@Anonymous wrote:
UncleB - It's the same end result though isn't it?
Option A) You have a 10k CLOC write yourself a 10k check and the same day request a 10k BT to a card with 0% for 12-18 months. Result 10k cash in your account.
Option B) Request a 10k BT to a card with 12-18months 0% apr. Results in 10k cash in your account OR denial because there's no balance to transfer.
But both ways you end up with the same results so why is one shady/trickery but the other isn't?
Option A is clearly fine, and I'm confused by what your describing as option B... what I was describing was how some people will try to shoehorn their checking/savings account number into the account number field while doing a BT (acting as if their checking account number is for a credit account) to get the "transfer" directed to their deposit account. In this case, it's clear that the bank's process is being circumvented, thus my opinion that it's 'shady'.
What you're describing is fine (at least option A)... you're using the product as it's intended (as well as paying any associated fees, if any).
This really isn't brain surgery... most people have a pretty good idea if what they are doing is problematic or not. 
@Anonymous wrote:
UncleB - It's the same end result though isn't it?
Option A) You have a 10k CLOC write yourself a 10k check and the same day request a 10k BT to a card with 0% for 12-18 months. Result 10k cash in your account.
Option B) Request a 10k BT to a card with 12-18months 0% apr. Results in 10k cash in your account OR denial because there's no balance to transfer.
But both ways you end up with the same results so why is one shady/trickery but the other isn't?
Either way you end up $10k in debt one way or the other so it really doesn't matter, sometimes the best thing to do is not overthink and run imaginary scenarios, they only serve to over complicate matters.
I did the following:
I wanted to pay off the last $1500 on a personal line of credit at 18%. I would have it paid off in 6 months, but I was still accruing interest each month. I have 0% until 5/18 on 2 cards but even Plastique couldnt pay it from my CC. (they reversed the charges including the fee)
Instead, I took a cash advance from NFCU (no fee) and deposited it into my NFCU checking.
Paid the loan from my NFCU checking.
BT the $1300 on the NFCU CC to one of my 0% cards for a $35 fee. This amount is about one months interest on the old personal loan.
I will stil pay it off in the same time frame (6 mos) and but save about $150 in interest. Could have used the CLOC for this but would not have saved as much.
All perfectly legit - some might say shady but do the banks stop from utilizing the rules if its a grey area? Nope.... 