Anybody have any experience using Balance Transfer to checking account with Discover and Barclays?

[Anonymous]

So I didnt even know such a thing was possible, but the other day I got an email offer from Barclays for 0% apr balance transfers, but the thing that caught my eye was the part which said:

You may also be eligible to
transfer funds from your available credit directly into your checking account.¹ Click on the TRANSFER NOW button or visit www.BarclaycardUS.com for eligibility and details.

Does this mean I could transfer like for example $5000 out of a $10000 credit limit directly to my bank account as physical money to withdraw without incuring cash advance fees?

[DoroLucky]

Make sure you search and READ this forum before accepting a Barclay's BT offer.

And transferring funds from your CC to a checking account sounds like cash advance not a BT. I'm thinking it's a much quicker option for a CA but I'm sure I could be wrong. 

[Anonymous]

It's possible.  Be sure to check out the footnote indicated there, and read the T&C on the specific balance transfer promo you are using to be sure it won't incur cash advance fees.

I've only ever done it with other lenders, not Barclay's, so no idea how they handle it.  In the past Discover has allowed it and just charged me the balance transfer fee, then I used the money in my checking account to pay off a handful of other creditors' bills.  No idea if this ecen still works with them, without cash advance treatment, since i no longer have a Discover account.

[DoroLucky]

---

@Anonymous wrote:

It's possible.  Be sure to check out the footnote indicated there, and read the T&C on the specific balance transfer promo you are using to be sure it won't incur cash advance fees.

I've only ever done it with other lenders, not Barclay's, so no idea how they handle it.  In the past Discover has allowed it and just charged me the balance transfer fee, then I used the money in my checking account to pay off a handful of other creditors' bills.  No idea if this ecen still works with them, without cash advance treatment, since i no longer have a Discover account.

---

Oh wow, didn't know this was possible. Thanks!

[Anonymous]

---

@Anonymous wrote:

So I didnt even know such a thing was possible, but the other day I got an email offer from Barclays for 0% apr balance transfers, but the thing that caught my eye was the part which said:

You may also be eligible to
transfer funds from your available credit directly into your checking account.¹ Click on the TRANSFER NOW button or visit www.BarclaycardUS.com for eligibility and details.

Does this mean I could transfer like for example $5000 out of a $10000 credit limit directly to my bank account as physical money to withdraw without incuring cash advance fees?

---

I received that offer and used it. Transferred 600.00 to my checking account. No charge. No fee. At the time my limit was 2k.(Just rechecked. The fee was $12.00) I am always conscious of the 30% of CL and try never to go over that in any account. I am paying it back on July 1st, but I actually had six months to pay it back, interest free.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

So I didnt even know such a thing was possible, but the other day I got an email offer from Barclays for 0% apr balance transfers, but the thing that caught my eye was the part which said:

You may also be eligible to
transfer funds from your available credit directly into your checking account.¹ Click on the TRANSFER NOW button or visit www.BarclaycardUS.com for eligibility and details.

Does this mean I could transfer like for example $5000 out of a $10000 credit limit directly to my bank account as physical money to withdraw without incuring cash advance fees?

---

I received that offer and used it. Transferred 600.00 to my checking account. No charge. No fee. At the time my limit was 2k.(Just rechecked. The fee was $12.00) I am always conscious of the 30% of CL and try never to go over that in any account. I am paying it back on July 1st, but I actually had six months to pay it back, interest free.

---

Just checked it out, the offer I would choose would be for 8 months 0% apr transfer fee and 1% transaction fee, not too shabby.

0% Annual percentage rate

• 0% Promotional APR until 02/01/17, after that 19.24%
• 1% Balance Transfer Fee ($5.00 minimum / no maximum)
• Transaction must post to your account by 07/01/16

[RonM21]

---

@DoroLucky wrote:

Make sure you search and READ this forum before accepting a Barclay's BT offer.

And transferring funds from your CC to a checking account sounds like cash advance not a BT. I'm thinking it's a much quicker option for a CA but I'm sure I could be wrong. 

---

+1

I could not.agree more. I used a BT with Barclay a couple years back and paid off in about 6 months, only for them to slash my credit limit in half immediately after for no reason.

[Bman70]

---

@RM21 wrote:

---

@DoroLucky wrote:

Make sure you search and READ this forum before accepting a Barclay's BT offer.

And transferring funds from your CC to a checking account sounds like cash advance not a BT. I'm thinking it's a much quicker option for a CA but I'm sure I could be wrong. 

---

+1

I could not.agree more. I used a BT with Barclay a couple years back and paid off in about 6 months, only for them to slash my credit limit in half immediately after for no reason.

---

Also keep in mind many here have had excellent Barclay BT experiences. I've carried BTs around 20% of CL for the two years I've had my Barclay card. Others have used the checks frequently without problems. Since your credit file will probably be scanned by computer or human if you use the BT offer, it's best if you can have your reports free of any derogs, excessive inquiries, or lots of new accounts. 

[Anonymous]

DH and I have each done both BT's from Discover and from Barclay. Many on the forum have had bad luck doing so with Barclay. I've done it on my Arrival + and DH on his SM. Both of which we've received auto CLI's while carrying the balances. I think we both did a deposit into our account, one may have paid a lender, but I don't think so. 

With Discover, the 'money into your own account' thing is relatively new, I think. We recently paid DH's Discover to zero and almost immediately started getting emails as well as the checks in the mail encouraging us to do a BT. I carried a series of BT's on my Discover from 2013-2015, paid it in full, then called and got 0% on purchases for a year in the middle of a double cash back promotion with also coincided with an Apple Pay promotion. So we're carrying a balance there currently, but not a BT. And still at 0%. 

For a couple thick files, we've had smooth sailing with both. But we know we probably are more comfortable with risk than many.