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I'm trying to further help my father out with his credit card use, so bare with me. He has a $2,500 balance on one Capital One card with 24.99% interest but was recently approved for a Quicksilver which has a 0% APR balance transfer promo until December (still 3% fee). While I know you cannot balance transfer within the same company, my question is this: has anyone done a balance transfer with Capital One into his/her bank account? I want to make sure this is treated as a BT and not a cash advance, but don't want to call Capital One and sound sketchy. Haha. That way he can just move his balance from his high interest card and take advantage of 0% APR and save a good bit of money on interest. Any input would be much appreciated! Thanks guys and gals.
@striehl8212 wrote:I'm trying to further help my father out with his credit card use, so bare with me. He has a $2,500 balance on one Capital One card with 24.99% interest but was recently approved for a Quicksilver which has a 0% APR balance transfer promo until December (still 3% fee). While I know you cannot balance transfer within the same company, my question is this: has anyone done a balance transfer with Capital One into his/her bank account? I want to make sure this is treated as a BT and not a cash advance, but don't want to call Capital One and sound sketchy. Haha. That way he can just move his balance from his high interest card and take advantage of 0% APR and save a good bit of money on interest. Any input would be much appreciated! Thanks guys and gals.
you have to ask, some banks allow BT directly into a bank account and some do not.