topic Re: MyDFS Refusing Balance Transfer in Credit Cards

MyDFS Refusing Balance Transfer

YoungMoney06 — Sat, 04 Sep 2021 17:38:03 GMT

Anyone experienced Dell Financial Services refusing a balance transfer? I've got a balance on a promo plan due to expire in December and was told all BT's must take place within 90 days of the order. After that, they cannot proceed with balance transfers.

Find a bit odd, and asked where in the term agreement that's presented but.... silence.

Anyone know if this is usual?

Re: MyDFS Refusing Balance Transfer

FinStar — Sat, 04 Sep 2021 17:40:20 GMT

Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.

Re: MyDFS Refusing Balance Transfer

YoungMoney06 — Sat, 04 Sep 2021 17:47:14 GMT

@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.

I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?

Re: MyDFS Refusing Balance Transfer

SoCalGardener — Sat, 04 Sep 2021 18:28:53 GMT

@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?

I'm kind of confused. If you want to transfer its balance to Cap1 or BofA, don't you initiate the BT at Cap1 or BofA? That's how I've always done BTs. So why would they not accept that?

In general terms, BT funds put into your checking account are NOT considered cash advances and do not incur fees or rates associated with them. But you need to read the terms and conditions of the BT you want to use--it will all be spelled out there, i.e., if depositing the money in your checking account is an option, it will tell you, and it will be a BT not a CA.

Re: MyDFS Refusing Balance Transfer

Remedios — Sat, 04 Sep 2021 18:32:56 GMT

@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?

If you are doing a BT and option to deposit money into checking is available, it's not considered cash advance. You'd be fine doing it that way.

Re: MyDFS Refusing Balance Transfer

Creditplz — Sat, 04 Sep 2021 18:40:58 GMT

Does DFS even let you do BT's?. This is the first I'm hearing of this 👀

I only have the business revolving LOC so I might be lost here

Re: MyDFS Refusing Balance Transfer

YoungMoney06 — Sun, 05 Sep 2021 17:42:28 GMT

@SoCalGardener wrote:
@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?
I'm kind of confused. If you want to transfer its balance to Cap1 or BofA, don't you initiate the BT at Cap1 or BofA? That's how I've always done BTs. So why would they not accept that?

In general terms, BT funds put into your checking account are NOT considered cash advances and do not incur fees or rates associated with them. But you need to read the terms and conditions of the BT you want to use--it will all be spelled out there, i.e., if depositing the money in your checking account is an option, it will tell you, and it will be a BT not a CA.

Sort of confusing to me too... I explained to them that I wanted to transfer the balance on my DPA account to another credit card and kept, repetitively being told, they couldn't do that cause it has to meet three points of criteria for a BT to take place: (1) Item must be tangible (was a physical desktop, check), (2) Must be >$500 (almost everything from Dell is over this limit), (3) Must be within 90 days of purchase (asked to provide where in TOS this was stated and wasn't able to produce any.)

Ultimately, they said to just use my account number when signing in (excluding the first three digits) and give it to my "bank" and they can do the rest.

May have to look into the options of BT to a checking account and paying it off that way. Thanks everyone.

Re: MyDFS Refusing Balance Transfer

SoCalGardener — Sun, 05 Sep 2021 17:55:15 GMT

@YoungMoney06 wrote:
@SoCalGardener wrote:
@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?
I'm kind of confused. If you want to transfer its balance to Cap1 or BofA, don't you initiate the BT at Cap1 or BofA? That's how I've always done BTs. So why would they not accept that?

In general terms, BT funds put into your checking account are NOT considered cash advances and do not incur fees or rates associated with them. But you need to read the terms and conditions of the BT you want to use--it will all be spelled out there, i.e., if depositing the money in your checking account is an option, it will tell you, and it will be a BT not a CA.
Sort of confusing to me too... I explained to them that I wanted to transfer the balance on my DPA account to another credit card and kept, repetitively being told, they couldn't do that cause it has to meet three points of criteria for a BT to take place: (1) Item must be tangible (was a physical desktop, check), (2) Must be >$500 (almost everything from Dell is over this limit), (3) Must be within 90 days of purchase (asked to provide where in TOS this was stated and wasn't able to produce any.)

Ultimately, they said to just use my account number when signing in (excluding the first three digits) and give it to my "bank" and they can do the rest.

May have to look into the options of BT to a checking account and paying it off that way. Thanks everyone.

Okay, keeping in mind that I have no experience with this particular creditor, let me just say that sounds like a pile of...STUFF!!!

Don't ask them anything. Don't tell them anything. Just go to whichever bank you want to use for the BT and initiate it. The only thing that the existing creditor sees is a payment paying off the balance. I've never seen or heard of a creditor REJECTING a payment just because it was a BT from another bank. A payment is a payment is a payment.... At least in my experience.

Re: MyDFS Refusing Balance Transfer

Anonymous — Sun, 05 Sep 2021 20:17:03 GMT

@SoCalGardener wrote:
@YoungMoney06 wrote:
@SoCalGardener wrote:
@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?
I'm kind of confused. If you want to transfer its balance to Cap1 or BofA, don't you initiate the BT at Cap1 or BofA? That's how I've always done BTs. So why would they not accept that?

