Chase slate balance transfer to discover checking

[Michael982]

I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

[Michael982]

Or if those aren't an option can I get a negative balance refund on my Amex blue cash card or any other ones in my sig?

[UncleB]

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@Michael982 wrote:

I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

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I know you can't just BT directly to a checking account; in order to get the preferential treatment as a "balance transfer" the credit card (in your case, Chase Slate) needs to believe they are sending money to another card, not a DDA account.

As for the credit balance 'trick', that would be strictly up to Discover and how they would handle that.  I know I've read where at least one person tried what you're describing with Wells Fargo, and had problems because he transferred such a large amount it was over the 'threshold' for the bank's automation and required manual intervention - which raised money laundering flags - and Wells ended up just returning the payment to the card that sent it.  Since it is quite irregular for banks to receive payments thousands of dollars over the balance due, it does make sense that they are not used to seeing it often.

If it were me, I would only try what you've described as a purely 'academic' exercise to see how smoothly it would work, and I would certainly not try it if I was actually depending on getting the money in a timely manner.  Since you would be preventing Chase from charging a fee that they are, technically, entitled to, I would not expect them to come to the rescue if the funds are delayed somewhere inbetween the banks.  Further, I would expect this to work better with a more modest dollar amount, if at all.

[Anonymous]

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@UncleB wrote:

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@Michael982 wrote:

I'm thinking about applying for a chase slate card. Is it possible to balance transfer to a discover checking account. I read through a few threads of people doing similar things with citi. Like balance transferring to a citi credit card and getting a negative balance refund. Only thing is I don't have a citi card, so I wan wondering if I can balance transfer 7k to a discover it card and using the are negative blanance trick (if they allow it) or transferring tony discover checking account. I know I can use the chase slate checks,but then there's a balance transfer fee since I can't use it while I have the 0% transfer fee intro.

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I know you can't just BT directly to a checking account; in order to get the preferential treatment as a "balance transfer" the credit card (in your case, Chase Slate) needs to believe they are sending money to another card, not a DDA account.

As for the credit balance 'trick', that would be strictly up to Discover and how they would handle that.  I know I've read where at least one person tried what you're describing with Wells Fargo, and had problems because he transferred such a large amount it was over the 'threshold' for the bank's automation and required manual intervention - which raised money laundering flags - and Wells ended up just returning the payment to the card that sent it.  Since it is quite irregular for banks to receive payments thousands of dollars over the balance due, it does make sense that they are not used to seeing it often.

If it were me, I would only try what you've described as a purely 'academic' exercise to see how smoothly it would work, and I would certainly not try it if I was actually depending on getting the money in a timely manner.  Since you would be preventing Chase from charging a fee that they are, technically, entitled to, I would not expect them to come to the rescue if the funds are delayed somewhere inbetween the banks.  Further, I would expect this to work better with a more modest dollar amount, if at all.

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One small correction.  You can balance transfer directly to checking accounts with BT checks.  Of cours e they get their BT fee that way.  I can't see sny bank taking $7K to create a negative balance and just turn around and write you a check for $7K.  I certainly wouldn't try it with Anerican Express unless you want your account shut down with them.

[Anonymous]

I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

[Anonymous]

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@Anonymous wrote:

I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

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It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP.  Especially for that amount.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

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It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP.  Especially for that amount.

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Not to mention that current average interest paid on savings and CD is enough to bring one to tears.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I cannot see why it wouldn't work but it can be risky. As I understand it before travel-churning, BT to Bank accounts was the game of choice as interest rates paid were high enough to actually make a profit off of it.

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It was but I think most banks caught on and now frown upon it as the other poster suggested would probably cancel the transfer and not issue a check to the OP.  Especially for that amount.

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Not to mention that current average interest paid on savings and CD is enough to bring one to tears.

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Yup. Very good point

[Michael982]

It was just a thought. I don't need it and my utilization is really low right now. I would try it if some one had a good suggestion, since even if it took 2 months it wouldn't hurt me a bit. I have a line of credit with nfcu but that would bring in fees I'm sure. I'm buying a house next year and thought it would be neat to put it into some type of account and earn some money to go buy appliances and such by the time I'm ready to purchase a house.

[Anonymous]

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@Michael982 wrote:
It was just a thought. I don't need it and my utilization is really low right now. I would try it if some one had a good suggestion, since even if it took 2 months it wouldn't hurt me a bit. I have a line of credit with nfcu but that would bring in fees I'm sure. I'm buying a house next year and thought it would be neat to put it into some type of account and earn some money to go buy appliances and such by the time I'm ready to purchase a house.

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As tolumne mentions,  because interest rates are so low, it's just not worth doing that.  Just keep your balances low on your existing cards and use them to buy the appliances and anything else you need for the house.