We have a Chase Disney Rewards Visa that we've had for a little over a year. The limit was just raised to $9,800 and we currently have a $100 balance that we will be paying off next week.
We received some balance transfer checks from Chase for 0% for 9 billing cycles at a BT rate of 3% ($50 max).
We have a GM card with a $4,800 balance ($5,500 limit) and Military Exchange Card with a $2,500 balance ($7,500 limit) that we want to transfer to this Chase card to take advantage of the 0%.
We are sure we can pay off the entire balace at 0% within the nine cycles but we have never done a BT before and I am afraid something will go wrong in the process such as Chase reducing our line of credit before we can pay everything off.
Does it seem like a wise idea to go ahead and transfer these high balances to Chase? I'm really nervous about doing this but I can send those checks off today if you all make me feel better about it. 
I would move the automatic charge to another card. The credit card company will apply any payment to the lowest interest rate balance first. So the $18/month will sit on the card at whatever interest rate your card has costing you some additional $$. Of course $18/month for 9 months is not going to be a large amount of interest, but why pay it if you do not have to 
Cheers
@ncscgirl2005 wrote:
We received some balance transfer checks from Chase for 0% for 9 billing cycles at a BT rate of 3% ($50 max).
We have a GM card with a $4,800 balance ($5,500 limit) and Military Exchange Card with a $2,500 balance ($7,500 limit) that we want to transfer to this Chase card to take advantage of the 0%.
Does it seem like a wise idea to go ahead and transfer these high balances to Chase? I'm really nervous about doing this but I can send those checks off today if you all make me feel better about it.
You could use a BT check to transfer all of the funds into your checking account. You could pay the other cards off with personal checks. That way you would only have one BT fee capped at $50.
I would first contact Chase and verify that the BT checks can be deposited into checking at the 0% $50 fee capped terms.
Next I would wait until your Chase statement drops and then deposit the check. The balance won't appear on your credit reports until the next statement date. That gives you time for any holds on the check to expire. Pay the other cards off when the Chase check clears.
If you don't care about saving the extra $50 capped fee, just do the BTs directly. I personally would rather my other creditors saw the accounts were being paid in full from my checking account instead of BTs from another card.
@CreditAble wrote:
@ncscgirl2005 wrote:
We received some balance transfer checks from Chase for 0% for 9 billing cycles at a BT rate of 3% ($50 max).
We have a GM card with a $4,800 balance ($5,500 limit) and Military Exchange Card with a $2,500 balance ($7,500 limit) that we want to transfer to this Chase card to take advantage of the 0%.
Does it seem like a wise idea to go ahead and transfer these high balances to Chase? I'm really nervous about doing this but I can send those checks off today if you all make me feel better about it.
You could use a BT check to transfer all of the funds into your checking account. You could pay the other cards off with personal checks. That way you would only have one BT fee capped at $50.
I would first contact Chase and verify that the BT checks can be deposited into checking at the 0% $50 fee capped terms.
Next I would wait until your Chase statement drops and then deposit the check. The balance won't appear on your credit reports until the next statement date. That gives you time for any holds on the check to expire. Pay the other cards off when the Chase check clears.
If you don't care about saving the extra $50 capped fee, just do the BTs directly. I personally would rather my other creditors saw the accounts were being paid in full from my checking account instead of BTs from another card.
Thank you. I had not thought of this even though the letter clearly states that I can use the checks to deposit extra money into my checking account. I think I will go this way because I was also worried about whether or not the other companys (GM and MEC) would cash these checks within the promotional timeframe given by Chase (1/31/09). Thank you for the suggestion.