How to use a balance transfer check

[Anonymous]

Hello. I got a BT check from Chase, and I would to use that to transfer balance from my Bank of America card. It seems like I have three options.

1. Deposit the check to my checking account and pay BoA card through the checking. My bank (WaMu, now Chase) will place a hold on it for 5 business days. 

2. Ask Chase to do BT by phone. I was told that this will take 8-10 days to complete. 

3. Send the BT check to BoA as a payment. 

I'm thinking that option #3 would be the quickest way, so I think I'll do that, but I'm not sure if BoA will also place a hold on the check and not credit my account for a few days after they receive the payment. Has anybody done a BT this way? Is there any reason I shouldn't do this? I'll appreciate any advice. Thank you. 

[Anonymous]

mnyjk000,

Did you know there is always BT Fee will apply to the amount? 

Please read the small prints on the letter.

The BT Fee is minimum of $_____  or 3% of the amount.

Pay attention to the DATE that you have to pay off.

Pay attention to the APR.  If it is special BT offer, it may be lower than current APR.  Then your payments will goes to the balance with lower APR first until PIF.  Mean while, you will collect interests on the balance with higher APR.

Remember, there is always trick.  Just be careful!!