topic Re: Chase has a maximum BT amount/30 days in Credit Cards

Chase has a maximum BT amount/30 days

NoMoreE46 — Fri, 08 Mar 2024 16:57:13 GMT

I got an offer to do a BT on my

Prime Card.

The interesting tidbit I found out with the offer is that Chase sets a maximum BT amount. The amount is $15,000 per 30 days.

When looking at my specifics, I was wondering how Chase had set mine to the $15,000.

Re: Chase has a maximum BT amount/30 days

pizzadude — Fri, 08 Mar 2024 20:34:34 GMT

Guessing it's just another line of defense against fraud, especially considering they'll allow you to "balance transfer" directly to a checking account.

Re: Chase has a maximum BT amount/30 days

GZG — Fri, 08 Mar 2024 20:41:12 GMT

at least it's a 4% fee and not a 5% fee

Re: Chase has a maximum BT amount/30 days

Snnax — Sat, 09 Mar 2024 02:12:32 GMT

What does it mean to transfer a balance to a checking account?

Re: Chase has a maximum BT amount/30 days

NoMoreE46 — Sat, 09 Mar 2024 03:32:36 GMT

Welcome to myFICO @Snnax .

Some issuers will provide the traditional option of paying another credit card issuer. Some issuers may also offer to send the funds directly to one's bank account. This more flexible option allows the recipient to use the funds for any purpose be it to pay off another credit or whatever.

@Snnax wrote:
What does it mean to transfer a balance to a checking account?

Re: Chase has a maximum BT amount/30 days

Kforce — Sat, 09 Mar 2024 03:41:10 GMT

You can borrow money from your credit card with out paying down another card directly.

Which many issuers require.

They let you borrow and have the money deposited into a checking or savings account.

Then you can do what you want with the money, pay off several small debts, or put into

a CD or high yield savings, etc.

When BT fee's are low some borrow money to put in a CD or savings.

With 4% fee + 1.99% APR, cost would be more than most high earning CD'd or Savings.

@NoMoreE46 was to fast

Re: Chase has a maximum BT amount/30 days

Anonymous — Sat, 09 Mar 2024 21:54:05 GMT

@NoMoreE46 wrote:
Welcome to myFICO @Snnax .

Some issuers will provide the traditional option of paying another credit card issuer. Some issuers may also offer to send the funds directly to one's bank account. This more flexible option allows the recipient to use the funds for any purpose be it to pay off another credit or whatever.

@Snnax wrote:
What does it mean to transfer a balance to a checking account?

And though it is against terms, in actual fact you could use it to pay down another card at the same bank

Re: Chase has a maximum BT amount/30 days

markbeiser — Sun, 10 Mar 2024 05:30:20 GMT

That is double what AmEx allows on the Cash Magnet and BCE cards.