good thread. i'm curious if anyone doing an AOR balance transfered all of their new cards that wouldn't BT to checking, mail BT checks, etc, would do a BT to a citi card and got a huge credit balance refund check.
Squeezer99 said: good thread. i'm curious if anyone doing an AOR balance transfered all of their new cards that wouldn't BT to checking, mail BT checks, etc, would do a BT to a citi card and got a huge credit balance refund check.
chessycatlane said: i know i am gonna get a ton of red on this, but i really dont know anything on any of this stuff and am trying to learn but reading through all of this just makes these finance threads more confusing. i just know the basics about charge cards, cds, bank accounts and checking accounts and am trying to learn but it looks like i need to take a few college finance courses to understand this foreign language you are talking.
anyways would anyone be kind enough to tell me why you would want to overpay your charge account?
Most credit card issuers will not directly give you money as part of a balance transfer - you must transfer it to another account. Citibank will send you a check for excess balance on your credit card. So you can request a balance transfer to your Citi account, get a refund check, and then invest that money and earn interest.
jdopple
Senior Member - 1K
posted: Jul. 30, 2007 @ 1:12a
Speaking of bt's, has anyone had a problem doing a bt from an AMEX card to another AMEX card issued by a different bank (AMEX logo). The AMEX side BT screen does list AMEX as a valid card type, but I was running into a problem getting it to take.
jdopple
Senior Member - 1K
posted: Jul. 30, 2007 @ 1:25a
Squeezer99 said: citi now has a BT to bank account on their cards. you should be able to BT to citi and have a negative balance, and then BT to your checking account to bring your BT back to a positive number. don't even have to deal with the checks that way
Not quite sure I get that. Are you saying they will send a negative balance to any checking account as opposed to mailing a check? If theres no 'no fee' bt option on your citi card, then a standard bt of the 'credit' would be costing you $
Dayum.... reading the new AOR's... lots including the citi overpay as strategy...
Might have to bump my AOR up a couple days, befor everyone Kills it!
Ted2002
Thrifty Member
posted: Aug. 7, 2007 @ 10:13p
jdopple said: Speaking of bt's, has anyone had a problem doing a bt from an AMEX card to another AMEX card issued by a different bank (AMEX logo). The AMEX side BT screen does list AMEX as a valid card type, but I was running into a problem getting it to take.
I couldn't transfer to my Citi AMEX card; entering the number on the AMEX site gave me an error. I will try a transfer from AMEX to a Citi MC. Anyone know roughly how long a transfer takes from AMEX to Citi? One of my no-fee BT offers with Citi is expiring soon, so my transfer from AMEX must be done quickly to enable a BT from Citi to get the funds out.
I have the old Dividend and a newer MTVU, both left with $2K CL after reallocation. Amounts of about $2K overpaid to the Dividend seem OK, but this month it was the second time when an amount of about $3K overpaid to the MTVU triggered a week of wait, for reasons of verifying/clearing the funds, said the secured messaging.
Undecided yet if it's just because of a certain overpaid/CL ratio that triggers this, or it's because MTVU is supposed to be a student card, watched more carefully by the issuer.
Merez
Member
posted: Aug. 7, 2007 @ 11:37p
Well, I have two:
May 2006 $12k bt to a $2k card. It took about 3 weeks to get a check after requesting it online, part of which was due to suspected fraud. I had to call in a few times to get the fraud notice resolved.
August 2007 $20k bt to a $7.5k card. I requested this about a week ago and just got a notice yesturday saying that they will be sending the refund check out. No fraud junk nor telephone calls needed so all in all, it was pretty painless. Granted, this go around I had total lines of over $45k with citi, whereas I previously had only the one $2k card.
Citi Professional with a $4K line that was being used for restaurant and misc. purchases.
Payments from Discover: $15970 7/6/07 $8030 7/7/07
Response to online refund check request on 7/7: "We are currently conducting a review of your account and will contact you with the results of our investigation as soon as it is completed. We appreciate your patience while we work to resolve this matter for you. You should receive a response on your refund within 30 days."
$22,177 "CREDIT REFUND AS REQUESTED" 7/30 Check received on 8/6.
In the OP Technologist said: Another thing that I MAY try is AFTER I get the BT funds into my citi CC account as overpayment; rather then request a check for the overpayment, I may ask Citi to do a BT to either one of my savings/checking accounts, or (since I already have the hard inqs from AOR) open a citi savings/checking, then move the money myself... A CitiGold rep told me that I would be charged a cash advance fee if I moved money from a Citicard with a credit balance to my linked checking account. I probably should have called a couple more times to confirm, but I (out of character) took her word for it and requested the credit balance refund.
taewlee
Broke Member
posted: Aug. 14, 2007 @ 1:50a
wouldn't it be faster if you BT to your checking account debit card? i read somewhere sending payments to your checking debit card will fund your checking account. this will not only save time but gas as well.
rufruf44
Senior Member
posted: Aug. 14, 2007 @ 6:28a
taewlee said: wouldn't it be faster if you BT to your checking account debit card? i read somewhere sending payments to your checking debit card will fund your checking account. this will not only save time but gas as well.
