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The Debit Card-O-Rama (aka BTing to Debit Cards)

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   posted: Dec. 6, 2006 @ 12:53p
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I am a newbie to anything concerning credit card balance transfers, so I hope this thread might help others... I have read the following threads:

How to get the Balance Transfer money from CC companys that don't transfer to checking accounts

The general idea I got from that thread was to try the following (from summary in thread):

  • Request BT check or ACH to deposit straight into a checking account for access. (Discover/Chase/BoA supposedly allow for this. I can vonly vouch for BoA personally. Chases has a 3 month wait until a person can BT to checking)
  • Another method is BT to an empty HELOC or other "loan" (where it might also be a checking account/savings account and use the "bank by Mail address")
  • BT friendly CCs such as PenFed/Citi/USAA/DCU, then this is one of the easier methods since there's link to request a refund check (Citi)
  • BT to a Debit/Check card. The funds should sweep straight into the checking. (Members have had mixed results in this..)
  • BT to a "company"
  • For AAA credit card holders only (from alpinewhite and confirmed by melech): use card to purchase travellers checks, BT to 0% card, and deposit the travellers checks where needed.
  • Last option: BT to an unused CC and risk "adverse" action (examples in the thread include AMEX


    Also, in the thread, there were references to an archived thread and the credit card Issuer FAQ for more info on which issuers allow for BT checks or ACH directly to checking account. This thread also included mixed success with BT to debit/check card.


    I also need to thank the very patient people who i asked for advice on this stuff.

    That being said, I hope to have a thread that reduces the guessing between the issuer to bank BT.

    I have personal experience with the following (successful):

    Bank of America (BoA):
    BT promo checks
    ACH to checking/savings (if I remember correctly, the lady said it must have B&M locations...but that might be ymmv...Mine took 4 days to show up in my PNC checking account)

    Providian/Washington Mutual (WaMu):
    BT promo checks from statement (these are rare though)


    Right now, I am trying to do a BT from the following issuers:

    (as of 1/19/2007 n/a...waiting for next round... probably after June 2007)

    I don't have a HELOC/BT refund friendly CCs/AAA credit card/"company," so I'm going to try the following first:

  • Request BT check
  • Request BT to a "loan" (I'm aiming for Citibank/UFBDirect for relative easy access)
  • Request BT to the following debit cards (see list below)
  • Last resort: BT to the following unused CCs (Commerce/Providian/Chase)

    Please feel free to reply with your experience in the following format:

  • CC issuer
  • method and if you were successful or not
  • if you used the debit/check card and were successful, please mention the bank/credit union and address of the institution

    Thank you for your patience in reading this.

    •    posted: Dec. 6, 2006 @ 12:53p

    Results so far Date: 1/30/07

    Successful:

    To Checking/ACH


    • BoA
    • Chase/FirstUSA (might depend on the age of your card)
    • Discover (might depend on the CSR -- try until you get a nice one ^_^)
    • HSBC has BT checks (thanks to SuavePurse)
    • FNG of Omaha has BT checks (SuavePurse)



    To Debit Card


    • StarOne CU Visa from AMEX/Citi/Chase (Thanks to RushnRockt)
    • Citibank Debit Mastercard from BoA/Chase (Thanks to propcgamer and yeastbeast respectively)
    • Netbank Visa from FirstUSA (roughly 9 days, needed address)
    • Wells Fargo from Citi/Chase/Discover (Amhenn in this thread)
    • HSBC Debit from AMEX/Citi (Thanks to inthecity from the abovementioned thread...roughly 5 days, no hold)




       posted: Dec. 6, 2006 @ 12:55p
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    BT Check (or an ACH)

    I tried both issuers and both Discover and FirstUSA said no.

    12/27/06 I called Discover again and spoke toa Hodan. She told me the checks will take 7-10 days.
    1/19/07 From this thread 2 people mentioned that they were able to do an ACH from Chase and that it took 5 days (one was an old Chase card, the other one was from a month old and has minor complications)

       posted: Dec. 6, 2006 @ 12:55p
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    BT to Loan

    To be entered (tentative "loans" with addresses will be the following:

    Citibank
    Bank By Mail
    PO Box 19748
    Washington, DC 20036-0748


    UFB Direct
    Deposit Operations
    PO Box 1245
    Indianopolis, IN 46209-8236

       posted: Dec. 6, 2006 @ 12:56p
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    BT to Debit Card List updated 1/30/07

    BoA --
    Please do not BT to the BoA debit card number. Many have reported problems!

