a certain age (3 months I think). I've done it both ways in the past 6 months, ACH from my Signature United card and a check from my Sony card.

How long has your sony card been open? Did you have to call chase to request the check and notify them that it would be made out to you? Did the check have any problems cashing at the bank? TIA!

Sony card had been open about 15 days when I wrote the check, I used ones that came with the card. I deposited the check by mail to GMAC without any issue and it started earning full interest the day it was received (I have no idea how long it took to clear).

Rajin said: Chase sends checks to me every month and they do ACH transfers on accounts more than a certain age (3 months I think). I've done it both ways in the past 6 months, ACH from my Signature United card and a check from my Sony card.I agree that they still do ACH transfers to checking...they just did one for approx $16K to my checking just last month.

Ugabuga said: Hmm just ran into this very problem. I have a chase card that I would like to bt money from. Unfortunately I have a BOA checking account which is linked to my Emmigrant account. Looks like the debit card method will not work so what is the next best way to procede?

BT to an empty Citi card, then go online and request a credit balance refund (under "manage account" somewhere).

This might have been mentioned already, but here's my two cents worth. I just discovered this, so I haven't tried it yet.

I have a checking account and Visa with USE CU. The two are linked online, so I can transfer funds between them. In theory, I assume I could transfer up to $10,000 from the Visa into checking, then use a 0% BT to pay off the $10,000 balance on the Visa.

The only drawback is that the Visa's APR is 9.9%, not too bad as far as APRs go, but since interest would begin to accrue immediately, it would cost me $2.71 daily until the BT was complete.

slimshadyxix said: cclyde said: Ugabuga said: Hmm just ran into this very problem. I have a chase card that I would like to bt money from. Unfortunately I have a BOA checking account which is linked to my Emmigrant account. Looks like the debit card method will not work so what is the next best way to procede?

BT to an empty Citi card, then go online and request a credit balance refund (under "manage account" somewhere).

cant you bt to a citi, and then just use citi's bt to send yourself a check?

I did a balance transfer to empty citi card. and the available credit showed was the CL+BT amount.
I requested for a credit balance refund over phone. It took nearly three weeks for the cheque to arrive.

But, I believe you could do a balance transfer for the max amount ofCL+BT) - BT fees .
I did not have any offer, available, so I did not botehr asking the CSR when i requested the refund.
I did ask, if they could apply the credit balance to my another credit card, which was rejected.

Ok, so after reading through this whole thread it sounds like the following is the plan of attack and a quick summary:

1. If the credit card allows transfers to a checking account (either direct or by convienence check), there is no problem, just get the money.
2. If not #1 and the card allows transfer to a HELOC then have the money transferred to the HELOC. Granted you might pay interest on the HELOC balance while the BT goes through. I called my HELOC provider and asked them "what happens if there is a balance of 0, and a payment is received?" My thinking was that if I could set up "reverse draft protection" and have it go into one of their high interest accounts it would be the best solution. They said that the payment is just physically sent to me. Now I don't know if the payment would be cashable or what but I see a possible draw back on time lines and getting the money to usable form. I guess that you could transfer large portions of the HELOC then get the BT's to pay it off and owe some money in interest.
3. If the CC will only do a CC balance transfer then transfer the balance to the CC in #1. Now is it possible to then re-issue that money in #1?

Not recommended
1. Any debit card payment for BT's because they get lost or returned
2. Carrying a negitive balance on a CC

Other questions:

1. How long is the BT rate good for from time of opening? Is it only at the exact time of opening or is it like an intro offer?

Not sure about your "other question" - generally BT offers differ, the term is defined by the print, generally a term of months and ending on your statement close date of that month.

I've found that an easy way to BT to cash is to look for offers where you can BT to a LOAN. Because Credit Card companies have no way of knowing the difference between a loan account # and a deposit #. So I balance transfer to a "loan" at my banking instituation, using the specific mailing address that is reserved for deposits by mail.

So credit card company X does a balance transfer, manually mails a check to payoff my loan at Banking Institution B, the check goes to the "deposit by mail" address with my account number, and is credited to my checking account in short order.

Most banks allow for mailed deposits without a deposit slip. The trick is to find a BT offer that will include loan payoffs.

The trick is to find a BT offer that will include loan payoffs.

I just did a BT via Chase to cover a $22,000 HELOC balance. No problem with this loan payoff. I just don't know if Chase would also be willing to do a transfer to my BofA "loan"/checking account, but it's an interesting idea.

xoo,you're correct. The BT adds to your overall utilization but shouldn't grossly affect your FICO unless you exceed 50% of your overall credit available or 80-90% of the CL on an individual card.

xooyoyo said: When you guys do this 0% BT for whatever amount, doesn't this show up as a debt on your credit fico score?
Won't this negatively effect your credit score?

