topic Re: Help! What's Capital one no hassle check? in Personal Finance

Help! What's Capital one no hassle check?

DotaK — Sat, 18 Nov 2017 12:45:52 GMT

Help! What's Capital one no hassle check? Can I cash the check after I received the capital one no hassle check? Will it be counted as cash advanced? Can I use no hassle check to pay the credit card bill for my younger bro? If anyone has the experience please tell me !Thanks a lot !!

Re: Help! What's Capital one no hassle check?

JSS3 — Sat, 18 Nov 2017 15:05:36 GMT

Pretty sure it's a balance transfer that you can request in check form. If that's the case, then it would not be counted as a cash advance. The rules of your balance transfer will apply along with the applicable fees.

Balance transfer checks can be used to pay for anything. They do not know what you do with them nor do they care. They only want the upfront fees, potential fees from not paying the total amount due in the allotted timeframe, and your on-time monthly payments.

Re: Help! What's Capital one no hassle check?

Shooting-For-800 — Sat, 18 Nov 2017 20:22:26 GMT

Are you talking about a 0% check?

If so, the ones I get (0% for 18 months with 2% fee) are blank checks.

I just write myself a check and deposit it into my checking account.

A day or two later it is cash just like any other deposit.

Yes, I verified it was OK with Cap One before I deposited them.

The checks I get are considered balance transfers and not cash advances.

Make sure you double check with Cap One because there are different types of checks.

Re: Help! What's Capital one no hassle check?

DotaK — Sat, 18 Nov 2017 21:12:12 GMT

What if I use the normal purchase balance transfer as it counts as purchases ? Does it count as cash advanced? Have you ever used this kinda no hassle checks? Please

Re: Help! What's Capital one no hassle check?

JSS3 — Sat, 18 Nov 2017 21:40:21 GMT

If you mean the balance transfer option that says, "APR is same as current.", it's still not treated as a cash advance; assigning the cash advance fees.

It is a balance transfer that cost 0% upfront then your current APR on the balance each month.

Re: Help! What's Capital one no hassle check?

DotaK — Sat, 18 Nov 2017 21:44:44 GMT

So you meant I can use "APR is same as current " this option to send me a no hassle check and then I could deposite it into my bank account (cash the check) and it wont be counted as cash advanced? Ive never done it before. Please tell me all details about the no hassle checks at once.

Re: Help! What's Capital one no hassle check?

Shooting-For-800 — Sun, 19 Nov 2017 00:33:05 GMT

Why don't you ask capital one by using chat feature and print out their answer so you have it as proof?

There are different Cap One checks. Some are blank, some are requested and recieved a week or two later, etc.

Did you get a 0% blank check offer in the mail?

Re: Help! What's Capital one no hassle check?

JSS3 — Sun, 19 Nov 2017 01:28:27 GMT

From within your Capital One account...

1.)Go to More Account Services(the last tab, in the middle, on the right)

2.)Scroll all the way down to the Transfer a Balance(on the left)

3.)View your offers for your account. I have two at this time.

4.) Select an offer and choose how you'd like to transfer the balance.

======================================================

This is NOT considered a cash advance. Cash advances are assigned a cash advance fee. This is considered a balance transfer. Weigh the pros and cons depending on the time you plan to repay, as well as if the fees are worth it(ie if doing a BT saves you money).

Option 1 allows me to pay an upfront 3% fee of the amount I wish to transfer. I won't have to pay any monthly fees(unless I put new charges on the account and I'm not in a 0% APR for purchases period). I would have 12 months of no interest. After that, my standard purchase rate would apply to any remaining balance.

Option 2 allows me to NOT pay an upfront fee but every month pay my current purchase rate(23.99%) on the amount I transferred for an indefinite amount of time. Option 2 makes no sense on the pockets unless I planned to transfer a balance and pay it off the very next month.

Selecting, "Transfer a balance" allows me to send money from my Capital One Card to pay any other credit card that isn't Capital one. It's limited to a, "card to card" transfer and can take a couple of weeks for the receiving bank to get the money.

