topic Re: "Direct Deposit" to checking account. Deposit full amount of credit limit? in Credit Cards

"Direct Deposit" to checking account. Deposit full amount of credit limit?

voukephalas — Thu, 02 Jan 2014 19:35:31 GMT

This may be a feature not much sought after in the forums, but to me it is useful.

What (good) cards allow for direct deposit into checking accounts for the full amount of the available credit? Either through online account management or the "balance transfer" checks mailed out.

I have used a Bank of America card for cash flow purposes (unsecured loan at 0% to 4%) many times, but what other cards also offer this feature (plus high limits and rewards)?

These deposits have all been at promotional rates, 0% to 4% APR for 12 months or more, so much better than a typical cash advance transaction.

I am especially interested in cards from companies I don't have just to broaden the product mix and limit my exposure to any one lender (maybe Citi or some Mastercard to go with Visa and Amex?).

Currently I have:

Amex Blue Sky -rewards not the best, might app for the BCP as a replacement, but definitely like Amex.

Chase Freedom -great when coupled with CSP and checking

Chase Sapphire Preferred -excellent rewards cards, used heavily.

Discover IT -no FTF, broadens my product mix /networks

BoA 123 -mostly usef for BT/direct deposits when needed.

Any help is appreciated.

Thanks!

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

Anonymous — Thu, 02 Jan 2014 19:09:40 GMT

I belive Barcays does as I was able to do so with a check

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

Creditaddict — Thu, 02 Jan 2014 19:10:14 GMT

you mean a cash advance to your checking account from the credit card and have it count as a balance transfer?

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

voukephalas — Thu, 02 Jan 2014 19:34:37 GMT

Hi,

Not sure how BoA counts it, but in my experience the terms have been very favorable -like a deposit at 0% for 12 months. Not a direct transfer balance, just cash into a checking account, with much more flexibility

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

youngandcreditwrthy — Thu, 02 Jan 2014 19:38:00 GMT

Discover will let you do direct deposit but it's at the Cash Advance APR heh

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

Cdnewmanpac — Thu, 02 Jan 2014 19:48:45 GMT

I get "checks" from Chase every other month for my United MPE card. 3% bt fee, 0% for 12 months, 15.24% after. States right on the letter that I can write the check to myself for any amount up to available credit.

The only scenario I've ever thought about for using them would be an emergency home repair where the contractor doesn't take credit cards, I didn't have the cash and I was confident I could pay the balance in 12 months. At that point, the 3% bt fee beats any personal loan I'm qualified for.

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

Anonymous — Thu, 02 Jan 2014 22:14:48 GMT

What you're asking typically falls into the category of cash advances.

These usually have a 3-5% fee, which is not refundable even if you pay them back a day later.

A notable exception is USAA, which waives the fee if the advance/deposit is done online.

The other really big exception is CUs. For example, I can go into my PSECU account and click on "Move Money", and transfer funds from my Visa card to my checking account. If I do this, there's no fee, and interest starts to accrue immediately at 9.9%, or about 20 cents a week per $100.

You might be able to find some BT offers that work similarly, but I don't know if these are offered on a regular basis. It's often better to use an LOC, which looks more normal.

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

Walt_K — Thu, 02 Jan 2014 22:39:47 GMT

Citi will let you do a BT and deposit the money into your checking account.

Re: "Direct Deposit" to checking account. Deposit full amount of credit limit?

FinStar — Fri, 03 Jan 2014 00:13:32 GMT

@Walt_K wrote:
Citi will let you do a BT and deposit the money into your checking account.

BOA/FIA does this as well. IIRC, there can be some restrictions to how much you can transfer via this route since a BT fee needs to be processed with the transfer and some lenders only allow a portion of your available CL for BTs.