Balance Transfer Questions

[JSS3]

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@lg8302ch wrote:

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

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What is this?

[lg8302ch]

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@JSS3 wrote:

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@lg8302ch wrote:

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

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What is this?

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I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive.  I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

[NRB525]

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@Anonymous wrote:

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@Anonymous wrote:

I believe this is wise but I want to confirm it with the masses.

@DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback". 

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.

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Use the card. That's what it's there for!

I even confirmed with analyst on the phone that they like to see HEAVY usage of their cards with aggressive paydowns. I think if you could ramp it up to $300/mo you'd be golden.

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+1

50% utilization from a BT is nothing, particularly if it is the only outstanding balance. You will still be paying 8% APR however (actually works out to 8.22% with daily compounding of interest), so there is no benefit to milking this one for any longer than you have to. Even that 8% is going to add up to a lot more than you want to pay, if you stretch it out for 3 years.

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I believe this is wise but I want to confirm it with the masses.

@DW has a Chase card @ 97% util, balance 4862/5000 27.24 APR currently paying slightly over minimum payment (min 150, pmt 160)

I was approved for Barclay Ring yesterday, 10k limit, no BT fee, 8% APR 1% "Giveback". 

If I transfer that balance it will obviously immediately put my util on the card to 48% but even if I make exactly the same payment, the balance would be paid down in about 34 months. I can pay more than $160 a month, but obviously since thats what I'm paying now, that's the minimum I would be sending, regardless of the actual minimum payment due.

This seems like a no-brainer to me but I've heard Barclay can be AA-happy at times and I definitely don't want a CLD immediately after opening the account.

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Use the card. That's what it's there for!

I even confirmed with analyst on the phone that they like to see HEAVY usage of their cards with aggressive paydowns. I think if you could ramp it up to $300/mo you'd be golden.

---

+1

50% utilization from a BT is nothing, particularly if it is the only outstanding balance. You will still be paying 8% APR however (actually works out to 8.22% with daily compounding of interest), so there is no benefit to milking this one for any longer than you have to. Even that 8% is going to add up to a lot more than you want to pay, if you stretch it out for 3 years.

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Agreed on paying it as quickly as possible. However, it's still a big difference. If I just made the $160 payment to Chase I'd be paying for 17-20 years. lol

[JSS3]

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@lg8302ch wrote:

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@JSS3 wrote:

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@lg8302ch wrote:

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

---

What is this?

---

I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive.  I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

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WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this.

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ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on. 

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped! 

[lg8302ch]

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@JSS3 wrote:

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@lg8302ch wrote:

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@JSS3 wrote:

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@lg8302ch wrote:

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

---

What is this?

---

I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive.  I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

---

WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this.

=============================================

ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on. 

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped! 

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Just be careful......it is way too  easy to get money like this from the comfort of the own living room ! ....lol

[JSS3]

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@lg8302ch wrote:

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@JSS3 wrote:

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@lg8302ch wrote:

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@JSS3 wrote:

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@lg8302ch wrote:

I just did one from Barclays two weeks ago where I wrote the check out to myself, mobile deposited into my bank account and 2 days later had the funds available. The first one I did last year with Cap1 and the funds were available the next day already. That was "dangerously" easy. I never did accept BTs before but now when lenders send me the 1% BT fee offers for 0 % APR I get weak and accept every once in a while 😜 Just make sure you stick to the repayment plan and make sure it is paid off before the promo ends. I have not seen any cons except the BT fees and maybe the risk of not pay off in time. I still do not recommend to do what I do...accepting with not really the need for it. You might get tempted to spend more than your budget allows and it requires more self control like this!

---

What is this?

---

I wrote a check out to myself and with the mobile app took a picture of it and uploaded into my bank account...just like any paper check I receive.  I have not seen a bank from the inside in years...atm, ebanking, mobile banking ..it is so convenient 😉

---

WoW can't believe you can do this. Do you need a special app? A phone with a certain feature? Do all banks do this? I never knew about this.

=============================================

ETA: Disregard reply above. I was so anxious, I googled. Why, yes, you can do this with my bank. I logged into my mobile app and it's under "Deposits". Then it tells you about mobile deposits of checks from home using your phone. I pressed "Agreed". OMG I wish I had a balance transfer check right now to test this out on. 

THIS BLOWS EVERYTHING OUT OF THE WATER!!!!

Thanks for telling us about this. This is why I have to log into Myfico serveral times a day. Jewels are always being dropped! 

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Just be careful......it is way too  easy to get money like this from the comfort of the own living room ! ....lol

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Technology is making things way too easy, and other things obsolete.

Downside is it's turning us lazy, gluttonous, less(mentally) sharp, and antisocial,

Oh well....yay to technology.