idk, $1,500 as a CapOne CLI sounds pretty good.
If you are making the BT request on line, to a bank CapOne is not electronically linked to, then yeah, expect them to show the BT as an amount you owe to CapOne, even while the check is in transit.
As a counter thought experiment, how would CapOne know when the receiving bank paid off your balance, to enable them to, what hold the BT as "pending" for a few days? Is it somehow not an obligation you have to CapOne as soon as you make the BT request?
@AzCreditGuy wrote:Has anyone done a balance transfer with Cap 1 and they mail off the check instead of puttin it in the credit card as requested? Well within the day of doing that, the clock starts with Cap 1 to pay of that BT without it even being credited to the CC? I find it interesting that they would do this. I also tried to get a CLI request and keep getting the balances have been too low letter from Cap1 BEFORE the BT, tried again and got an offer for an increase of $1.5k, which I canceled. I will try again after the BT is paid and see if they offer me a higher CLI.
When you request a balance transfer, they will either send a check to the other bank, or make an electronic transfer to the other bank.
If they do it by check, it will take longer.
On the Capital One side, shortly after you order the balance transfer they will charge your account, as the money being paid to the other bank has to be set aside.
On the receiving lender's side, they will credit your account after receiving the payment, but often there's a delay in their crediting it to your account even after they've received the payment.
I don't know what you mean when you say "they mail off the check instead of puttin it in the credit card". They can't put it on a credit card of another lender. All they can do is make a payment to the other lender.
I agree with @NRB525 that $1500 sounds like a decent CLI from Capital One.
I think the point was missed, why I have an issue with the check being sent. Even though a BT was requested I am not using the $5,500 nor is this money in the account since it is delayed until it arrives. I have had other banks send me checks for BT, the date to pay this back starts as soon the other banks cashes the check, not before. Wells, Discover, B of A, have all done it this way. FYI I just requested another BT from Cap 1, They posted it on 06/24/22 and today is 07/05/22 and its still not in my account and my statement closed on the 3rd. Grace period kicks in sooner, had it been any other bank I would have the grace period till Aug 28th to pay off the BT. Its fine for me as I can pay this off. but for others that need more time?
Special Trans interest charges?
My statement closes on the 28th every month and resets on the 3rd
BT requested on 05/13/22
Bank received check on 05/24/22
I also made some small charges on 05/16/22. I normally would not do this on any BT, as it has become a nightmare in the past due to the banks counting any payments to the BT 1st and any charges 2nd. One could get screwed with interest on the charges recoccuring monthly until the BT is paid off. I learned this the hard way, but I know with my current BT that everyone would be paid off by 06/28/22
I had to call in to get these bogus special interest charges removed from the account, the Cap 1 rep stated these charges are from not paying off my balances for the charges on the due date? I laughed and while the interest charge is small, some would not care and let it slide. If they do that to a couple 100k people, that some passive income for them
@AzCreditGuy wrote:I think the point was missed, why I have an issue with the check being sent. Even though a BT was requested I am not using the $5,500 nor is this money in the account since it is delayed until it arrives. I have had other banks send me checks for BT, the date to pay this back starts as soon the other banks cashes the check, not before. Wells, Discover, B of A, have all done it this way. FYI I just requested another BT from Cap 1, They posted it on 06/24/22 and today is 07/05/22 and its still not in my account and my statement closed on the 3rd. Grace period kicks in sooner, had it been any other bank I would have the grace period till Aug 28th to pay off the BT. Its fine for me as I can pay this off. but for others that need more time?
Special Trans interest charges?
My statement closes on the 28th every month and resets on the 3rd
BT requested on 05/13/22
Bank received check on 05/24/22
I also made some small charges on 05/16/22. I normally would not do this on any BT, as it has become a nightmare in the past due to the banks counting any payments to the BT 1st and any charges 2nd. One could get screwed with interest on the charges recoccuring monthly until the BT is paid off. I learned this the hard way, but I know with my current BT that everyone would be paid off by 06/28/22
I had to call in to get these bogus special interest charges removed from the account, the Cap 1 rep stated these charges are from not paying off my balances for the charges on the due date? I laughed and while the interest charge is small, some would not care and let it slide. If they do that to a couple 100k people, that some passive income for me
I don't think I've had your experience. My experience has been that most sending institutions post the balance transfer and start charging interest earlier than when it received at the receiving bank.
@SouthJamaica wrote:
@AzCreditGuy wrote:I think the point was missed, why I have an issue with the check being sent. Even though a BT was requested I am not using the $5,500 nor is this money in the account since it is delayed until it arrives. I have had other banks send me checks for BT, the date to pay this back starts as soon the other banks cashes the check, not before. Wells, Discover, B of A, have all done it this way. FYI I just requested another BT from Cap 1, They posted it on 06/24/22 and today is 07/05/22 and its still not in my account and my statement closed on the 3rd. Grace period kicks in sooner, had it been any other bank I would have the grace period till Aug 28th to pay off the BT. Its fine for me as I can pay this off. but for others that need more time?
Special Trans interest charges?
My statement closes on the 28th every month and resets on the 3rd
BT requested on 05/13/22
Bank received check on 05/24/22
I also made some small charges on 05/16/22. I normally would not do this on any BT, as it has become a nightmare in the past due to the banks counting any payments to the BT 1st and any charges 2nd. One could get screwed with interest on the charges recoccuring monthly until the BT is paid off. I learned this the hard way, but I know with my current BT that everyone would be paid off by 06/28/22
I had to call in to get these bogus special interest charges removed from the account, the Cap 1 rep stated these charges are from not paying off my balances for the charges on the due date? I laughed and while the interest charge is small, some would not care and let it slide. If they do that to a couple 100k people, that some passive income for me
I don't think I've had your experience. My experience has been that most sending institutions post the balance transfer and start charging interest earlier than when it received at the receiving bank.
Ive only experienced this at Cap 1. Recent BT from US bank on 04/15/22 also a check, didnt start the date for payback/interest until 04/25 as per statement when it posted