Direct Deposit Balance Transfers

[Anonymous]

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@K-in-Boston wrote:
A few notable lenders still make those $0 fee and 0% APR offers from time to time. Navy Federal Credit Union and Comenity (on V/MC cards) come immediately to mind. Also available with new accounts on BankAmericard, EveryDay, and Slate.

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Yes but these can't be direct deposited, they have to be used to pay creditors. I asked NFCU about BT checks when they had the $0/0% last year and they said they can send me checks but they would be at full APR. I read that Comenity doesn't allow BT to checking either. 

I will say that I am having a tough time not spending money right now and I had actually ordered a Note 10+ from Amazon for $899 with 20% cash back on my Amazon Store Card and I was going to take a BT from Disco for $965 at 3% fee and 0% for 9 months to save a bundle on a Note 10+ ($801 for 256GB model after taxes, Disco BT fee, and Amazon Store Card cash back) but I just can't justify it right now. 

It is definitely really nice to have BT offers available for purchases like that though that are too much to PIF but are rather lucrative with a high APR card. 

[Anonymous]

Discover still offers up to your total CL for BT's. Unfortunately doing that would put people at high utilization, for what would be a small benefit.

If i could get the fee free offer again I'd be tempted to borrow 50% of my Discover CL for some small renovation projects. I certainly don't like the rates for Personal Loans, and even at the lowest I've seen 8%. So I'd save a ton of cash by doing a BT Loan instead. 

However, only having 12-18 months to pay back $10-15K would be the kicker. As I don't have an extra $700 a month to throw away. Especially since My Company is letting a lot of us go in February...

[Matt9543]

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

[Anonymous]

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

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Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

[Matt9543]

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@Anonymous wrote:

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

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Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

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I was just going through my accounts and only really noticed the option on Discover and Citi. But that does make sense as well. It may come in handy once in a while.

[Anonymous]

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@Matt9543 wrote:

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@Anonymous wrote:

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

---

Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

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I was just going through my accounts and only really noticed the option on Discover and Citi. But that does make sense as well. It may come in handy once in a while.

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Lenders like BTs because a lot of people don't pay them off before they expire or they use their card for regular purchases and get charged interest right away plus those fees are guaranteed income for them. It makes sense to make them as easy to use as possible. I never did a BT until I got my NFCU Plat last year and honestly that process was annoying filling out account numbers and waiting for checks to go out and then waiting for balances to go down, taking a double utilization penalty in the interim. When I did my BT to checking with Disco earlier this year, the money was in my account the next day and my balances were showing paid off the day after. 

[Anonymous]

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@Anonymous wrote:

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

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Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

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I think the CARD act has a direct or indirect effect on whether they're going to offer no fee with the 0% APR with direct deposit. It might be seen as reckless,  and the government might make it difficult for them to do those. Hopefully they didn't make them illegal. 

[AverageJoesCredit]

I read one post where a poster was being offered an Amex loan up to 35 or 40k at 0% ! I even asked if he/she was sure and they said yes. I think the op was a very high spender with Amex so im sure certain people may be offered those desls as kinda reward for their spend/relationship with said lender.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

---

Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

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I think the CARD act has a direct or indirect effect on whether they're going to offer no fee with the 0% APR with direct deposit. It might be seen as reckless,  and the government might make it difficult for them to do those. Hopefully they didn't make them illegal. 

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There is nothing reckless about giving a no interest loan to a consumer as long as you have reasonable belief that they have the ability to repay that loan. I haven't read the CARD Act but I highly doubt it states "must charge consumers interest" in any capacity. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Matt9543 wrote:

I have a BT offer for Citi and they show that I can deposit it to my checking account, or pay off a loan or multiple other options, so this option is becoming more available across lenders.

---

Citi has had it for ages. 

I think it's just the no fee ones that the lenders try to fence off from direct deposit. I mean if you take a no fee BT and stick it in high yield savings, you're earning more money on their money than you would earn in rewards while giving them swipe fees using the card. 

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I think the CARD act has a direct or indirect effect on whether they're going to offer no fee with the 0% APR with direct deposit. It might be seen as reckless,  and the government might make it difficult for them to do those. Hopefully they didn't make them illegal. 

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There is nothing reckless about giving a no interest loan to a consumer as long as you have reasonable belief that they have the ability to repay that loan. I haven't read the CARD Act but I highly doubt it states "must charge consumers interest" in any capacity. 

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I agree. But the CARD act architects put in things to protect consumers, but some of them restrict banks on how they can do business. And maybe it makes it more difficult to do 0% direct deposit transfers. Not sure.