topic Balance transfer to CSP from BofA questions in Credit Cards

Balance transfer to CSP from BofA questions

Anonymous — Thu, 16 Jan 2020 18:01:15 GMT

Hi All,

I have CSP with payment due on Jan 19'th for around 8.5 K(17.49% APR). I initiated a Balance transfer from BofA on 7'th($0 fee and 0% APR) and in the page it says the processed date will be 21'st. Is there a chance the balance transfer will complete before Jan 19'th. If they stick to the 21'st date, then i will incure the interest charges as the payment will be overdue. I have two ideas in my mind. Just pay the minimum due amount and wait for the balance transfer to complete and eat the interest charges for the 2 days(21 Vs 19). Another is, just make payment to CSP from another bank account before 19'th and allow the BT to flow in on 21'st. In this scenario , what happens. Will Chase cut me a cheque for the amount of 8.5 K that in registered as credit on my card?

Please let me know what will be the better option or if i am missing any other options.

Thanks

Re: Balance transfer to CSP from BofA questions

K-in-Boston — Thu, 16 Jan 2020 19:24:25 GMT

Bank of America is usually very quick about processing balance transfers. I would just check your Chase account the day before payment is due to see if it has posted or not, and if not, make the minimum payment. Worst case, a day or two of interest is not going to add up to that much and it'll certainly be easier to just make a charge to offset that credit if you want than to get refunded for the credit (which yes, they would eventually do).

It's too late in your case, but for others reading that are planning to do a BoA BT, the direct deposit method is usually deposited into your account in 1 or 2 business days and allows you to pull payments from the other banks at a time you decide.

Re: Balance transfer to CSP from BofA questions

Anonymous — Thu, 16 Jan 2020 23:19:42 GMT

Thanks

Re: Balance transfer to CSP from BofA questions

Anonymous — Fri, 17 Jan 2020 00:24:42 GMT

Hey, can you please update us once you have more info on this?