topic Re: Balance Transfer to card or to checking account? in Credit Cards

Balance Transfer to card or to checking account?

McNugget — Sat, 18 Jan 2020 16:46:41 GMT

I'm going to be doing a promotional balance transfer to move around some credit card debt. Does it look better if I transfer card-to-card or card-to-checking and then pay off the debts through my checking?

Re: Balance Transfer to card or to checking account?

Kforce — Sat, 18 Jan 2020 16:53:48 GMT

@McNugget wrote:
I'm going to be doing a promotional balance transfer to move around some credit card debt. Does it look better if I transfer card-to-card or card-to-checking and then pay off the debts through my checking?

I don't believe it would make any difference.

The issuer knows you are doing a promotional balance transfer.

The credit bureaus only see your card utilization.

Re: Balance Transfer to card or to checking account?

M_Smart007 — Sat, 18 Jan 2020 16:54:47 GMT

I do not think it matters, having said that .. If I had the option, I would choose bank account. JMO

Re: Balance Transfer to card or to checking account?

Anonymous — Sat, 18 Jan 2020 17:17:35 GMT

I opt for bank when given the option. Find it gets to you and then you can post the payment a lot quicker than if they were to mess with it themselves. Especially if it ends up being a check to the other insitution opposed to electronic.

Re: Balance Transfer to card or to checking account?

Anonymous — Sat, 18 Jan 2020 17:40:41 GMT

As for Discover Card, I found they did not seem to have a preference and I have done many BT type transactions over the years!

Re: Balance Transfer to card or to checking account?

McNugget — Sat, 18 Jan 2020 18:16:25 GMT

Thank you all! I was looking for the "faster" payment so I can get this done, so I'll probably just send it to my checking account then.

Thanks!

Re: Balance Transfer to card or to checking account?

Anonymous — Sat, 18 Jan 2020 19:38:23 GMT

In my experience I prefer the account deposit option as it seems quicker. It can take up to a total of 30 days to post by doing the actual BT from card to card, but most have completed right around two weeks. Which can cause a waiting game, and strategizing payments so that you don't get hit with any lates.

Re: Balance Transfer to card or to checking account?

Shooting-For-800 — Sun, 19 Jan 2020 00:58:38 GMT

I prefer writing myself a check.

I have never done a direct balance transfer.

Have not had any issues with Cap One, PenFed, FNBO, or Wells Fargo.

Re: Balance Transfer to card or to checking account?

Anonymous — Sun, 19 Jan 2020 01:08:32 GMT

I can't add anything here lol. Everything that was posted, yeah, all good.