    Wachovia --
    People have reported difficulties BTing to Wachovia. If you have had any success, please post and share details! Thanks!

    GMAC --
    People have reported difficulties BTing to GMAC. If you have had any success, please post and share details! Thanks!

    Citibank --
    People have reported mixed results BTing to the Citibank Debit Mastercard. Presently, there are 2 success stories from 2 different issuers (Thanks to propcgamer for BoA; he did not need an address, but it took a while. Thanks also goes to yeastbeast, who has had repeated success with the Chase-->Citi route. It really takes a while)

    Netbank Visa updated 12/16/06
    PO Box 2368, Alpharetta GA 30023-2368
    Attempted 12/7/06. BT from FirstUSA. Apparantly, they need a mailing address and it will be done using a check. Wait time before calling to check status suggested by "Sunila": 3 days. Funds might not appear for 14-21 days.
    Funds showed up in my Netbank checking 12/16/06!

    OBA Visa
    20300 Seneca Meadows Pkwy, Germantown MD 20876

    TD Visa
    TDWS
    PO Box 64732, St. Paul, MN 55164

    American Partners Visa
    11595 N Meridian St. Ste. 250
    Carmel, IN 46032

    SECU Visa
    971 Corporate Blvd, Linticum MD 21090

    United Bank Visa
    Electronic Banking
    PO Box 393, Charleston, WV 25322

    Principal Visa
    PO Box 9351, Des Moines, IA 50306-9467

    Commerce Bank Visa
    Chevy Chase Visa

    More addresses and results will be listed soon.

       posted: Dec. 6, 2006 @ 12:57p
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    Last Resort: BT to Unused CC

    Commerce Visa (3k limit)
    Providian/WaMu (3.5k limit)
    Chase Visa (1.4k limit)

    Results will be entered soon

       posted: Dec. 6, 2006 @ 1:07p
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    I tried BT from Discover to my BofA Visa Check card. It didn't work. I had put BT request on my application and instead of CC number, provided my Visa Gold Check crad number. I am still trying to figure out a way to get that 0% money from Discover

       posted: Dec. 6, 2006 @ 1:26p
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    For BT I use my StarOne Credit Union Visa which is directly linked to my Checking and Savings accounts. That means that the moment I have BT cash on my credit card as positive balance, I can transfer it to checking or savings. And I do mean it is instantaneous. I do not know how many banks/credit unions have a flexibility like that, I think a list of those should be helpful as well. BT to a CC is by far easier (to me at least) and this allows me to skip the whole bringing/sending the check somewhere step. It doesn't hurt that StarOne currently has 5% savings account.

       posted: Dec. 6, 2006 @ 1:46p
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    You should change the title. a Debit Card-O-Rama would be applying for as many debit cards as possible all at the same time in order to skirt rules on the credit or chex system that limit how many new debit cards you may obtain in a given time period.

    This thread, at least I think from what I read, is about how to make BT investments by funneling the source of funds through a debit card or other means.


    I wish people would learn that

    BT Investing does not mean AoR.
    Mini AoR (applying for 2 credit cards) is not a AoR because AoR by definition is apply for many cards at the same time.

       posted: Dec. 6, 2006 @ 2:10p
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    asdf9876 said:You should change the title.

    Exactly. OP you linked the exact thread this info should go into. "How to get the Balance Transfer money from CC companys that don't transfer to checking accounts"


    No need for a separate thread. Put the summary of what you findout with your experiment into the quick summary of that thread.

    Here's a couple more ways to get the BT money:

    1) Get a CC with a no fee cash advance option such as DCU Visa ( think PenFed too?). Take the cash advance and then BT to the credit card. You start paying interest the same day you take the cash advance, but its not much since you'll pay if off quickly.

    2) Use MBNA (now BoA) billpay to pay your bills with credit cards. Limited ammount like this, but it can add up. However (looks left, looks right) some of the payees are brokerage firms. I can billpay directly into my brokerage account and then ACH transfer the money to savings account or whereever.

       posted: Dec. 6, 2006 @ 3:42p
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    mhesidence said:asdf9876 said:You should change the title.

    Exactly. OP you linked the exact thread this info should go into. "How to get the Balance Transfer money from CC companys that don't transfer to checking accounts"

    The first few pages of that thread give the impression that it is about general strategies.

    This thread seems to be much clearer and much better organized for the purpose of compiling a list of specific cards/accounts/etc.

    I agree that the title should be changed, but I also think this info deserves a clear presentation (rather than throwing it into an already messy thread).

       posted: Dec. 6, 2006 @ 3:49p
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    I agree with makeinu.

