topic Re: Is a Balance Transfer possible as a direct deposit to checking account? in Credit Cards

Is a Balance Transfer possible as a direct deposit to checking account?

Anonymous — Sun, 03 Oct 2021 22:44:06 GMT

I have read online about balance transfers also allowing you to do a direct deposit to a checking account, using that money to pay off an existing card that has a balance on it instead of giving them the other creditors info? is the Citi Double Cash one of these cards? is this method faster than the conventional method for balance transfers since it takes 1-3 days for a direct deposit versus up to 21 days for a balance transfers?

Re: Is a Balance Transfer possible as a direct deposit to checking account?

SlideOrInsert — Sun, 03 Oct 2021 23:10:07 GMT

I have used direct deposit with both discover and my citi simplicity. bofa also offers direct deposit, but notice that after the zero/low apr period, the rate is a couple points higher than if you completed a traditional balance transfer.

Re: Is a Balance Transfer possible as a direct deposit to checking account?

SoCalGardener — Mon, 04 Oct 2021 00:02:59 GMT

@SlideOrInsert wrote:
I have used direct deposit with both discover and my citi simplicity. bofa also offers direct deposit, but notice that after the zero/low apr period, the rate is a couple points higher than if you completed a traditional balance transfer.

Just to clarify for the OP: BofA has two different products, one is called a 'balance transfer' and the other is 'direct deposit cash advance.' With balance transfers in general, you can have the money put in your checking account and then pay your other cards off yourself, including BofA's BTs.

Re: Is a Balance Transfer possible as a direct deposit to checking account?

SoCalGardener — Mon, 04 Oct 2021 00:06:48 GMT

@Anonymous wrote:
I have read online about balance transfers also allowing you to do a direct deposit to a checking account, using that money to pay off an existing card that has a balance on it instead of giving them the other creditors info? is the Citi Double Cash one of these cards? is this method faster than the conventional method for balance transfers since it takes 1-3 days for a direct deposit versus up to 21 days for a balance transfers?

Yes, you can have a BT deposited into your checking account, then use the funds to pay your other credit cards yourself. This may or may not be quicker than having the bank pay off your cards, because there's still going to be processing time, but it's probably at least a little quicker.

BofA has a separate product, called a 'direct deposit cash advance' which works somewhat differently, but ultimately results in money in your checking account, too.

And, yes, the Citi DC card definitely works for this.

Re: Is a Balance Transfer possible as a direct deposit to checking account?

Anonymous — Mon, 04 Oct 2021 00:07:08 GMT

@SoCalGardener wrote:
@SlideOrInsert wrote:
I have used direct deposit with both discover and my citi simplicity. bofa also offers direct deposit, but notice that after the zero/low apr period, the rate is a couple points higher than if you completed a traditional balance transfer.

Just to clarify for the OP: BofA has two different products, one is called a 'balance transfer' and the other is 'direct deposit cash advance.' With balance transfers in general, you can have the money put in your checking account and then pay your other cards off yourself, including BofA's BTs.

I can do this with the Citi Double Cash card then? And it will not be processed as a cash advance but still a traditional BT?

Re: Is a Balance Transfer possible as a direct deposit to checking account?

Anonymous — Mon, 04 Oct 2021 00:08:27 GMT

Thank you for clarifying!

Disregard my other reply, I posted it at the same time you posted your reply

Re: Is a Balance Transfer possible as a direct deposit to checking account?

SoCalGardener — Mon, 04 Oct 2021 00:10:50 GMT

@Anonymous wrote:
Thank you for clarifying!

Disregard my other reply, I posted it at the same time you posted your reply

You're welcome! And, yeah, I noticed we must have been typing at the same time.

Re: Is a Balance Transfer possible as a direct deposit to checking account?

Anonymous — Mon, 04 Oct 2021 00:13:39 GMT

Ok good to know cuz I will definitely be going this route on my Balance Transfer...

side question: how does everyone get the icons of all their cards their replies? I kinda wanna do that too😅