There's no guarantee that it'll work. It has worked with HSBC in the past, but now various problem has creep up. Citi seemed pretty consistent with issuing refund on credits.
MaddHatter
Senior Member
posted: Aug. 14, 2007 @ 3:30p
It's been mentioned in passing, but how about some data points re: requesting BTs on cards with credit balances vs. refunds?
ie. I have an AT&T Universal card with 0% for 12mos on BT, $0 balance, $13.2CL. If I send 10k to the card, what would happen if I then requested a 21k BT? If the answer is: negate your credit balance, take your balance to 11k, and you'll get your check as normal then I'd be exercising this several times with different Citi cards to launder AOR funds.
wait a bit for citi bt's before you ask for a refund. or they'll hold it up for a while.
markkundinger
Senior Member - 2K
posted: Aug. 21, 2007 @ 1:02a
Okay, I received both of my overpayment checks.
#1 - Business card, CL $8.7k.
On 7/25, received $33k balance transfer. On 7/26, requested refund (got email about requiring verfication time) On 8/6, refund approved and mailed.
#2 - Personal card, CL $1k
On 7/27, received 2 BTs totally $11.5k On 7/30 or 7/31, requested refund (got email about requiring verfication time) On 8/1, refund approved and mailed.
yeah its kinda funny because i've paid off 10K balances before they don't hold that and my credit lines combined are over 100K with citi so their bank hold policy is really lame. If someone were to send a fake (fraud) check in it would take a while before it came back especially if the person was so loaded they wouldn't notice 10K missing from their account lol.
I get the same shebang when i go to the bank. So i walk over to the manager and say no hold please. They type in some override code and boom next day available. I mean with check-21 at its current speed the money is there next day but any sort of fraud could come back months later and be deducted. Paypal Stylee
faztcobra
Addicted Member
posted: Aug. 21, 2007 @ 7:32a
MikeR397 said: Technologist, do you have a HELOC? If so, you should be able to get a 16 digit credit card that links to it. In this case, you can send all the $ you want to the HELOC and withdraw it with your checks with no delays and no fees . This appears to be the best way to be able to ask for big BT's on applications in hopes of a higher CL.Nice. Is there a thread that you know of related specifically to this strategy or to where it is at least talked about a little more in depth?
Edit - did a more extensive search and found some info.
JustStingy
Member
posted: Aug. 24, 2007 @ 4:02a
I have a Citi card that I haven't used for over a year. Its CL is $13,000. Will there be a problem if I do a BT of $5,000 to that card from a different credit card?
Good thread! I transferred $28K CL from my personal citi to biz citi with my biz AOR 3 weeks ago. That left $2K on my citi personal card. I then performed roughly $80K in BT to this citi personal. I've gotten one check back and am awaiting the remainder in a second check. No problems so far.
Summary: $80K BT on a $2K CL citi personal card
MaddHatter
Senior Member
posted: Aug. 24, 2007 @ 12:40p
I BTd $13000 to Citi Diamond AMEX with $5500 balance, $11000 CL. Requested credit refund 8/17. Received e-mail 8/23 saying I had a message, said message was dated 8/20 when I logged in. Said check was on the way. This may be pure coincidence, but this card had a couple more months of 0% BTs on it, and I think displayed as such online a few weeks ago. But when I went to verify the BT had posted I only had 6.9% for 6 month offer (which is why I didn't try the route of BTing off).
abracadabra11
Ancient Member
posted: Aug. 24, 2007 @ 6:40p
Venturion said: Good thread! I transferred $28K CL from my personal citi to biz citi with my biz AOR 3 weeks ago. That left $2K on my citi personal card. I then performed roughly $80K in BT to this citi personal. I've gotten one check back and am awaiting the remainder in a second check. No problems so far.
Summary: $80K BT on a $2K CL citi personal card Wow. Hell of an overpayment.
pdpyromaster said: Oh, also, I had 80k of BT going into my citi card, so I opened up a Citibank account with a 40k PURCHASE from my citi DPR card. Then I just let the 80k of bt's hitSmart.
g10ny said: I have the old Dividend and a newer MTVU, both left with $2K CL after reallocation. Amounts of about $2K overpaid to the Dividend seem OK, but this month it was the second time when an amount of about $3K overpaid to the MTVU triggered a week of wait, for reasons of verifying/clearing the funds, said the secured messaging.
Undecided yet if it's just because of a certain overpaid/CL ratio that triggers this, or it's because MTVU is supposed to be a student card, watched more carefully by the issuer. Another data point: a $3.5K refund on the Dividend card was granted the next day. So it definitely is a problem related to the MTVU card.
