Reply
New Visitor
mnyjk000
Posts: 1
Registered: ‎05-05-2009
0

How to use a balance transfer check

Hello. I got a BT check from Chase, and I would to use that to transfer balance from my Bank of America card. It seems like I have three options.

 

1. Deposit the check to my checking account and pay BoA card through the checking. My bank (WaMu, now Chase) will place a hold on it for 5 business days. 

2. Ask Chase to do BT by phone. I was told that this will take 8-10 days to complete. 

3. Send the BT check to BoA as a payment. 

 

I'm thinking that option #3 would be the quickest way, so I think I'll do that, but I'm not sure if BoA will also place a hold on the check and not credit my account for a few days after they receive the payment. Has anybody done a BT this way? Is there any reason I shouldn't do this? I'll appreciate any advice. Thank you. 

Valued Contributor
bunnyrabbit
Posts: 1,413
Registered: ‎01-20-2008
0

Re: How to use a balance transfer check

mnyjk000,

 

Did you know there is always BT Fee will apply to the amount? 

Please read the small prints on the letter.

The BT Fee is minimum of $_____  or 3% of the amount.

 

Pay attention to the DATE that you have to pay off.

Pay attention to the APR.  If it is special BT offer, it may be lower than current APR.  Then your payments will goes to the balance with lower APR first until PIF.  Mean while, you will collect interests on the balance with higher APR.

 

Remember, there is always trick.  Just be careful!!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+