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

I seem to remember seeing something related to this before, but several searches did not turn up anything useful. Please let me know if this is a repost and I will scrap this thread...

I recently combined CLs of my BankOne card to my Chase card for total CL of $60K in order to take advantage of 0% BT offer available on the Chase card. Chase in the past did BTs directly into checking account (past transactions were as high as $25K transfers) over the phone with no issues. Turns out, however, that transfer to checking is no longer an option. Online, they can only transfer to another CC (and seems like only to another CC as CC# is the only thing that they ask).

I then called and requested checks for the offer (CSR offered it). When checks arrived, there was no mentioning of 0% offer in accompanying letter. I called Chase and after about 10 minute discussion and research on their part they admitted that the checks are for standard APR on the account, and after another 10 minute research that they cannot issue checks for any offer they have available other than standard rate.

So far, no ACH option and no check option.

I've seen couple of threads (can't find in the search either) regarding doing BT to another card for negative balance, and then requesting a check. Aside from the fact that it'll likely take some two weeks to accomplish (and current promotion is until Feb 1st), there were a considerable amount of testimonials citing issues with this method. Prevailing one was MBNA rejecting transfers as well as taking adverse action on accounts. According to my conversation with AMEX rep, if there is a negative balance on the account, I can call and request a check without any problems. I'm wary of doing this since (a) it was just yet-another-csr-that-may-not-know-what-he-is-talking-about, and (b) my CL with AMEX is around 17K, and doing a $45K BT to this account means doing a transfer about 3 times over the CL.

My question is, can anyone think of a creative way to make this BT happen in a relatively safe manner? Can anyone attest AMEX CSR's claims that they don't care how much negative the balance is, and that they'll accept BT over principle, and, more importantly, significantly over CL.

And in terms of long-term usefulness of this thread (if there is another thread actively covering it, please kindly post a link to it. My searches came up with nothing.):
In what seems to be an ever-increasing cases of CC putting up obstacles preventing easily taking advantage of 0%BT, what ways have you come up with to get the cash from BT into your savings accounts? Any testimonials on successful 0%BT to CC transfers (over the CL?) (post from and two cards, size of BT, to CL, and how long ago) ?

Most checking accounts have a check card.

Atleast in my case, my check card is a visa check card. I give the visa check card no for BT. THe money goes into the checking account

Lonchik said: Turns out, however, that transfer to checking is no longer an option. Online, they can only transfer to another CC (and seems like only to another CC as CC# is the only thing that they ask).That squares with my recent experience too. Thanks for posting yours...
According to my conversation with AMEX rep, if there is a negative balance on the account, I can call and request a check without any problems. I'm wary of doing thisYour instincts are good--please DO NOT do this. AMEX is ruthless with their account review procedures, and this is simply asking for such a problem.

The best way to accomplish this might be to "launder" the BT through another CC account that will give you no-fee transfer checks. (There might be a std interest rate charged, but you'll pay trivial interest if you cash the checks one day and do a BT to the card within the next couple days.) You might need to do this with more than one card if the CLs are not high enough. A good rule of thumb is, never "launder" more than your total credit line though a credit card account during any given billing cycle.

screen said: Most checking accounts have a check card.

Atleast in my case, my check card is a visa check card. I give the visa check card no for BT. THe money goes into the checking account

Someone (in that ever-forgotten offline world) suggested this actually. I do not have check card on my checking account due to its inferiority to a CC. (wanted to cite FWF thread on ChkCrd vs CC - I know I've seen one, but can't find it again. I need to get PhD in FW search engine.)

I just may have to do this, however, just for the sole purpose of doing the BT's...

miserly said: ... ING put a hold for a week (direct transfer from checking!).

Since ING, presumably, is the final destination for your BT, and assuming ING hasn't changed its policy, the hold is a non-issue. You begin to accrue interest the day after the transfer, and the hold only limits you to withdrawal. Interest wise you should be fine...

I tried this from my wife's BoA CC to my Citibank MC debit/check card via the BoA web site. The best I can tell, they ended up sending a check and it was never received or processed at Citibank for some unknown reason. After almost a month, I had BoA cancel the check and at least they did that quickly. This might be a useful subject for an updating thread. It would be nice to know people's experiences doing BT's to debit/check cards.

screen said: Most checking accounts have a check card.

Atleast in my case, my check card is a visa check card. I give the visa check card no for BT. THe money goes into the checking account

DaveHanson said:
The best way to accomplish this might be to "launder" the BT through another CC account that will give you no-fee transfer checks. (There might be a std interest rate charged, but you'll pay trivial interest if you cash the checks one day and do a BT to the card within the next couple days.) You might need to do this with more than one card if the CLs are not high enough. A good rule of thumb is, never "launder" more than your total credit line though a credit card account during any given billing cycle.

This is an option, but a rather expensive one actually (at least in my case). I was planning to do about $45K BT (to keep it below 80% of CL). The next highest CC I have is MBNA with $27K line (and I believe MBNA is a no-no when it comes to incoming BT's that are significantly larger than current balance (which in my case is $0)), AMEX with $17K, and a few other cards with lower CLs. So this essentially means at a minimum of 3 BT fees of $65, which would significantly cut into the return on the endeavour.

