Creative way(s) to transfer balance between two Chase cards?

[Anonymous]

I have a balance on a my Chase Sapphire card that I want to move to a 0% interest card.  I applied for the Chase Slate card, not realizing that Chase doesn't allow transfers between its cards, and was approved.  So now I'm trying to come up with a way to get the Sapphire's balance onto the Slate.  I have several non-Chase cards (Citi, Amex, Cap One) with zero balances.  I have come up with a couple of ideas, but they may have downsides and I don't know if they will work:

1) Do a balance transfer on a zero-balance card (e.g. my Citi card), in the hopes that it will give me a negative balance on that card.  Then I would use that card to pay for everyday expenses until the negative balance got back to zero, and use the cash I'm saving to pay off the Sapphire.

2) Take a cash advance on a non-Chase card, then transfer that card's balance to the Chase Slate.  This would be limited by my cash advance limit, and might incur fees.

Would either/both of these things work?  Are there other ways people have managed to move balances across cards from the same bank?  Thanks in advance for any ideas.

[FinStar]

How large of a balance are you looking to BT? What's the CL on your Capital One?

[Remedios]

You can have funds from Slate deposited to your checking account (one you use to pay your cards), then you use those funds to pay off CSP.  

It's a little "riskier" if you bank with Chase and are depositing into Chase account, then paying off one Chase card using another one. 

[Anonymous]

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@Anonymous wrote:

I have a balance on a my Chase Sapphire card that I want to move to a 0% interest card.  I applied for the Chase Slate card, not realizing that Chase doesn't allow transfers between its cards, and was approved.  So now I'm trying to come up with a way to get the Sapphire's balance onto the Slate.  I have several non-Chase cards (Citi, Amex, Cap One) with zero balances.  I have come up with a couple of ideas, but they may have downsides and I don't know if they will work:

1) Do a balance transfer on a zero-balance card (e.g. my Citi card), in the hopes that it will give me a negative balance on that card.  Then I would use that card to pay for everyday expenses until the negative balance got back to zero, and use the cash I'm saving to pay off the Sapphire.

2) Take a cash advance on a non-Chase card, then transfer that card's balance to the Chase Slate.  This would be limited by my cash advance limit, and might incur fees.

Would either/both of these things work?  Are there other ways people have managed to move balances across cards from the same bank?  Thanks in advance for any ideas.

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1 could work, although I don't have personal experience with it. Here is the caution from cap1 "If you overpay your statement in a BIG way, it could trigger a fraud alert and cause your account to be locked down."

2 doesn't make sense, since you will be paying fees.

[Anonymous]

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@FinStar wrote:
How large of a balance are you looking to BT? What's the CL on your Capital One?

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There is a little over $15K balance on the Sapphire.  The Slate was approved for just a little over $4K; I would like to move at least that much over, and ideally increase the CL on the Slate so I can transfer more (I have another Chase card with ~$20K of unused CL that could move over).  Whatever I can't transfer, I'll pay off in cash, but I would rather have the cash on hand.

The Capital One card has a CL of only $2500.  I have $20K+ each of unused CL with AMEX and Citi.

[Anonymous]

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@Remedios wrote:

You can have funds from Slate deposited to your checking account (one you use to pay your cards), then you use those funds to pay off CSP.  

It's a little "riskier" if you bank with Chase and are depositing into Chase account, then paying off one Chase card using another one. 

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So I can do a "balance transfer" to a checking account?  I didn't realize that--seems like a straightforward solution.  My checking account is with Citi, so no extra risk.

[Remedios]

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@Anonymous wrote:

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@Remedios wrote:

You can have funds from Slate deposited to your checking account (one you use to pay your cards), then you use those funds to pay off CSP.  

It's a little "riskier" if you bank with Chase and are depositing into Chase account, then paying off one Chase card using another one. 

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So I can do a "balance transfer" to a checking account?  I didn't realize that--seems like a straightforward solution.  My checking account is with Citi, so no extra risk.

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Correct. Move limit from that unused Chase card over to Slate. When that is completed, have funds from Slate deposited to your checking (if you have that option). Pay off CSP.  Balance is now on a card with $0.00 fee and you have tiny breathing room even if you transferred entire amount. 

I'm not sure if they will allow entire $20K to be transferred, my limit is $16.7K but they are not allowing more than $15K

[Aim_High]

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@Anonymous wrote:

1) Do a balance transfer on a zero-balance card (e.g. my Citi card), in the hopes that it will give me a negative balance on that card.  Then I would use that card to pay for everyday expenses until the negative balance got back to zero, and use the cash I'm saving to pay off the Sapphire.

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Talk about creative!  I can't even begin to see this working.  Most cards limit overpaying if they allow it at all. I think it wouldn't go through and if it did,as @FortifiedHM speculated it would likely lead to a prompt FRAUD alert, could cause account shutdown, etc.  If situation permits (which it sounds like it does), the suggestion by  @Remedios  would be the best way to go.  Most lenders (not just Chase) do not allow BT offers against their other card offerings, for future reference.  Always check beforehand if that is your plan.)

[NRB525]

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@Anonymous wrote:

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@FinStar wrote:
How large of a balance are you looking to BT? What's the CL on your Capital One?

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There is a little over $15K balance on the Sapphire.  The Slate was approved for just a little over $4K; I would like to move at least that much over, and ideally increase the CL on the Slate so I can transfer more (I have another Chase card with ~$20K of unused CL that could move over).  Whatever I can't transfer, I'll pay off in cash, but I would rather have the cash on hand.

The Capital One card has a CL of only $2500.  I have $20K+ each of unused CL with AMEX and Citi.

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Given this balance owed, of $15k on the Sapphire, it seems pointless to me to even have Slate and CapOne in the conversation, except maybe for a baby BT of $2k. 

That $2k could either be a BT check out of the Slate, or a short term BT to the Cap One. Do a second BT from CapOne to Slate in a few weeks and it is likely no interest cost on the CapOne. 

But that still leaves $13k on the Sapphire. I would BT that over to Citi, paying the 3% or 4% or 5% fee to Citi, and recognize the Slate app wasn't really productive.  Yes, there will be a cost for this BT to Citi, but unless you plan to pay the Sapphire in 3 months or so, it beats the interest cost of leaving it on Sapphire.