Limit on Credit Card Balance Transfers
Author: thepooh
Posted: Tue Jul 13, 2004 1:29 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 1:51 pm CDT
Is there a limit on the amount I can transfer from 1 credit card account to another? Is it limited to the outstanding balance on the receiving card?
The point is that I received an offer from MBNA for a 0% APR on balance transfer and cash advance for 9 months. Also there are no transaction fees if I transfer balance when I apply for the card. But since I don't have any outstanding balance on any of my other cards (since I pay my balance in full every month), can I still transfer $10,000 (if approved for this amount) to my card with $0 balance? If this is possible, what prevents me from transferring $10,000 to my other card, getting a refund check from this card and investing the money in a CD for 6 months? Is this legal?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ed Mason
Posted: Tue Jul 13, 2004 1:30 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 5:13 pm CDT
Ask for a deposit into your checking acct for 10000.00, It is treated the same as a Balance transfer.. Just cll them up and tell them what you would like to do.. There is no fee if you do this.. Also there are no finance charges for 9 months.. Just be careful and make sure that you get your payment there by the due date.. If you don't you will lose your 0 % rate.. Good luck
Author: Harry
Posted: Tue Jul 13, 2004 1:31 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 6:00 pm CDT
Why not transfer the balance directly into a checking or money market account? I've done this several times. I just put the name of my bank as my creditor, and the account number. I paid off one Citibank promo with another Citibank promo this way. I've only seen one application (First USA?) that limited it to credit cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: jl
Posted: Tue Jul 13, 2004 1:31 am
Post subject: Limit on Credit Card Balance Transfers
11/13/2001 9:45 pm CDT
Do you tell them that it's a checking account? Will they know it's a checking account? Also, would they let you do it if they knew it was going to be a balance transfer for CASH? Thanks
Posted: Tue Jul 13, 2004 1:29 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 1:51 pm CDT
Is there a limit on the amount I can transfer from 1 credit card account to another? Is it limited to the outstanding balance on the receiving card?
The point is that I received an offer from MBNA for a 0% APR on balance transfer and cash advance for 9 months. Also there are no transaction fees if I transfer balance when I apply for the card. But since I don't have any outstanding balance on any of my other cards (since I pay my balance in full every month), can I still transfer $10,000 (if approved for this amount) to my card with $0 balance? If this is possible, what prevents me from transferring $10,000 to my other card, getting a refund check from this card and investing the money in a CD for 6 months? Is this legal?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ed Mason
Posted: Tue Jul 13, 2004 1:30 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 5:13 pm CDT
Ask for a deposit into your checking acct for 10000.00, It is treated the same as a Balance transfer.. Just cll them up and tell them what you would like to do.. There is no fee if you do this.. Also there are no finance charges for 9 months.. Just be careful and make sure that you get your payment there by the due date.. If you don't you will lose your 0 % rate.. Good luck
Author: Harry
Posted: Tue Jul 13, 2004 1:31 am
Post subject: Limit on Credit Card Balance Transfers
11/12/2001 6:00 pm CDT
Why not transfer the balance directly into a checking or money market account? I've done this several times. I just put the name of my bank as my creditor, and the account number. I paid off one Citibank promo with another Citibank promo this way. I've only seen one application (First USA?) that limited it to credit cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: jl
Posted: Tue Jul 13, 2004 1:31 am
Post subject: Limit on Credit Card Balance Transfers
11/13/2001 9:45 pm CDT
Do you tell them that it's a checking account? Will they know it's a checking account? Also, would they let you do it if they knew it was going to be a balance transfer for CASH? Thanks
posted by CardRatings.com at 1:39 PM
0 Comments:
Post a Comment
<< Home