topic Re: Are BT's considered income? in Credit Cards

Are BT's considered income?

Jansroom726 — Fri, 12 Aug 2016 01:32:47 GMT

Hi all,

Was wondering if Bank Transfers are considered to be income...?

Thank you.

Re: Are BT's considered income?

AverageJoesCredit — Fri, 12 Aug 2016 01:35:44 GMT

I wouldnt think so, (?)

Re: Are BT's considered income?

kdm31091 — Fri, 12 Aug 2016 01:39:05 GMT

Definitely not. By that logic, all of your available credit would be income.

Re: Are BT's considered income?

Anonymous — Fri, 12 Aug 2016 09:43:30 GMT

BT as in balance transfer or actually bank transfers as in transferring money between banks?

Re: Are BT's considered income?

Jansroom726 — Sat, 13 Aug 2016 02:43:40 GMT

@Anonymous wrote:
BT as in balance transfer or actually bank transfers as in transferring money between banks?

Sorry, I should have clarified. Balance transfer, like the checks you get in the mail from your CC company.

Re: Are BT's considered income?

awp317 — Sat, 13 Aug 2016 03:36:37 GMT

@Jansroom726 wrote:
@Anonymous wrote:
BT as in balance transfer or actually bank transfers as in transferring money between banks?
Sorry, I should have clarified. Balance transfer, like the checks you get in the mail from your CC company.

Its a loan, regardless of the method you receive the funds. Its still a loan. Loan isnt income, as it has to be paid back.

Re: Are BT's considered income?

silkysean — Sat, 13 Aug 2016 03:38:33 GMT

No it's a loan that has to be paid back and Loans are not counted as income in terms of credit cards

Re: Are BT's considered income?

Anonymous — Sat, 13 Aug 2016 03:52:57 GMT

The only time any type of loan can be considered income is if you settle the debt for less than the full amount. The difference is considered income.

Re: Are BT's considered income?

ojefferyo — Sat, 13 Aug 2016 16:49:39 GMT

You can send that check to me and I'll cash it and report as income LOL unless you get to keep that money without ever having to pay back it's not income.

Re: Are BT's considered income?

Anonymous — Sat, 13 Aug 2016 17:43:43 GMT

A balance transfer is a loan. however if you do a balance transfer deposit into your account and then pay someone else they won't see a balance transfer they just see money from your checking account. Is this a simple question or am I reading more into it… like you want a specific creditor to take a huge payment to look better?