topic Re: Chase slate balance transfer to discover checking in Credit Cards

Chase slate balance transfer to discover checking

Michael982 — Sun, 05 Jul 2015 02:41:13 GMT

I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

Re: Chase slate balance transfer to discover checking

Michael982 — Sun, 05 Jul 2015 02:52:25 GMT

Or if those aren't an option can I get a negative balance refund on my Amex blue cash card or any other ones in my sig?

Re: Chase slate balance transfer to discover checking

UncleB — Sun, 05 Jul 2015 02:53:50 GMT

@Michael982 wrote:
I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

I know you can't just BT directly to a checking account; in order to get the preferential treatment as a "balance transfer" the credit card (in your case, Chase Slate) needs to believe they are sending money to another card, not a DDA account.

As for the credit balance 'trick', that would be strictly up to Discover and how they would handle that. I know I've read where at least one person tried what you're describing with Wells Fargo, and had problems because he transferred such a large amount it was over the 'threshold' for the bank's automation and required manual intervention - which raised money laundering flags - and Wells ended up just returning the payment to the card that sent it. Since it is quite irregular for banks to receive payments thousands of dollars over the balance due, it does make sense that they are not used to seeing it often.

If it were me, I would only try what you've described as a purely 'academic' exercise to see how smoothly it would work, and I would certainly not try it if I was actually depending on getting the money in a timely manner. Since you would be preventing Chase from charging a fee that they are, technically, entitled to, I would not expect them to come to the rescue if the funds are delayed somewhere inbetween the banks. Further, I would expect this to work better with a more modest dollar amount, if at all.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:00:14 GMT

@UncleB wrote:
@Michael982 wrote:
I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.
I know you can't just BT directly to a checking account; in order to get the preferential treatment as a "balance transfer" the credit card (in your case, Chase Slate) needs to believe they are sending money to another card, not a DDA account.

As for the credit balance 'trick', that would be strictly up to Discover and how they would handle that. I know I've read where at least one person tried what you're describing with Wells Fargo, and had problems because he transferred such a large amount it was over the 'threshold' for the bank's automation and required manual intervention - which raised money laundering flags - and Wells ended up just returning the payment to the card that sent it. Since it is quite irregular for banks to receive payments thousands of dollars over the balance due, it does make sense that they are not used to seeing it often.

If it were me, I would only try what you've described as a purely 'academic' exercise to see how smoothly it would work, and I would certainly not try it if I was actually depending on getting the money in a timely manner. Since you would be preventing Chase from charging a fee that they are, technically, entitled to, I would not expect them to come to the rescue if the funds are delayed somewhere inbetween the banks. Further, I would expect this to work better with a more modest dollar amount, if at all.

One small correction. You can balance transfer directly to checking accounts with BT checks. Of cours e they get their BT fee that way. I can't see sny bank taking $7K to create a negative balance and just turn around and write you a check for $7K. I certainly wouldn't try it with Anerican Express unless you want your account shut down with them.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:17:30 GMT

I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:19:59 GMT

@Anonymous wrote:
I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP. Especially for that amount.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:21:34 GMT

@Anonymous wrote:
@Anonymous wrote:
I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.
It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP. Especially for that amount.

Not to mention that current average interest paid on savings and CD is enough to bring one to tears.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:23:16 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.
It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP. Especially for that amount.
Not to mention that current average interest paid on savings and CD is enough to bring one to tears.

Yup. Very good point

Re: Chase slate balance transfer to discover checking

Michael982 — Sun, 05 Jul 2015 03:27:19 GMT

It was just a thought. I don't need it and my utilization is really low right now. I would try it if some one had a good suggestion, since even if it took 2 months it wouldn't hurt me a bit. I have a line of credit with nfcu but that would bring in fees I'm sure. I'm buying a house next year and thought it would be neat to put it into some type of account and earn some money to go buy appliances and such by the time I'm ready to purchase a house.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:30:36 GMT

@Michael982 wrote:
It was just a thought. I don't need it and my utilization is really low right now. I would try it if some one had a good suggestion, since even if it took 2 months it wouldn't hurt me a bit. I have a line of credit with nfcu but that would bring in fees I'm sure. I'm buying a house next year and thought it would be neat to put it into some type of account and earn some money to go buy appliances and such by the time I'm ready to purchase a house.

As tolumne mentions, because interest rates are so low, it's just not worth doing that. Just keep your balances low on your existing cards and use them to buy the appliances and anything else you need for the house.

Re: Chase slate balance transfer to discover checking

Anonymous — Sun, 05 Jul 2015 03:35:44 GMT

The best possible i've found so far is a 24 month 0% offer from Barclaycard with a 2% fee for a BT guaranteed to process to the bank/CU of your choice. Unless you have a bank/CU that is paying over 2% APY on anything, It would personally be a rather fruitless proposition. You would literally do better by optimising rewards on your current credit cards.

Re: Chase slate balance transfer to discover checking

UncleB — Sun, 05 Jul 2015 03:37:11 GMT

@Anonymous wrote:
@UncleB wrote:
@Michael982 wrote:
I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.
I know you can't just BT directly to a checking account; in order to get the preferential treatment as a "balance transfer" the credit card (in your case, Chase Slate) needs to believe they are sending money to another card, not a DDA account.

