topic Re: From Credit Card to Bank Account, cheapest way in Credit Cards

From Credit Card to Bank Account, cheapest way

JBjunior — Sun, 17 Jan 2016 20:43:18 GMT

First off, I have no credit card debt (or debt at all for that matter) but I want to take advantage of 0% interest from AMEX for 15 months for something and then pay it off. If I wanted to ultimately end up with the balance on the AMEX, as either a balance transfer (0%) or a purchase charge (0%), what is the cheapest way as far as fees to get it done? I can do convenience checks from another card that has a max fee of $200, then do the balance transfer. I know there are online services that will do it for 2.9% or so. Are there any options that I am missing?

I want to get the amount from the AMEX to my bank account to then write one check for something that I am purchasing. The "cash advance" from AMEX is 25% or something and doesn't fall under the 0% rate.

Edit: On second look, there would be a 3% balance transfer charge which would negate the savings on that aspect....

Re: From Credit Card to Bank Account, cheapest way

Anonymous — Sun, 17 Jan 2016 20:48:26 GMT

@JBjunior wrote:
First off, I have no credit card debt (or debt at all for that matter) but I want to take advantage of 0% interest from AMEX for 15 months for something and then pay it off. If I wanted to ultimately end up with the balance on the AMEX, as either a balance transfer (0%) or a purchase charge (0%), what is the cheapest way as far as fees to get it done? I can do convenience checks from another card that has a max fee of $200, then do the balance transfer. I know there are online services that will do it for 2.9% or so. Are there any options that I am missing?

I want to get the amount from the AMEX to my bank account to then write one check for something that I am purchasing. The "cash advance" from AMEX is 25% or something and doesn't fall under the 0% rate.

Edit: On second look, there would be a 3% balance transfer charge which would negate the savings on that aspect....

A lot of people on this forum recommend just taking the cash advance.

Also by the 2.9%, I am assuming you mean through paypal. Watch out with purchasing on paypal from amex. They flag you or something like that (I may be wrong)

Re: From Credit Card to Bank Account, cheapest way

JBjunior — Sun, 17 Jan 2016 21:08:49 GMT

There are a few services that offer the 3% rate, not just Paypal.

Also, the cash advance isn't an option, as stated. It would go from 0% for 15 months to 25% interest instantly, with a cash advance.

Re: From Credit Card to Bank Account, cheapest way

takeshi74 — Sun, 17 Jan 2016 21:14:22 GMT

You're not going to avoid a BT fee or cash advance fee and the CA APR. You should probably reconsider if you need to use this approach. Be aware that cash advances can be a red flag to creditors.

Re: From Credit Card to Bank Account, cheapest way

JBjunior — Sun, 17 Jan 2016 21:28:27 GMT

Thank you for the response, to the first person as well. I don't "need" to do anything, just exploring options. If I put a balance on another card and then transferred it over, how would I be hit with cash advance fees/APR?

Re: From Credit Card to Bank Account, cheapest way

Anonymous — Sun, 17 Jan 2016 23:36:33 GMT

If you have a balance on another card with another creditor, then doing a BT to Amex won't incur CA fee and APR. I assume that you have a 0% APR 3% fee BT promo? Though, as you state, you still have 0% APR promo on Amex, so you might as well just run some large purchases through it.

Re: From Credit Card to Bank Account, cheapest way

NRB525 — Mon, 18 Jan 2016 01:04:47 GMT

@JBjunior wrote:
First off, I have no credit card debt (or debt at all for that matter) but I want to take advantage of 0% interest from AMEX for 15 months for something and then pay it off. If I wanted to ultimately end up with the balance on the AMEX, as either a balance transfer (0%) or a purchase charge (0%), what is the cheapest way as far as fees to get it done? I can do convenience checks from another card that has a max fee of $200, then do the balance transfer. I know there are online services that will do it for 2.9% or so. Are there any options that I am missing?

I want to get the amount from the AMEX to my bank account to then write one check for something that I am purchasing. The "cash advance" from AMEX is 25% or something and doesn't fall under the 0% rate.

Edit: On second look, there would be a 3% balance transfer charge which would negate the savings on that aspect....

You list "or a purchase charge at 0%."

If the item you are wanting to finance on the AMEX can be paid for with the AMEX, use that. Simple. No fees to you.

The other method to consider is to charge it on another card, not the AMEX, and pay that other card off in two or three months using your monthly expenses budget for gas, groceries and dining.

You then use the AMEX directly for these regular expenses, and use lower payments on the AMEX to let that balance grow, at the 0% APR, since your cash is being redirected to pay the card with the large purchase. I call this a "Balance Transfer In Place."

Re: From Credit Card to Bank Account, cheapest way

JBjunior — Mon, 18 Jan 2016 02:04:54 GMT

Very good points. That is what I think I will do, shift all of my "bills" to the AMEX....

Re: From Credit Card to Bank Account, cheapest way

Anonymous — Mon, 18 Jan 2016 03:45:01 GMT

@JBjunior wrote:
First off, I have no credit card debt (or debt at all for that matter) but I want to take advantage of 0% interest from AMEX for 15 months for something and then pay it off. If I wanted to ultimately end up with the balance on the AMEX, as either a balance transfer (0%) or a purchase charge (0%), what is the cheapest way as far as fees to get it done? I can do convenience checks from another card that has a max fee of $200, then do the balance transfer. I know there are online services that will do it for 2.9% or so. Are there any options that I am missing?

I want to get the amount from the AMEX to my bank account to then write one check for something that I am purchasing. The "cash advance" from AMEX is 25% or something and doesn't fall under the 0% rate.

Edit: On second look, there would be a 3% balance transfer charge which would negate the savings on that aspect....

Go to costco and buy a $5,000 TV. charge to your Amex.

Then return it a week later, and say that your card was stolen in the meantime so refund on that card is not an option. They'll give you a check.

Hey, you said cheapest, not most ethical

Re: From Credit Card to Bank Account, cheapest way

core — Mon, 18 Jan 2016 04:04:07 GMT

@Anonymous wrote:
Go to costco and buy a $5,000 TV. charge to your Amex.

Then return it a week later, and say that your card was stolen in the meantime so refund on that card is not an option. They'll give you a check.

Hey, you said cheapest, not most ethical

I didn't know Costco even sold any $5k TVs?

If we're going to go there, it's far cheaper (and arguably more ethical) to buy ice cream at the grocery store if the OP's Amex card is a BCE/BCP.