topic Yeah, I'm not sure I'm going to try it. I think I'll just... in Credit Cards

Barclays Balance Transfer Checks

CreditJim — Tue, 22 Jan 2013 14:58:28 GMT

I just received a second or third lot of balance transfer checks from Barclays, I have the Apple financing visa. I have a small balance on my Barclaycard, $600, at the standard APR. It's my only card with a balance and keeps my UTL at about 5%. Could I write myself a check for $600, pay off the $600 owed on the card and so have the same balance at the 3.99% special APR? Or is this kind of thing frowned upon by banks (especially Barclays)?

Re: Barclays Balance Transfer Checks

Anonymous — Tue, 22 Jan 2013 15:18:51 GMT

You could but just ask them before you do cause they might charge you the regular % rate

If you were to write it to someone alse they would charge you the 3.9% Also you have to watch the balance transfer transaction fee wich could be around 3% of the total amount of the check

Good luck

Re: Barclays Balance Transfer Checks

CreditJim — Tue, 22 Jan 2013 15:25:10 GMT

Part of the blurb does say "For a limited time, use your special low 3.99% promotional APR to: Write a check to yourself" so it seems like it would be OK. In all honesty I think I'll probably just PIF so that the balance is zero as I'm planning to buy something on Amazon that would entitle me to 0% financing for 6 months and keep my overall UTL at about the same. I just wondered if it was possible in theory.

Re: Barclays Balance Transfer Checks

youngandcreditwrthy — Wed, 23 Jan 2013 03:37:47 GMT

I actually have done this a few times.... And I wonder how they feel about it... I keep a higher bal on my Travelocity Amex of like $5-7k. I only use it for bal xfers, but I usually pay the balance in full a few days before the low apr expires, and write myself another check....
Essentially refinancing my credit card debt... Of course, in my case... I have to have that much cash to accomplish such a task anyway LOL... It seems almost game-like lol ... My normal apr is 24.99%!! Eeekkk

Good luck :-)

Yeah, I'm not sure I'm going to try it. I think I'll just...

CreditJim — Wed, 23 Jan 2013 04:12:21 GMT

Yeah, I'm not sure I'm going to try it. I think I'll just PIF like I usually do. We all know how tempermental Barclays can be, I don't want to provoke them. On a similar note, I just had a bit of an app spree at the end of last year, car refinance/new auto loan and a couple of store cards. I was wondering if Barclays would be watching, even though I've had the card almost a year now and received the 6 month CLI. I'm assuming that because they sent me these balance transfer checks, I'm probably good in their eyes?

Re: Barclays Balance Transfer Checks

youngandcreditwrthy — Wed, 23 Jan 2013 13:19:28 GMT

Mine are always for 3.99%. I would say do it! Your balance isn't that high... And furthermore, can a bank really blame you for being an interest rate sensitive consumer? If they want to close you down for having low interest credit card debt with them, then so be it!

I opened like Chase, Amex, and Discover all about six months within getting my 6500 Trav Amex. My Freedom card is almost maxed out too. They were generous at the 7 month mark and auto cli'ed me to 7700. I also had just paid a nearly $6000 bal in full. My FICO even DROPPED to 640 within like 3 months of acct opening, and they still auto cli'ed and continuously send those checks! My score has rebounded since as I had fraud accts removed. I'm at like 688 on TU and 740'ish on eq&exp. I've also prob doubled my avail credit since I opened their acct in March 2012 from like $50-60k to almost $120k currently.

Just keep doing what you're doing! Also, if Barclay's decides to close either of us, then I guess we get to keep our bt aprs til paid in full ;-) I just paid a $2050 pmt, and it posted within like two days... No hold either.

Good luck!

Re: Barclays Balance Transfer Checks

Anonymous — Thu, 24 Jan 2013 07:04:45 GMT

From experience, Barclays does not mind how you use the BT checks and there will be no problems if you write one to yourself to use as cash. On each and every set of BT checks they have sent me (and they've sent many), it always suggests writing a check to yourself.

