My $10,000 mysteriously showed up in my HSBC account finally today. Did the tranfer middle of last month, Chase posted the transaction fee on the 15th, and the funds appeared either today or late last night. No call, but I did email Chase the day before (received a generic "wait 15 to 21 business days" response).

MusicLuv said:New BofA Credit Card with $16500 CL, 0% no transaction fee: BT $15,000 to checking account... Get new Chase Card (will have over $30,000 CL) and BT $15,000 to pay off BofA card above....Then do a 2nd BT from the BofA Card mentioned above to Checking acct. So end up with $30,000, in BT money....Then repeat BT from Chase card....
Results: $45,000 BT money
2 BT from BofA, no fees
2 BT from Chase, $150 fees
Thoughts?
Good plan. I too am using BOA in my AOR to "sweep" funds in and out. If there are other sources of 0 BT fee CC's which have debt, pay those too (ie Wells Fargo account with 15,000 balance). If doing BT from 2 or more cards, ask Chase to waive one(+) fee.

I did a "very-mini" (6 cards) AOR about 10 days ago - just to see how it works, what I could get, etc.

I did a BT from a new Advanta card I applied for to my personal debit card at Wachovia. I just got a phone call from a guy at Wachovia telling me they had received a check from Advanta for $10,000 made out to Wachovia with my debit card number on it and what did I want them to do with it? I asked if he would deposit it into my checking account and he said, "Sure, no problem." I then asked if it would be a problem to do that again and he said he couldn't see why it would be.

MusicLuv said:Will this work?

New BofA Credit Card with $16500 CL, 0% no transaction fee: BT $15,000 to checking account

Get new Chase Card (will have over $30,000 CL) and BT $15,000 to pay off BofA card above.

Then do a 2nd BT from the BofA Card mentioned above to Checking acct. So end up with $30,000, in BT money.

Then repeat BT from Chase card.

Results: $45,000 BT money
2 BT from BofA, no fees
2 BT from Chase, $150 fees

Thoughts?

I have heard that doing BTs totalling more than the total CL within one cycle could be a problem. I have no details, but I stuck to splitting the BT over multiple cycles without a problem (total BT ~250K)

Well for the USAA members here who have a USAA MC, I'd recommend doing a cash advance with them, then BT the funds to the MC card, this way you don't end up with a negative balance and possibly get your account locked.

The catch is that you will start paying interest (for me (.0825/12)) right away, and you have to call in to do a CA for more than 5k. However, you should be able to do a CA for anything up to your USAA CL, which in my experience will be pretty generous.

On the post concerning working around an issuer that doesn't BT to your own checking, am I clear on the idea: My BoA is great for BTs, you can just call them up and get it sent straight to your account and it appears the next day, but AMEX totally sucks for getting the BT money out... So, make your first BT on your BoA card to your checking, then pay off that BoA card with an AMEX, then tap the BoA for another BT - net result is that you owe BoA and AMEX, but you got AMEX's line into your checking without having to write a check to a friend or family member.

Assuming that's right, precisely what is the limitation - BoA doesn't like being paid off from the first BT and then being used for another BT within the same billing period? So leave your AMEX as dead money for a cycle? Should you pay off the BoA before or after your first statement after the original BoA BT? (Pro to before: one more billing period with low reported utilization. But I'm more concerned with what annoys BoA than with the one month of lower util.)

[Edit: I just called and talked to a BoA CSR and they said that as long as I kept making payments that I was free to pay off my BoA BT and then make another BT right back again with the same card. Anyone with any experience onB this? The question actually has importance for two reasons: First, it means a large CL BoA card is a great vehicle for transfering funds off of cards from stickier issuers, right? So, BT from BoA, pay it off with AMEX, then BT again on BoA, as mentioned above. The second aspect of the question is about the ease of doing what I gather is called a rolling BT, in which you BT for 89% of the card, then pay it off before the statement date [so you have no reported credit out on that card, and thus a lower individual and overall utilization], and then BT right back again after the statement date. Any help on either or both questions is greatly appreciated.]

I used my existing citi card and no fee offer to BT to my saving the day after my AOR. after it go paid off by one of my other BT's I did another. That will now be paid off as soon as another BT hit the citi account. the BT's from citi have been pretty fast. only 3-4 days. the BT's from other issuers to citi has been a bit slower and cost me a bit of interest, as the existing offer was not 0%, but less than $10 total.

I am not sure how many more times I cn do this without freaking out Citi.

zzyzzx said:BT to CC, overpaying it into a credit balance. Best card: Citi, which has a simple online request form and generally allows the BT amount to exceed the CL. This "negative balance" method is extremely YMMV for other issuers (and even for Citibank).

Where is this online request form? Do I have to have a credit to see it or something? How large is large? How large is modest?
"Manage my account" --> "Maintenance Requests" --> "Credit Balance Refund"

Pangloss1980 said:My BoA is great for BTs, you can just call them up and get it sent straight to your account and it appears the next day
In general*, $0 BT fees are either hard to find or come with restrictions (first 30 days, etc.). That's why the "use and pay off in the same cycle" is much less common now vs. several years ago (at least judging by Dave Hanson's old posts).

* yes, they are still available for AORs, though often with restrictions.

I'll add Wells Fargo to the list that doesn't seem to understand a BT to a debit card... what a pain in my ass, and a month of $17k earning interest lost to the whole mess.