    I'm not saying the information isn't important. I'm just saying that Debt Card O Rama is going to attract people who think there is a strategy for making money off of signing up for many debit cards.

    Where as people who are looking for a listing/database of what credit card companies and what banks allow BT transfers will never find this thread because it is so weirdly labeled.

       posted: Dec. 6, 2006 @ 3:53p
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    mhesidence said:asdf9876 said:You should change the title.

    1) Get a CC with a no fee cash advance option such as DCU Visa ( think PenFed too?). Take the cash advance and then BT to the credit card. You start paying interest the same day you take the cash advance, but its not much since you'll pay if off quickly.


    Could this also be used in to cash out credit balances? For instance, if I BT from my Discover Card to my Citi Card, and create a balance, can I cash that balance out by taking a cash advance? I realize cash advances limits are often low, but maybe you could use convience checks to cash out the balance instead of requesting a check for balance?

    Edit:
    Or maybe even you could get the cash out in this way. I just received a BOA Money Return Visa. It offers 0% on BT's, cash advance checks with no fee for 6 months. Credit limit is 22k. Could I take a BT of 20k, then BT 10k from my Discover card. Then take another 10k BT from BoA once the credit limit is available. There should be no fees involved with this.

       posted: Dec. 6, 2006 @ 11:24p
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    mhesidence said:1) Get a CC with a no fee cash advance option such as DCU Visa ( think PenFed too?). Take the cash advance and then BT to the credit card. You start paying interest the same day you take the cash advance, but its not much since you'll pay if off quickly.

    problems i see are low cash advance limits (then multiple such no fee cards needed), low withdrawal limits at the atm and transferring to linked checking/savings/investing accounts, other stipulations?

    also look here:

    what happens if you do cash advanve from a credit card with a credit balance?

       posted: Dec. 6, 2006 @ 11:45p
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    FloorsMat said:mhesidence said:asdf9876 said:You should change the title.

    1) Get a CC with a no fee cash advance option such as DCU Visa ( think PenFed too?). Take the cash advance and then BT to the credit card. You start paying interest the same day you take the cash advance, but its not much since you'll pay if off quickly.


    Could this also be used in to cash out credit balances? For instance, if I BT from my Discover Card to my Citi Card, and create a balance, can I cash that balance out by taking a cash advance? I realize cash advances limits are often low, but maybe you could use convience checks to cash out the balance instead of requesting a check for balance?

    Edit:
    Or maybe even you could get the cash out in this way. I just received a BOA Money Return Visa. It offers 0% on BT's, cash advance checks with no fee for 6 months. Credit limit is 22k. Could I take a BT of 20k, then BT 10k from my Discover card. Then take another 10k BT from BoA once the credit limit is available. There should be no fees involved with this.

    yes it should work.

    Anakin

       posted: Dec. 7, 2006 @ 3:49a
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    anakinskywalker said:FloorsMat said:Could this also be used in to cash out credit balances? For instance, if I BT from my Discover Card to my Citi Card, and create a balance, can I cash that balance out by taking a cash advance? I realize cash advances limits are often low, but maybe you could use convience checks to cash out the balance instead of requesting a check for balance?yes it should work.But most likely at a cost -- even though they owe you money, there's a set cost disclosed that applies to ANY cash advance.

    Don't assume anything. You will get burned if you don't ask the question. A credit balance refund is much, much safer.

       posted: Dec. 7, 2006 @ 6:43a
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    I think the easiest way is to find at least one CC with no fee BT checks and run everything through that card. I recently got some no fee 0% BT checks from Citi so I wrote a check for $20k and deposited it. I then BT'd $20k from Discover to Citi to pay off that balance. Then i wrote another BT check from Citi for $20k. You can do this multiple times and get BT money out of any card you want without even needing to have credit balance refunds or cash advance fees or any other complications.

       posted: Dec. 7, 2006 @ 7:56p
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    MBNA would do ACH's direct to your checking account and now that BofA is using their systems there's no need for trickery. Just tell them you want to do a direct deposit to your checking and give them your routing and checking #.

       posted: Jan. 21, 2007 @ 10:31a
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    bump

       posted: Jan. 25, 2007 @ 1:31p
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    Here's what works for me:

    I have a Citi ez-Checking account with a Mastercard-branded debit card. I have a zero fee, 0% APY BT card with Chase. To move cash into my bank account, I transfer from the Chase card to the Citi debit card, then "refill" my Chase credit line by BTing from other, less user-friendly cards.


    yeastbeast

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