As for the credit balance 'trick', that would be strictly up to Discover and how they would handle that. I know I've read where at least one person tried what you're describing with Wells Fargo, and had problems because he transferred such a large amount it was over the 'threshold' for the bank's automation and required manual intervention - which raised money laundering flags - and Wells ended up just returning the payment to the card that sent it. Since it is quite irregular for banks to receive payments thousands of dollars over the balance due, it does make sense that they are not used to seeing it often.

If it were me, I would only try what you've described as a purely 'academic' exercise to see how smoothly it would work, and I would certainly not try it if I was actually depending on getting the money in a timely manner. Since you would be preventing Chase from charging a fee that they are, technically, entitled to, I would not expect them to come to the rescue if the funds are delayed somewhere inbetween the banks. Further, I would expect this to work better with a more modest dollar amount, if at all.
One small correction. You can balance transfer directly to checking accounts with BT checks. Of cours e they get their BT fee that way. I can't see sny bank taking $7K to create a negative balance and just turn around and write you a check for $7K. I certainly wouldn't try it with Anerican Express unless you want your account shut down with them.

I think this is just semantics, but generally when the term "Balance Transfer" is used, it generally means actually transferring a balance from one credit card to another credit card. Using a check you can write yourself is usually referred to as an 'Access Check' (or something similar), and while some banks (USAA) treat access checks the same as as a balance transfer, many (Chase) do not.

I've also seen 'access checks' issued to a cardholder (me) with the recommendation that they be used to perform a 'balance tranfer'; but it was not a requirement. This being said, a 'pure' balance transfer does just that and only that - it goes from a credit card company directly to the lender being paid, and isn't able to be deposited into a deposit account (or at least it can't without some manipulation - thus the OP's inquiry)

Re: Chase slate balance transfer to discover checking

Kostya1992 — Sun, 05 Jul 2015 08:51:02 GMT

I did just this with my Slate. In the blank where you enter CC#, just enter the Discover checking# exactly as it shows on statement. For address, I'd use the one where you would mail a check to pay the discover card. There isn't much to this.

Re: Chase slate balance transfer to discover checking

Michael982 — Sun, 05 Jul 2015 16:14:56 GMT

@Kostya1992 wrote:
I did just this with my Slate. In the blank where you enter CC#, just enter the Discover checking# exactly as it shows on statement. For address, I'd use the one where you would mail a check to pay the discover card. There isn't much to this.

Might be worth a shot to try and see what happens. I have a plan to get me a 7% return on it, and if it works it s probably worth the inquiry. Did they treat your balance transfer as a cash advance? Also will they notify you if it can't be done before treating it as a cash advance??

Re: Chase slate balance transfer to discover checking

steel_string — Sun, 05 Jul 2015 18:41:55 GMT

Whenever Chase sends me bt checks, they actively promote writing a check to myself and depositing it as one of their recommended uses in the letter that comes with the checks.

EDIT: And they specify that the offer is 2% fees, 0% APR for the duration, then the balance transfer APR after that. Nothing in the terms that would allow for it to be a cash advance.

Re: Chase slate balance transfer to discover checking

NRB525 — Sun, 05 Jul 2015 18:58:09 GMT

@steel_string wrote:
Whenever Chase sends me bt checks, they actively promote writing a check to myself and depositing it as one of their recommended uses in the letter that comes with the checks.

EDIT: And they specify that the offer is 2% fees, 0% APR for the duration, then the balance transfer APR after that. Nothing in the terms that would allow for it to be a cash advance.

Yes, extremely important edit, totally different type of transfer when you write yourself a check. Chase goes into "Payday Loan" mode then.

Re: Chase slate balance transfer to discover checking

NRB525 — Sun, 05 Jul 2015 19:01:56 GMT

@Michael982 wrote:
I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

So, to recap, you are thinking about applying for a 0% BT offer card, would then do a cash advance to a checking account, start having to pay this $7k down now, and then use the $7k from "savings" at some point in the uncertain future, after getting into a house, to buy appliances?

I think this is the definition of putting the cart before the horse.

I'd just say, Yeah, Slate, good BT card. I'll get it after the house, after the requirement for appliances is certain, and only if there is not a better offer for cheap funding from Home Depot, Lowes, or the local appliance store, THEN start paying for the appliances.

If you want to get into the house, best to conserve your cashflow now to ensure that happens.

Good luck!

Re: Chase slate balance transfer to discover checking

steel_string — Sun, 05 Jul 2015 19:08:59 GMT

@NRB525 wrote:
@steel_string wrote:
Whenever Chase sends me bt checks, they actively promote writing a check to myself and depositing it as one of their recommended uses in the letter that comes with the checks.

EDIT: And they specify that the offer is 2% fees, 0% APR for the duration, then the balance transfer APR after that. Nothing in the terms that would allow for it to be a cash advance.
Yes, extremely important edit, totally different type of transfer when you write yourself a check. Chase goes into "Payday Loan" mode then.

I think you misread my edit. I'm saying that the terms on the promo offers they send out every month do not treat checks deposited to a bank account any differently from regular balance transfers. If you've used one of these offers and it was treated differently, you should definitely complain to Chase.

Re: Chase slate balance transfer to discover checking

Kostya1992 — Mon, 06 Jul 2015 07:15:53 GMT

It registered as a Balance Transfer. I transffered 7000 of my 10,000CL as soon as I opened the card and the funds were fully available in my checking in about 2 weeks.