In general terms, BT funds put into your checking account are NOT considered cash advances and do not incur fees or rates associated with them. But you need to read the terms and conditions of the BT you want to use--it will all be spelled out there, i.e., if depositing the money in your checking account is an option, it will tell you, and it will be a BT not a CA.
Sort of confusing to me too... I explained to them that I wanted to transfer the balance on my DPA account to another credit card and kept, repetitively being told, they couldn't do that cause it has to meet three points of criteria for a BT to take place: (1) Item must be tangible (was a physical desktop, check), (2) Must be >$500 (almost everything from Dell is over this limit), (3) Must be within 90 days of purchase (asked to provide where in TOS this was stated and wasn't able to produce any.)

Ultimately, they said to just use my account number when signing in (excluding the first three digits) and give it to my "bank" and they can do the rest.

May have to look into the options of BT to a checking account and paying it off that way. Thanks everyone.
Okay, keeping in mind that I have no experience with this particular creditor, let me just say that sounds like a pile of...STUFF!!!

Don't ask them anything. Don't tell them anything. Just go to whichever bank you want to use for the BT and initiate it. The only thing that the existing creditor sees is a payment paying off the balance. I've never seen or heard of a creditor REJECTING a payment just because it was a BT from another bank. A payment is a payment is a payment.... At least in my experience.

Right, sounds like the OP misunderstood where to start a BT. You go to the institution you want to have the balance on. They basically cut a check (or equivalent electronic payment), pay your existing creditors and thus incyr a debt with the new institution.

Unless op really wanted to transfer some new debt TO DFS

Re: MyDFS Refusing Balance Transfer

ChargedUp — Sun, 05 Sep 2021 21:22:43 GMT

@Remedios wrote:
@YoungMoney06 wrote:
@FinStar wrote:
Where are you planning on transferring the balance to? Which card? If it's a card where BT funds can be depostied onto your checking account, then you can simply cut them a check and PIF.
I was thinking of transferring it to either my CapOne card, or my Bank of America card. Only thing is if I have BT funds moved into a checking account, would that be considered a "cash advance" fee?
If you are doing a BT and option to deposit money into checking is available, it's not considered cash advance. You'd be fine doing it that way.

BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.

Re: MyDFS Refusing Balance Transfer

Anonymous — Sun, 05 Sep 2021 21:30:41 GMT

@ChargedUp wrote:
BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.

Yes, it is a little surprising that it isn't usually like this, as long as lenders distinguish between cash advance and BT. If I end with a check I can deposit in my own bank account, it is hard to see why this isn't a cash advance! But most of the time, as stated by others, it works just fine.

Re: MyDFS Refusing Balance Transfer

ChargedUp — Sun, 05 Sep 2021 21:36:40 GMT

@Anonymous wrote:
@ChargedUp wrote:
BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.
Yes, it is a little surprising that it isn't usually like this, as long as lenders distinguish between cash advance and BT. If I end with a check I can deposit in my own bank account, it is hard to see why this isn't a cash advance! But most of the time, as stated by others, it works just fine.

CSR stated I could literally write it to anything or anyone but myself or my wife. I asked if I could write it to my ex wife and she said "absolutley!". Then I stated she could just write me a check in return so what's the point?... She didn't really have an answer except that it's just how the offer was set up. In not trying to press my luck, I just let them pay the creditors through their system and all worked out fine.

Re: MyDFS Refusing Balance Transfer

SoCalGardener — Sun, 05 Sep 2021 22:46:51 GMT

@ChargedUp wrote:
@Remedios wrote:
If you are doing a BT and option to deposit money into checking is available, it's not considered cash advance. You'd be fine doing it that way.
BoA is YMMV when it comes to this. I had a BT offer which I used a few years ago where it stated in the fine print that if I wrote the check to myself it would be considered a cash advance and the fee's would rack up accordingly. This was the route I was originally going to take as I wanted to consolidate quite a number of cards, so I called and the BoA CSR confirmed what the small print said. The CSR also stated that this isn't always the case, but with my particular offer, it was. I had to sit on the phone reading card numbers off for 30 minutes to complete what I wanted to do and then everything was fine.

I've been with BofA for 30 years, and I've never seen this myself. I'm glad I told the OP to read all the terms and conditions of the BT offer they were interested in, just to make sure!

Re: MyDFS Refusing Balance Transfer

OmarGB9 — Sun, 05 Sep 2021 23:57:04 GMT

The way this thread is presented, it definitely does seem like OP is trying to BT TO DFS. But after reading through, it seems that there is some confusion as to how BTs work.

OP, as has already been mentioned, you need not ask/notify DFS of your intentions to BT their balance AWAY from them. You simply go to the bank/CU you wish to BT the balance over to and start the process. That bank/CU will handle the rest.

As @SoCalGardener mentioned, DFS won't know it's a BT; they'll just see a payment (either physical check or electronic payment), and I don't see why they wouldn't accept a payment.