I being on of those people who is curious about how things operate in the world, decided to try out a balance transfer. I didn't really need one but I figured I would go through the process when I didn't need to so if I ever really needed a balance transfer I would be familiar with it and know how long it takes etc. I had charged 200 dollars on my Capital One card. Then about a week after the charges had hit I applied for a balance transfer on my Chase Freedom card for 100 dollars. I was very careful to enter the correct info as I applied online. I double checked that I had entered my Capital One account info correctly. This was 3 or 4 days ago. The balance transfer triggered some sort of security alert on my Chase Freedom card and I got a voicemail from Chase requesting that I call them immediately 2 days in a row. I did call them and explained that I had indeed requested a balance transfer of $100. Two days ago the transfer hit my Chase account. I now owe Chase $100 more dollars. Chase hasn't sent Capital One the money yet. I wonder how long it will take.
Fortunately right now I am not in the process of applying for credit so I don't mind if my score goes down slightly. I paid off $100 of my $200 Capital One balance and am waiting for Chase to pay off the other $100. I am going to use my cashback reward bonus to pay off my balance transfer on my Chase card. I got $100 in reward points as a bonus from Chase for spending $500 in the first 90 days so my balance transfer looks like this:
Capital One $200 Chase $0
to
Capital one $200 Chase $105 ($5 fee for doing the balance transfer)
Then I paid $100 of my Capital One bill making it
Capital one $100 Chase $105
Then I am turning in my reward points to Chase which should make it
Capital one $100 Chase 0
and as soon as Chase mails Capital one the check for the transfer it should be
Capital one 0 Chase 0
My question is what if I pay off Capital One the hundred dollar balance before the Chase balance transfer hits the account?
Then my Capital One account will have a credit of $100 dollars ?
Or will Chase just not go through with the balance transfer if the Capital One account has no balance when the transfer hits?
If my Capital one account has a balance of CR$100 will they automatically send me a check or can I just leave the account at a credit until I charge $100 dollars on something?
