What happens if I do a balance transfer to card with no balance?

[tcbofade]

As someone else mentioned, some get that option, some don't.

Citi and Discover will allow my wife to balance transfer to our checking account.

Citi gives me the same option, but Discover does not.

I'm not sure what the rules/guidelines are, but some users have the option and some do not.

[SoCalGardener]

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@tcbofade wrote:

As someone else mentioned, some get that option, some don't.

Citi and Discover will allow my wife to balance transfer to our checking account.

Citi gives me the same option, but Discover does not.

I'm not sure what the rules/guidelines are, but some users have the option and some do not.

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I guess it's like everything else credit-related, varying from person to person. All of the banks you mentioned give me the bank account option for BTs.

[folks19]

@tcbofade I didn't realize there was an option to transfer to checking accounts. Are you sure that doesn't get treated as a cash advance?

[folks19]

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@SoCalGardener wrote:

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@tcbofade wrote:

...but wouldn't it be simpler to do a balance transfer to your checking account?

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That's what I want to know!

The example given of a BT to Amex, then having them move the money to the bank account....why? Why not just BT directly to the bank account?

As for an "almost free loan"--I'm not seeing it, unless the BT offer has a 0% fee (different than a 0% APR). Most BT offers have fees ranging from 2-5%, so any amount will incur a fee--how is that almost free?

OP, if you'd clarify what your actual objective is, that might help! Because right now I'm scratching my head wondering why you'd want to overpay accounts, try to pay a debit card, and so on. Why not just put the BT in your bank account?

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@SoCalGardener The purpose of doing this is to leverage the money in ways that would earn you more money than whatever fees and interest you're paying. I won't get more specific because I'm not sure if that would be a violation of the forum terms.

I would consider this option on 0% APR cards even if there's a small fee, and some CU cards don't even charge a fee.

[SoCalGardener]

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@folks19 wrote:

@tcbofade I didn't realize there was an option to transfer to checking accounts. Are you sure that doesn't get treated as a cash advance?

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I'm not who you asked, but I can speak from personal experience that BTs deposited into bank accounts do not get treated as cash advances. Of course, I only know for sure with the banks I deal with--see my sig for those; YMMV depending on the bank, so you need to read the fine print.

[tcbofade]

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@folks19 wrote:

@tcbofade I didn't realize there was an option to transfer to checking accounts. Are you sure that doesn't get treated as a cash advance?

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I'm certain.

I've done it many times with Discover, Citi, and Chase.

When you are entering your balance transfer information online, IF you have the option of a direct deposit to your bank account, it is still a balance transfer.

PenFed sends checks.  

...which you can write to yourself.

A balance transfer to your checking account.  

Good luck!

[folks19]

@SoCalGardener @tcbofade Thank you for the information. I never actually did a balance transfer so I won't know, but I'll take a look.

[SoCalGardener]

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@folks19 wrote:

@SoCalGardener @tcbofade Thank you for the information. I never actually did a balance transfer so I won't know, but I'll take a look.

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You're welcome.

Whether it's a balance transfer or any other offer, your best bet is to ALWAYS read the fine print. That way you can avoid unexpected and/or unpleasant surprises down the road! Also, if you're ever unsure about something, even after reading its fine print, don't hesitate to post here--show us what it says and we'll try to sort it out. And you can always call the bank itself--get it straight from the horse's mouth!

[folks19]

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@SoCalGardener wrote:

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@folks19 wrote:

@SoCalGardener @tcbofade Thank you for the information. I never actually did a balance transfer so I won't know, but I'll take a look.

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You're welcome.

Whether it's a balance transfer or any other offer, your best bet is to ALWAYS read the fine print. That way you can avoid unexpected and/or unpleasant surprises down the road! Also, if you're ever unsure about something, even after reading its fine print, don't hesitate to post here--show us what it says and we'll try to sort it out. And you can always call the bank itself--get it straight from the horse's mouth!

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Thank you for the advcie. I would do all of that besides calling the bank. I think that's a bad idea because they may think I'm trying to do some sort of churning.