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Converting 0 BT Offers To Cash?

Xatos
Frequent Contributor

Converting 0 BT Offers To Cash?

How to do this since there's no paper check included? Found an old comment (2017) on DoC about using Cap1 0 BT fee/purchase APR offer, requesting check, then using 0%/0 BT card to transfer from Cap1 card. In theory, according to the OP, since it received purchase APR, no interest is charged since grace period applies if PIF. Does this work? Any other methods or ideas I'm missing? Edit: clarified wording
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.9K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $16.3K | Discover IT $10.8K | Disco IT Miles (#2) 7.5K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $13K | USBank Cash+ VS $13K | Cap1 QS #2 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | Santander Ultimate MC 7.5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 15.5K | BECU Cashback 19.5K | FNBO Evergreen 15K | EX 727 | TU 761 | EQ 730
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 1 of 21
20 REPLIES 20
PlyrStar93
Frequent Contributor

Re: Converting 0 BT Offers To Cash?

It can vary depending on card issuers. At least Citi allows me to do a balance transfer online and they give the option to deposit the funds into my checking account and there is no paper check involved. Of course when you know your account has a balance transfer offer, you can call in and ask if they provide paper checks, though whether they will send them is a question.

I am not sure about the story of the OP there, but I believe they did NOT get a grace period. If you have 0% APR balance transfer then interest should be applicable but will calculate as the current BT balance multiplied by daily interest rate which is 0%. If you don't pay the balance in full, you lose your purchase grace period, which is not a problem if the purchase part of your balance is 0. Then if you make purchases, interest will be added because 1) purchase APR is not zero, and 2) no grace period on purchases. But the BT part of balance will not add interest. Maybe his purchase and BT are both at 0% APR, but there is still no grace period if the balance is not paid in full. You may want to link the actual comment so we get a better idea what exactly it is.
Message 2 of 21
Meanmchine
Super Contributor

Re: Converting 0 BT Offers To Cash?

FWIW, I just got BT checks for my Cap1 account in the mail the other day


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>12/2020 CCT EX 821 TU 826 EQ 840


"Survival kit contents check. In them you'll find:

- One forty-five caliber automatic
- Two boxes of ammunition
- Four days' concentrated emergency rations
- One drug issue containing antibiotics, morphine,
vitamin pills, pep pills, sleeping pills, tranquilizer pills
- One miniature combination Russian phrase book and Bible
- One hundred dollars in rubles
- One hundred dollars in gold
- Nine packs of chewing gum
- One issue of prophylactics
- Three lipsticks
- Three pair of nylon stockings.

Shoot, a fella' could have a pretty good weekend in Vegas with all that stuff."

Major Kong (Slim Pickens) in Dr. Strangelove 1964
Message 3 of 21
tcbofade
Super Contributor

Re: Converting 0 BT Offers To Cash?

Citi and Discover will let you do "balance transfers" directly into your checking account.

06/01/21 Fico 8: EX 735, EQ 753, TU 757.
06/05/21 Fico 9: EX 726, EQ 740, TU No idea.

Zero percent financing is where the devil lives...
Message 4 of 21
Xatos
Frequent Contributor

Re: Converting 0 BT Offers To Cash?

@Plyrstar93 according to the OP there is an option to request the BT amount as "check" although more likely DD by now. Can confirm according to Cap1 CSR that BT's on Platinum receive purchase APR. So by this logic, as long as you PIF your statement balance, no interest is charged, correct?
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.9K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $16.3K | Discover IT $10.8K | Disco IT Miles (#2) 7.5K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $13K | USBank Cash+ VS $13K | Cap1 QS #2 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | Santander Ultimate MC 7.5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 15.5K | BECU Cashback 19.5K | FNBO Evergreen 15K | EX 727 | TU 761 | EQ 730
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 5 of 21
gdale6
Moderator

Re: Converting 0 BT Offers To Cash?

A CU card with 0 fees for cash advances is excellent for this. Have the money sent to your CU card when it arrives cash advance it to checking.

Message 6 of 21
AverageJoesCredit
Mega Contributor

Re: Converting 0 BT Offers To Cash?

Coti, Boa, Disco straight to checkingSmiley Happy

Though with Boa, apr is higher if you use this methodSmiley Wink
Message 7 of 21
Saeren
Mega Contributor

Re: Converting 0 BT Offers To Cash?

I would have thought that $0/0% offers are fenced off from being sent to checking. I know NFCU specifically exempts using BT checks for their promo APR offers and charges regular purchase APR instead. Now one of them, 0% or $0 yeah but not both. Who offers those? I may have to get another card. 😂 





Message 8 of 21
Xatos
Frequent Contributor

Re: Converting 0 BT Offers To Cash?

@Saeren take your pickSmiley Happy Comenity sends mailers for AKC and Sportsman's Guide, Arvest, Amex ED, Chase Slate, Bank Americard, Edward Jones, RBFCU, ESLFCU, ETFCU, Disco offers IT mailers time to time (DW got one) Union Bank, Advancial FCU, First Tech FCU, Cap1 Platinum. Proly some I missed.
Kohl's $3K | Cap1 QS $2.5K | Target Redcard $1.8K | Citi DC $6.9K | Amex BCE $1K | Dick's ScoreRewards MC 10K | Amex ED $4.2K | Amex Schwab Platinum NPSL | Amex Schwab Investor 3K | Rakuten 3K | WF CashWise VS $16.3K | Discover IT $10.8K | Disco IT Miles (#2) 7.5K | Citizen's Bank Cashback Plus WMC $9.7K | Fidelity VS $13K | USBank Cash+ VS $13K | Cap1 QS #2 16K | BBT Spectrum Cash Rewards VS 7.5K | BBT Cash Rewards #2 4.5K | BBT Bright 5K | Santander Ultimate MC 7.5K | BBVA ClearPoints 7.5K | PNC Cash Rewards 15.5K | BECU Cashback 19.5K | FNBO Evergreen 15K | EX 727 | TU 761 | EQ 730
Business Credit ~ Amex BBP 4.8K | Amex BBC 15K | US Bank Biz Cash 3K ~LOC's~ BECU 15K |
Message 9 of 21
Saeren
Mega Contributor

Re: Converting 0 BT Offers To Cash?


@Xatos wrote:
@Saeren take your pickSmiley Happy Comenity sends mailers for AKC and Sportsman's Guide, Arvest, Amex ED, Chase Slate, Bank Americard, Edward Jones, RBFCU, ESLFCU, ETFCU, Disco offers IT mailers time to time (DW got one) Union Bank, Advancial FCU, First Tech FCU, Cap1 Platinum. Proly some I missed.

Those aren’t $0 fee AND 0% APR. They’re usually one or the other but not both when you add the additional qualifier to be able to take a BT check or deposit and still get $0/0%. 

 

I thought thats what you were talking about?





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