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Paying off balance transfer with balance transfer check

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Turbobuick
Established Contributor

Paying off balance transfer with balance transfer check

I'm sure this has been asked, but I found nothing using search.  I have 2 chase cards, a slate and amazon. My wife has her own slate. I currently have two separate BT's running one on each the slate ($4K) and the amazon ($3K) and they are due sometime late spring  '17. The wife's slate has zero balance. Chase keeps sending both of us BT checks once a month. Can I use another BT check deposited into my bank account to pay off a current BT? Can I use my wifes BT check deposited into my bank account to pay off my balances? They all carry 2% transfer fees. Our credit scores are very high and our debt ratio is still very low. I was just concerned if red flags are waved when a current BT holder begins yet another new BT and then suddenly the balance on the old BT is paid off.  Too obvious?? Smiley Wink

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2 REPLIES 2
Anonymous
Not applicable

Re: Paying off balance transfer with balance transfer check


@Turbobuick wrote:

I'm sure this has been asked, but I found nothing using search.  I have 2 chase cards, a slate and amazon. My wife has her own slate. I currently have two separate BT's running one on each the slate ($4K) and the amazon ($3K) and they are due sometime late spring  '17. The wife's slate has zero balance. Chase keeps sending both of us BT checks once a month. Can I use another BT check deposited into my bank account to pay off a current BT? Can I use my wifes BT check deposited into my bank account to pay off my balances? They all carry 2% transfer fees. Our credit scores are very high and our debt ratio is still very low. I was just concerned if red flags are waved when a current BT holder begins yet another new BT and then suddenly the balance on the old BT is paid off.  Too obvious?? Smiley Wink


I turned over many BT's with no problem over and over right up until my bankruptcy  Smiley Happy  I'm certain you'll be fine.

Message 2 of 3
UncleB
Credit Mentor

Re: Paying off balance transfer with balance transfer check

The only time you'll have a problem is if you try to use a BT to pay off another card with that same lender (which is generally not allowed), and they also state that you can't use a BT check to pay on another card with the same lender - i.e. actually send a Chase check to pay on another Chase account (although in practice how well this is enforced is questionable).

 

That being said, as long as you deposit/cash the BT check you can then use that cash to pay whatever you want - including that same lender.  I've shifted things around as-needed and never had a problem - as long as they get their money, they're fine. 

 

In other words, you can't ask Chase to pay Chase, but you can cash the BT check and do it yourself.  Smiley Wink

 

(Note that my reply assumes the 'normal' risks of any BT are understood... i.e. that some lenders, such as Barclays are said to be sensitive to them regardless of how the funds are used.)

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