What Barclays wants is the 3% BT fee. They pay about 1% on their deposit accounts and you let them earn 3% on a BT offer. I think they like that.

Re: Barclays Balance Transfer Checks

CreditJim — Thu, 24 Jan 2013 14:51:00 GMT

McArthur, interesting that you say that. I was having another look at the small print yesterday and noticed that it says this:

Exclusions: Balance transfers, including those made with checks, may not be used to pay off or pay down an existing account with us.

I think they specifically mean you can't mail one of the checks back to them to "pay-off" your balance with them, but as you mentioned, it does say you can write yourself a check.

Re: Barclays Balance Transfer Checks

Anonymous — Thu, 24 Jan 2013 19:46:32 GMT

@youngandcreditwrthy wrote:
Mine are always for 3.99%. I would say do it! Your balance isn't that high... And furthermore, can a bank really blame you for being an interest rate sensitive consumer? If they want to close you down for having low interest credit card debt with them, then so be it!

I opened like Chase, Amex, and Discover all about six months within getting my 6500 Trav Amex. My Freedom card is almost maxed out too. They were generous at the 7 month mark and auto cli'ed me to 7700. I also had just paid a nearly $6000 bal in full. My FICO even DROPPED to 640 within like 3 months of acct opening, and they still auto cli'ed and continuously send those checks! My score has rebounded since as I had fraud accts removed. I'm at like 688 on TU and 740'ish on eq&exp. I've also prob doubled my avail credit since I opened their acct in March 2012 from like $50-60k to almost $120k currently.

Just keep doing what you're doing! Also, if Barclay's decides to close either of us, then I guess we get to keep our bt aprs til paid in full ;-) I just paid a $2050 pmt, and it posted within like two days... No hold either.

Good luck!

You have 120K in credit? that's crazy, I'm at like 25K right now and feel like that is alot LOL, I'm hoping I can get to 50K in the next 1-2 years.... hopefully with only opening one more card in that time

Re: Barclays Balance Transfer Checks

jake619 — Thu, 24 Jan 2013 22:59:29 GMT

I would write it to a friend before I paid myself. At least make it less obvious. Only thing to consider is I think BT's accrue interest from day 1.

Re: Barclays Balance Transfer Checks

youngandcreditwrthy — Thu, 24 Jan 2013 23:03:48 GMT

Yes haha.... My friends think I'm crazy when I tell them my credit limits! Haha!

I have a lot of cards though... I'm thinking of closing my Chevron account eh... Then my lowest limit would be $1700.

Re: Barclays Balance Transfer Checks

Anonymous — Fri, 25 Jan 2013 02:23:23 GMT

@breedo wrote:
McArthur, interesting that you say that. I was having another look at the small print yesterday and noticed that it says this:

Exclusions: Balance transfers, including those made with checks, may not be used to pay off or pay down an existing account with us.

I think they specifically mean you can't mail one of the checks back to them to "pay-off" your balance with them, but as you mentioned, it does say you can write yourself a check.

Exactly!

But there is also a way to get around the exclusion you mentioned. First of all, that exclusion is there because of internal competition at the bank. Each credit card product they offer can be thought of as a separate business unit. If Card A has a balance at, say, 15% and Card B has a 0% BT offer, by using the BT offer to pay Card A you are stealing business from another "business unit."

So, what you do is write the check to yourself and deposit it into your checking account. Wait a little while and then ACH in a payment to pay off Card A.

I recently did a BT with Barclays to help my sister-in-law pay off her CC. I wrote the check to myself, used my bank's scan deposit service to get the money into my checking account and then paid her CC off. Rather than the two months she planned on, she ended up paying me back about 6 days later and then I just ACH'd the money back to pay off the BT. No muss, no fuss. SIL paid the $120 BT fee so Barclays should be real happy!

Re: Barclays Balance Transfer Checks

youngandcreditwrthy — Fri, 25 Jan 2013 14:27:22 GMT

Exactly McArthur!!!!!