Using BT checks rather than doing Cash Advance?

Anonymous · ‎04-22-2015

Is it possible to deposit a BT checks into my checking account and get cash that way rather than doing cash advance? Especially with all this 0% apr for a balance transfer, sounds better than 22%+ on a cash advance.

Any input is greatly appreciated.

sobeone1 · ‎04-22-2015

Well my checks say 0% APR for 1 year and 18% after that, another check is 13%. So yes its way better than paying 24 - 28%. And yes you can make em out to yourself.

credit karma has my scores at T.U 637 Equifax 668 but all of my Major cards have my score between 710-730 fico AAoA 7months with 16 inquires T.U & Eq 12 inquires.

Fingerhut $1200 my first credit. Discover it 4.5k, Paypal extras 7.8k, Barclays 2.2k, Walmart 6k, Lowes 25k, Amazon 6.5k Cap1 Q.S 4k, Venture 10k, Voice 10k, Chase freedom 2k Slate 3.5k, 5th 3rd 10k, overstock2.9k, Kingsize 1k. Nasa 20k, NFCU 14k, loc 10k, BBVA 14k, Amex ED 10k, income 76k (I put them in order of receiving them)

Anonymous · ‎04-22-2015

Absolutely. Used to do that all the time back in my better credit days.

However, note the fine-print on restrictions for writing a BT check to yourself / family / friend verses to a business, another creditor, etc. Possible higher transaction fee, higher non-0% promo rate, or worse case scenerio, be considered a cash advance.

Some BT check promos have no restrictions (except the often standard ones like no balance xfer to pay down same card its drawn on), so it may be a moot issue, but something to be aware of.

04Cobra · ‎04-22-2015

As others have said, yes. You're only paying for the small BT fee.

takeshi74 · ‎04-23-2015

Generally, yes but your BT checks should have included terms. Make sure you read and understand them.