No troubles .... except for (yawn)... time it took to get checks. I used 3 distinct Citi cards ina a recent app spree. y results of credit balance refunds from Citi follows. The first section is specific to timing. The second section relates to card descriptions:
I know someone has mentioned this in an AOR thread but I don't seem to find it now. So here is my question. Let's say you have a credit balance of $10K on a Citi CC (w/ 5k CL) which offers no fee BT but 6.99% APR. In this scenario, because the CC has no fee on BT, would it make sense to request BT via the direct deposit to bank account option instead of requesting the credit refund check which often takes 7 to 10 business days to get the check? Although the APR is NOT 0% in this case, you shouldn't incur any finance charge for the BT since you have a negative balance, correct? I guess the "catch" is that because you are only allowed to BT up to the CL limit (which is 5k in this example), you will have to perform the BT 2 times to get the $10K credit refund - wait for the 1st 5k BT to clear, then perform the 2nd 5k BT.
Lastly, I assume the 'BT to bank account' option works for your bank account.
Does this option make sense to you folks? Any comments?
I noticed that you can order convenience checks ahead of time through a link in citicards.com. You can use them to write youself a nice little check for youself instead of requesting a balance refund, which can take days to receive, once a BT to your citi cc has been posted.
I wonder if citi will still charge a 3% cash advance fee or not.
Has anyone attempted this or willing to give it a try? I'd do it myself if my citicards weren't tied up with creditprotector and current BT's.
UPDATE: Finally finished my Biz A-O-R. I got 3 refund checks from a Citi personal card with $2K in CL. The cheks were $35K, $54K, and $19K respectively. The last one is from M&T bank which sent a check....ughh. Does this qualify for an award?
In response to questions below - the BTs were done from various biz cards (see my Business A-O-R thread for the cards) and all done within 3 weeks. I think the first refund was requested in a different billing cycle than the second two, but they were all within 2 weeks from the first to the last. I did not wait for one to clear before initiating the next one. In fact, I submitted four refund requests. The second one was "overwritten" by the third larger refund request. As soon as I got more funds into the account, I would request another refund. I never got a call from Citi or any e-mail message other than those informing me of the request fulfillment. Let's hope it stays that way!
Lastly - I didn't do a CITi Biz to Personal BT. For the Citi Biz card, I reallocated line from the personal card and then got a BT check that I deposited in my bank account.
Corndogg
Senior Member
posted: Sep. 12, 2007 @ 2:13p
Venturion said: UPDATE: Finally finished my Biz A-O-R. I got 3 refund checks from a Citi personal card with $2K in CL. The cheks were $35K, $54K, and $19K respectively. The last one is from M&T bank which sent a check....ughh. Does this qualify for an award?
Great numbers there Venturion. Am I understanding you correctly that you BT'd from Business to Citi Personal? Also important to know, were these done over three billing cycles, or just when the funds cleared from the refund check before sending the next balance transfer to the card? I think you may just get the award, you have my vote!
Good topic Technologist. I was wondering if it was risky to get a refund check over credit limit myself. I have done several under the CL with no problems.
faztcobra
Addicted Member
posted: Sep. 18, 2007 @ 5:17p
pdpyromaster said: Instead of requesting a refund check, since you have a balance you can just go ah3ead and request a BT check with no fee (it doesn't matter what the interest rate is) and then eveerthing is handled on the website.You mention no fee. If I have a 3% fee and no cap on the fee, will I get charged a fee to get my overpayment back? Or only if I dip into my existing credit line? I'm about to request a $19,750 credit refund/or BT...and I think the BT check would be better, but I'm not about to pay the fee. Guess I should truly call cust svc to be 100% sure. I just don't want to talk to Mukhopadhyay, I meant Jeff.
NM, I saw Roman's post at the top of this page and it looks like a rep told him there'd be a fee anyway. Guess I'll call and see what kind of answer I get.
faztcobra said: NM, I saw Roman's post at the top of this page and it looks like a rep told him there'd be a fee anyway. Guess I'll call and see what kind of answer I get.Please post a followup with what you find. It would be very useful to transfer credit balances directly to MMA.
faztcobra
Addicted Member
posted: Sep. 28, 2007 @ 8:13a
In ref to my post 2 posts up...I ended up chosing the credit balance refund method. Submitted on 9/20. Got an email the next day saying they needed to verify my recent large payment. Got another email today saying to check the status of my request - which was approved. $19750 refund of overpayment on a $3600 CL.
djscal
Senior Member
posted: Sep. 29, 2007 @ 3:22p
I overpaid my Citi Dividend card by $30k and now Citi is doing an investigation of my account. They have been holding the money for 4 weeks now and will not release the funds until their "investigation" is complete.
Be careful of overfunding your Citi account too much.
Any other circumstances, djscal? Yours seems to be the first overpayment resulting in problems.
djscal said: I overpaid my Citi Dividend card by $30k and now Citi is doing an investigation of my account. They have been holding the money for 4 weeks now and will not release the funds until their "investigation" is complete.
Be careful of overfunding your Citi account too much.
yeah well i guess reverse BT's are one way of WASHING money. anyone could deposit an ACH from anywhere in the world and you could pull it out.
Anyways i think the KEY is to let the check deposit and not ask for it the same week . That seems to piss citi off.
Or they have a fixed day amount that i don't know but i've left money in for 2 weeks, spent a few charges and had no problems asking for credit refund ($15K+), but the time i did a ($14.8K) credit refund 2 days after the credit posted to a $0 account they did hold it for about 2 weeks
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