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Chase Balance Transfer Questions

Valued Contributor

Chase Balance Transfer Questions

     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




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?




Message 1 of 3
Regular Contributor

Re: Chase Balance Transfer Questions

When I did a balance transfer from my CU to Cap 1 that was over the balance due, Cap 1 refunded me the overage via check. This was on a closed account though. I had to make the minimum payment to Cap 1 because it was taking longer than expected for my CU to send the check. Not sure what would happen if the balance on the account being transferred to was 0. I assume it would work the same as it does when I push a payment to a CC from any bill pay account - they always accept the money regardless of balance.

Message 2 of 3
Epic Contributor

Re: Chase Balance Transfer Questions

If you do not have a payment on the Capital One account just wait... should be a matter of days now if you are seeing the charge on chase... it is electronis so just won't clear through holiday and weekend...

Message 3 of 3