I have never done this but what I want to do is transfer my higher interest Chase Amazon balance onto my NFCU Visa that has a much lower APR. Navy Federal sent me convenience checks when I opened the account. As far as I can tell there is no balance transfer fee. Which is better.Convenience check or the transfer online? Are there any advantages or disadvantages to either? Will Chase frown on me doing that?
100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
@youngandcreditwrthy wrote:
Make sure the apr for the checks is the same...
I've done this before... If you have Chase checking, just write yourself a comvenience check and deposit it into your checking, then pay Chase...asssuming the above, that's like a day or two to deposit and pay it off..
Also, Chase won't frown on you... They want you to pay them :-) lol duh! Hahaha jk:-P
I don't have a Chase checking account. You would think I would considering they have branches at every corner in the Chicao area. I can't just sign the check to them? It says 10.65% for Balance Transfers, Convenience Checks and Cash Advances made prior to cash rate increase. Cash advance is 12.65%. If I did write myself the check, wouldn't that be a cash advance? I am so confused..lol
@Elcid89 wrote:Just initiate the transfers online on the NFCU website. NFCU will pay them via ACH to your other lenders. No checks getting lost in the mail or added processing time.
Balance transfers onto my NFCU card have always been at the same rate as purchases when initiated through their website.
You are correct that balance transfers at NFCU are no-fee. NFCU doesn't charge you anything for transferring a balance onto one of their cards.
Oh okay. The form on Navy's website asks for the payment mailing address so I assumed NFCU just mailed them the payment. See, I don't know how this stuff works!!
@Elcid89 wrote:
@calihlove75 wrote:
@Elcid89 wrote:Just initiate the transfers online on the NFCU website. NFCU will pay them via ACH to your other lenders. No checks getting lost in the mail or added processing time.
Balance transfers onto my NFCU card have always been at the same rate as purchases when initiated through their website.
You are correct that balance transfers at NFCU are no-fee. NFCU doesn't charge you anything for transferring a balance onto one of their cards.
Oh okay. The form on Navy's website asks for the payment mailing address so I assumed NFCU just mailed them the payment. See, I don't know how this stuff works!!
NFCU (or any other lender) maintains a database of other lenders payment addresses so they can match the payment address up to the correct ACH recipient.
When you initiate the transfer request, it will hit your available credit at NFCU immediately as a pending charge. It usually takes 3 to 5 working days to show up at the other lender & post at NFCU. When it does, it'll show up there (at the other lender) as an electronic payment (just like if you initiated a payment from your checking account on the other credit card's website).
Thank you so much for your help.
@calihlove75 wrote:
@Elcid89 wrote:
@calihlove75 wrote:
@Elcid89 wrote:Just initiate the transfers online on the NFCU website. NFCU will pay them via ACH to your other lenders. No checks getting lost in the mail or added processing time.
Balance transfers onto my NFCU card have always been at the same rate as purchases when initiated through their website.
You are correct that balance transfers at NFCU are no-fee. NFCU doesn't charge you anything for transferring a balance onto one of their cards.
Oh okay. The form on Navy's website asks for the payment mailing address so I assumed NFCU just mailed them the payment. See, I don't know how this stuff works!!
NFCU (or any other lender) maintains a database of other lenders payment addresses so they can match the payment address up to the correct ACH recipient.
When you initiate the transfer request, it will hit your available credit at NFCU immediately as a pending charge. It usually takes 3 to 5 working days to show up at the other lender & post at NFCU. When it does, it'll show up there (at the other lender) as an electronic payment (just like if you initiated a payment from your checking account on the other credit card's website).
Thank you so much for your help.
Anytime 
@youngandcreditwrthy wrote:
I don't have experience w NFCU... I just fig'd you had a Chase account!! Lol
I love Chase!!:-)
Best of luck!
Don't get me wrong I love Chase too. I love the Freedom card to pieces, but I sort of question what I was thinking when I applied for the Amazon Visa. They said I could transfer my line to the freedom but I don't want to lose the history since it is my second oldest major credit card. I am hoping at my year mark I can PC it into a Freedom Mastercard since I refuse to use my Cap One Mastercard anymore.