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BOA BT Checks

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bigpoppa09
Established Contributor

Re: BOA BT Checks

As K-IN-B said i get those twice a week also they came yesterday lol.

Message 11 of 13
Anonymous
Not applicable

Re: BOA BT Checks


@Anonymous wrote:

@Anonymous wrote:

Hope im not derailing your thread, but I have a question for you since it sounds like you are familiar with BT's since you get alot of offers. 

 

I am subbed to a subreddit called wallsteetbets where its bassically a bunch of degenerate gamblers making highly risky stock market plays (and is quite entertaining to read) and there was a post not long ago from a guy who claimed he had used a $30,000 0% balance transfer from a credit card, wrote the check to himself, and then made the stock market play with it (it actually ended up paying off, i think he double or trippled it off a single earnings bet). Can someone actually do that? Like i was under the impression you had to actually transfer a balance from another card. Not just write the check to yourself and cash it. 

 

Is he telling the truth? Can you actually take a balance transfer check, make it out to yourself, and essentually have an interest free loan as long as you pay it back before the 0% timeframe is up, and only incure the 3% initial fee?


He's probably telling you the truth.  These BT checks can be written to yourself and deposited into your bank account and you're free to do with just like any money.  However, not something that is advisable as I'm sure you can see how you could run up some substantial debt quickly.  Also not all BT checks have a 3% fee.  Some have 1 or 2% and very rarely you'll see 0% ones


TY!

Message 12 of 13
python0704
New Contributor

Re: BOA BT Checks

I receive those offer regularly but never use one. Alwasy cut off name and account number and throw into recycle.

Message 13 of 13
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