I requested a balance transfer on my Citi AAdvantage this past Monday (13 SEP) and they approved my request. I wanted to take advantage of their 0% APR for a month or so and didn't mind paying the fee while I horde some cash.
I should have used the Convenience Checks they sent to me and that is a lesson learned for me. The Citi CSR told me that it takes anywhere from 7 to 10 days for them to 'pay off' the other creditors via a paper check. I made the assumption that they would pay the other credit cards off electronically via EFT but that is not the case. If I would have deposited one of the Convenience Checks into my checking account, the fee for using the check ($20) would be less than the balance transfer fee of $75. Depositing the check this past Monday would have given me access to the funds on Tuesday and I could have paid my other credit cards electronically on Wednesday. However, now it's going to be another 7 to 10 business days before the 'balance transfer' is actually executed.
It's a lesson learned for me and I won't make the mistake of repeating.