Sure, your credit score will take a hit, as your credit to debt ratio will be affected, BTs are not for people who are looking to purchase a house, take out a loan, etc..

There is a thread somewhere w a definitive list of who will do ACH's and who won't. I've been looking for it for literally weeks and can't find it. If anyone knows the thread I'm referring to, can you please post a link here? TIA.

I've been looking for that thread myself as I'm hopefully going to do a couple of large BTs within the next few weeks (vaguely remember seeing the title on one of my first peeks at FWF - before I understood any of this AOR stuff). I've also had no luck finding it though.

I'm not too keen about "laundering" BTs through existing cards and asking for a check to be issued for the credit balance. I also have been unable to get a BT through to my BofA checking account.

I'm most comfortable with the strategy of using my HELOC. I just did a BT to it which was processed in 2 weeks; obviously, the interest that I had to pay on the HELOC balance for those 2 weeks has to be factored into my total return.

On average, how long has it taken others to BT to HELOCS?? I would suspect that BTs to credit cards go a lot faster, but I don't feel comfortable with that option.

mhesidence said: SoulAssassin said: There is a thread somewhere w a definitive list of who will do ACH's and who won't. I've been looking for it for literally weeks and can't find it. If anyone knows the thread I'm referring to, can you please post a link here? TIA.

By ACH you mean BT to checking account?

Credit Card Issuer FAQ

I think the thread I was thinking of was another but that gets the job done...thanks!

SUCKISSTAPLES said: dmlavigne1 said:
Other questions:

1. How long is the BT rate good for from time of opening? Is it only at the exact time of opening or is it like an intro offer?that depends on the particular promo and ou wuld have to ask EACH card issuer, since they all differ...some let you do transfers at the PROMO BT rate for the entire length of the promo (6 months, 12 months, whatever)

Anyone knows about PNC bank? I recently got a new card and it came with 3 BT checks. I would like to funnel about 16k from Discover through this card. My plan is to write 1st check for $8000 and put it in my checking. Then do BT from Discover to this card. Once balance is back to zero, repeat it again. Once I take out 16k from discover, then use the final check to take out 8k at 0% from PNC. I tried to call PNC and got 2 different responses. Ist CSR told me that once I use my first check and then pay off the balance, I cannot use the other checks for 0% BT. Second time I was told that I can use those 3 checks any time during first 30 days without any fees for 0% money.

BUKE said: SUCKISSTAPLES said: dmlavigne1 said:
Other questions:

1. How long is the BT rate good for from time of opening? Is it only at the exact time of opening or is it like an intro offer?that depends on the particular promo and ou wuld have to ask EACH card issuer, since they all differ...some let you do transfers at the PROMO BT rate for the entire length of the promo (6 months, 12 months, whatever)

Anyone knows about PNC bank? I recently got a new card and it came with 3 BT checks. I would like to funnel about 16k from Discover through this card. My plan is to write 1st check for $8000 and put it in my checking. Then do BT from Discover to this card. Once balance is back to zero, repeat it again. Once I take out 16k from discover, then use the final check to take out 8k at 0% from PNC. I tried to call PNC and got 2 different responses. Ist CSR told me that once I use my first check and then pay off the balance, I cannot use the other checks for 0% BT. Second time I was told that I can use those 3 checks any time during first 30 days without any fees for 0% money.
Balance Transfers: 0%(1) for the first 12 billing cycles. Thereafter:
Select Rewards: 12.24% to 23.24% variable

Other Fees
No Balance Transfer fees for the first 12 billing cycles.

(1) Introductory rate period will end early and rate will increase either to the APR for purchases or balance transfers or a Delinquency Rate if a Minimum Payment is not received by the Payment Due Date, your Account exceeds its credit limit, or you close your Account. We apply payments to balances with lower APRs, including introductory APRs, before balances with higher APRs.

I have the PNC Visa also and from my understanding of the terms, the 0% BT rate is valid for 12 months. I understood this to mean unlimited # of BTs for 12 months. I didn't notice any restriction regarding the # of BTs you were allowed or if the BT rate would expire once the BT was paid. Read over the terms again and try calling again. If a CSR states some limitations again, ask to speak to a supervisor and ask where in the terms there is an indication of restrictions.

BTW, they send me 3 BT checks and a checkbook also. Although I'm not sure if the checkbook was for BT use or Cash Advance use. I only did 1 BT on this card, so I didn't need them.

yoyo2 said: Just a warning. I think AMEX might be cracking down on the credit refund checks.It's been reported in multiple threads that BTing to AMEX and requesting refund checks WILL result in adverse action. I'd say that your good history and spending helped you to prevent closure, consider yourself quite lucky.