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Balance Transfer Checks and 0% offer?

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Yuruke
Established Member

Balance Transfer Checks and 0% offer?

I can't say that I've found a good concrete answer on this anywhere on google so thought I'd throw this out to the experts here! I recently got a new Citi card that has a 0% balance transfer intro offer. I noticed though that you get the option to do a balance transfer check made out to yourself instead of to a creditor. How does this work exactly? Is it counted still as a 0% balance transfer or is it a cash advance? Does this just work as a regular check I can deposit to my bank? 

Thanks! 

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Balance Transfer Checks and 0% offer?


@Yuruke wrote:

I can't say that I've found a good concrete answer on this anywhere on google so thought I'd throw this out to the experts here! I recently got a new Citi card that has a 0% balance transfer intro offer. I noticed though that you get the option to do a balance transfer check made out to yourself instead of to a creditor. How does this work exactly? Is it counted still as a 0% balance transfer or is it a cash advance? Does this just work as a regular check I can deposit to my bank? 

Thanks! 


If you use one of the offered BT checks, you can use it just as you would any personal check.  You can write a check to yourself fox example and deposit it your bank account.  This counts as a balance transfer regardless of how you use subsequently use the check.  Citi most of the even alows you to skip the wiritng of the check process by deposting money directly into your bank account from your online account.  All of this is considered a BT but you have to remind yourself that it's not free money and has to be paid back.

Message 2 of 4
Anonymous
Not applicable

Re: Balance Transfer Checks and 0% offer?

I second this. I just did the exact same thing with Discover and was able to have them direct deposit the money directly into my checking account. The screen even had a disclaimer that said something along the lines of "0% intro APR for 12 months remains the same with this option" if I chose the checking account deposit over having them pay the creditor directly.

 

 

 

 

 


@Anonymous wrote:

@Yuruke wrote:

I can't say that I've found a good concrete answer on this anywhere on google so thought I'd throw this out to the experts here! I recently got a new Citi card that has a 0% balance transfer intro offer. I noticed though that you get the option to do a balance transfer check made out to yourself instead of to a creditor. How does this work exactly? Is it counted still as a 0% balance transfer or is it a cash advance? Does this just work as a regular check I can deposit to my bank? 

Thanks! 


If you use one of the offered BT checks, you can use it just as you would any personal check.  You can write a check to yourself fox example and deposit it your bank account.  This counts as a balance transfer regardless of how you use subsequently use the check.  Citi most of the even alows you to skip the wiritng of the check process by deposting money directly into your bank account from your online account.  All of this is considered a BT but you have to remind yourself that it's not free money and has to be paid back.


 

Message 3 of 4
Yuruke
Established Member

Re: Balance Transfer Checks and 0% offer?

Awesome! Thanks for the great replies guys! I've never had this option pop up on any of my other cards which is why I was a little unsure. 

Message 4 of 4
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