Selecting, "Send a hassle free check" allows you to receive a check from Capital One to deposit into a checking account and pay anything---(car insurance, another credit card, home repairs, a family member etc.) They do not know(nor care) what you do with the check once it's deposited into your account. A check also gets to you quicker and pays whatever you want to pay faster than card to card transfers.

Re: Help! What's Capital one no hassle check?

DotaK — Sun, 19 Nov 2017 00:55:54 GMT

JSS3 ,

Thank you so much and other perople replied me in such a short time ! I would like to check one last thing , the option 2 , Can I pay for someone's credit cards or car loans and not be counted as cash advanced? Really appreciated all you guys's help. Thank you all!

Re: Help! What's Capital one no hassle check?

JSS3 — Sun, 19 Nov 2017 01:02:12 GMT

Personally, I have never seen any BTs get coded as a cash advance. The only time(s) cash advances are coded as such are when you go to an ATM and withdraw money off of your card or you use your card on certain websites(ie Western Union).

Discover and Walmart both have a cash over feature where you can withdraw money from the register when checking out. Limited to 60-100 per day. And it needs to be paid back within a month.

BTs tell you the fees and time for repayment. I've done many BTs from many companies. Never resulted in it be coded as a cash advance. I look for the associated fees for doing BTs. Comenity has offered 0% fees and 2% fees for balance transfers for a 12 month period. Discover, BofA, and Citi have offered 3% fees on a 0% APR for 12 months or 4.99% for 18 months. Sometimes the fee will be 4% or 5%. Most are 3% though. So you pay attention to the fees and the time given. You also look for verbiage that states if you'll incur interest on new purchases(if you are out of your 0% introductory period on purchases).

Re: Help! What's Capital one no hassle check?

JSS3 — Sun, 19 Nov 2017 01:17:22 GMT

@DotaK wrote:
JSS3 ,
Thank you so much and other perople replied me in such a short time ! I would like to check one last thing , the option 2 , Can I pay for someone's credit cards or car loans and not be counted as cash advanced? Really appreciated all you guys's help. Thank you all!

If you choose, "Send me a hassle free check" you can do whatever you'd like with the money once deposited into your account. So yes, you can pay a car loan or someone else's credit card and it not be counted as a cash advance.

If you choose, "Transfer a balance" you can pay another person's credit card(as they don't ask for the name on the other credit account. Only account number, credit card payment address, and the amount you wish to transfer". However, you cannot pay a car loan when selecting, "Transfer a balance" because it pays credit card(from one bank) to credit card(of another bank). No transferring from one Capital One account to another Capital One account even if that second account is in another persons name. You can only pay credit card to credit card. Also, credit card to Paypal Credit. I've done that too. Also, not counted as a cash advance.

Whether you pay the 3% fee for 12 months or no fee at your current rate, it will not be coded as a cash advance. Nothing here has to do with a cash advance. It's simply about how much you're willing to pay and for what duration. That's what's to be considered.

Re: Help! What's Capital one no hassle check?

JSS3 — Sun, 19 Nov 2017 01:20:54 GMT

Also, Capital One is doing a new thing where they send a text to cellular phone if you're doing a BT. Sometimes you get an error message about it not being able to send to certain numbers. If this happens, jump on chat or call them up to do the BT over the phone.

Re: Help! What's Capital one no hassle check?

DotaK — Sun, 19 Nov 2017 01:38:09 GMT

JSS3 , Thank you very much for explaing all the details about the no hassle checks, really appreciated for your time Now I fully understood how it's gonna work )

Re: Help! What's Capital one no hassle check?

JSS3 — Sun, 19 Nov 2017 15:37:44 GMT

@DotaK wrote:
JSS3 , Thank you very much for explaing all the details about the no hassle checks, really appreciated for your time Now I fully understood how it's gonna work )

Glad to help.

Are you going to pay your siblings loan with the, "Same rate as purchase" BT? If so, do you plan to have it all paid back within a month?