$45000 * 3.5% / 3 (only 4 month for offer remaining) - $65 fee = $460

Splitting transfer to 3 cards puts an additional $130 toll on the deal, reducing it by 28% down to $330 (better than nothing, but .... ), while increasing risk by tripling the recoup period.

This can, however, work fairly well on a no-fee BT. I'll definitely keep it in mind if Chase ever offers no-fee 0%BT.

Comment to the person who had BofA transfer to their citi debit card. Mine took about 1 month and a half to deposit into my account for some reason, plus it wasnt deposited into my checking but was into my savings for some reason, and they actually sent a check to citibank from how it showed up on my statement at citibank.

another good idea, is when you are doing it online, it will have an option for "Other" where then you put the payee address, i would try putting like the name of your checking account bank such as "Citibank" and for the account number put your savings account number, then look up the address on citibank for bank by mail deposits, and that should work.

I second the suggestion to ask them if you can transfer directly to your HELOC. Even though the online form only lets you enter a credit card #, chances are they will accept any loan account, just not a checking/savings account. Since your final destination is your HELOC anyway, this could save you some float time.

I also do not recommend laundering the funds through other cards. It's both a time consuming hassle and will raise red flags with the receiving card issuers. see my App-O-Rama thread for details of the problems I had.

thanks geo and dh for the responses. and sorry to loncik for hijaking the thread. push comes to shove, they can close my starwood card.
i can leave home without it

has anyone tried to bt directly to a heloc?

I have a CC and checking account with my credit union. I make a BT to the card(several times much larger than the CL) and then request for transferring the amount to my checking account, takes less than a minute over the phone. I use the money as needed or move it to Ing account. Good luck!!

Citibank dividend is offering 0% for 12 months with no BT fee and they will do it to checking too. I have four of their cards and three are offering me this offer online when I check offers under my account. I also remember when Chase did this but as long as someone is. The trend of $75 BT fee and some no max is not a good thing...

I tried to do a BT from Chase to my BoNY HELOC. India said it could not be done. America said sure, no problem, but when she tried to enter the account number the system was not allowing it. She recommended calling BoNY and asking them how to best do a transfer, but that didn't make sense to me. I think I'll call again and ask to speak to a manager. It's a small enough amount ($12K) that I can transfer it to another BT that is coming due.

By the way, the rep told me that this is a 0% BT for life with no minimum purchase requirements. This seems too good to be true. I think I got the card from a response to an ad in the sunday paper, but I'm not sure. Too many applications to remember.

EugeneV said: Archived thread
That one is good reading. Among other creative ideas, veryhungry reported good success paying his corporation:
as I said, I own a corporation, "HBCC Inc."

I have had BT's made payable to that corporation, and sent to my business address.

Never had a problem, done it several times.. for high amounts.

Economist said: What tax consequences would occurif you pay your corporation?The right answer is that the corporation is just acting as your agent. Under the circumstances, that would not be very hard to prove in the end. But it might look suspicious to an auditor that the corporation received a payment and passed it on to its shareholder without treating it as income.

Economist said: What tax consequences would occur if you pay your corporation?
(I'm not an expert but...) if your company is a sole proprietorship I think there would be no tax consequences.

samko said: A sole-proprietorship is different from a corporation.
Right, but if the CC company will write a check to "HBCC Inc", why wouldn't they write a check to the name of your sole prop (ie "XYZ Financial")? Just be sure file the DBA paperwork for your sole proprietorship so your bank will cash the check that comes into your account, and you should be ok.

bump

On my last BT from Citi, instead of having them send me the check, I entered in my Emigrant account number and address info and they sent it to them directly. Took three days from the time I requested the BT to it showing up in the Emigrant account.

I must say it was much easier and faster to do it this way that first requesting the check, waiting for it to arrive, depositing it into my checking account, and then transfering it to Emigrant.

i've managed to BT from my BofA card direct to ING. just gave my ING account number and mailing address and it showed up in about a week.

the chase cards do present a dilemma tho if they wont allow anything but a CC number. can always try getting accounts at all the local banks with debit cards so you can try BT to the debit card number and see which ones work.

TyroneSchulace said: cclyde said: Yes. AMEX is very anti-overpay. They look at it as money laundering somehow.Wasn't 9-11 was financed with credit balances on AM3X?
That's just asking for FR.

are you serious? wow. trying to look it up:

Credit Cards and Terrorism: How terrorists use cards for everyday needs and to fund operations: gives a hypothetical EU-to-US example which could possibly be 9/11'ish; then gives a real example in Columbus, Ohio involving a Somali.

Did credit cards fund -- or foil -- latest terror plot? : no idea, story only talks about a possible anniversary hit. maybe.

Stolen US Credit Cards Fund Terrorist Attacks: somebody's blog. Lists 4 examples, but not 9/11. Oh well.