Balance Transfer From Credit Card to Checking Account
Author: maxell
Posted: Tue Sep 23, 2003 1:34 pm
Post subject: Balance Transfer From Credit Card to Checking Account
I have question for Ira or Verne,I am not sure some of you had mentioned that i can make ballance transfer from CC with 0%apr to bank account and get interest durring the CC intro period.(I can't find the topic).Is that possible and how exactly i can make it.What am i supposed to tell them.
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author: Guest
Posted: Tue Sep 23, 2003 3:11 pm
Post subject: Balance Transfer From Credit Card to Checking Account
Call the company and tell them you want a cash advance directly deposited into your checking/savings account..its very easy to do
author: maxell
Posted: Tue Sep 23, 2003 11:49 pm
Post subject: Balance Transfer From Credit Card to Checking Account
The bank will treat this like cash advance and all the fees will apply.They were talking about something else,the bank look at that like ballance transfer.(i hope so at least)
author: Verne
Posted: Wed Sep 24, 2003 9:12 am
Post subject: Balance Transfer From Credit Card to Checking Account
Maxwell,
Go the second page of this forum to the "Help me get a first CC" topic on July 21st. In the replies, Ira discusses his methods.
I've yet to reach the point where I can use credit cards to my advantage myself so I haven't been able to iranize.
author: Ira
Posted: Wed Sep 24, 2003 9:58 pm
Post subject: Balance Transfer From Credit Card to Checking Account
Verne, your Iowa charm is showing through, you flatterer!
But seriously, folks, the question before the house is "what is a balance transfer?" Don't I have to transfer from the new card to another credit card account? Answer: No! If you say it's a balance transfer, then it's a balance transfer! You could even take one of those balance transfer checks the banks send out and make it out to me (Please? I could use the $$$!!!).
Here's how Ira makes money on balance transfers: I lie in wait for those "preapproved" offers that promise 0% finance charges for a year, and NO balance transfer fee. As soon as I get the card and their balance transfer checks, I make one out to myself for my credit limit less $500.00.l I deposit the check in an interest bearing account and leave it there until five days prior to the expiration of the 0% interest offer. At that time I withdraw the principal, pay off the credit card company in full, and I get to keep the interest. Oh yes, I also religiously pay at least the monthly minimum before the due date.
What have we done here? We have been playing with house money and winning. You're getting interest on somebody else's money and it's not costing you a dime. I just paid off the balance on a $9,500.00 transaction I did late last year. I made close to $200.00. Not a lot, but definitely feels better than a kick in the head. I currently have $17,500.00 worth of bank $$$ sleeping in an account until July, 2004. That one will make me close to $400.00.
It's a great country out there, folks. If they want to shower you with $$$, who are you to refuse?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Sep 23, 2003 1:34 pm
Post subject: Balance Transfer From Credit Card to Checking Account
I have question for Ira or Verne,I am not sure some of you had mentioned that i can make ballance transfer from CC with 0%apr to bank account and get interest durring the CC intro period.(I can't find the topic).Is that possible and how exactly i can make it.What am i supposed to tell them.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
author: Guest
Posted: Tue Sep 23, 2003 3:11 pm
Post subject: Balance Transfer From Credit Card to Checking Account
Call the company and tell them you want a cash advance directly deposited into your checking/savings account..its very easy to do
author: maxell
Posted: Tue Sep 23, 2003 11:49 pm
Post subject: Balance Transfer From Credit Card to Checking Account
The bank will treat this like cash advance and all the fees will apply.They were talking about something else,the bank look at that like ballance transfer.(i hope so at least)
author: Verne
Posted: Wed Sep 24, 2003 9:12 am
Post subject: Balance Transfer From Credit Card to Checking Account
Maxwell,
Go the second page of this forum to the "Help me get a first CC" topic on July 21st. In the replies, Ira discusses his methods.
I've yet to reach the point where I can use credit cards to my advantage myself so I haven't been able to iranize.
author: Ira
Posted: Wed Sep 24, 2003 9:58 pm
Post subject: Balance Transfer From Credit Card to Checking Account
Verne, your Iowa charm is showing through, you flatterer!
But seriously, folks, the question before the house is "what is a balance transfer?" Don't I have to transfer from the new card to another credit card account? Answer: No! If you say it's a balance transfer, then it's a balance transfer! You could even take one of those balance transfer checks the banks send out and make it out to me (Please? I could use the $$$!!!).
Here's how Ira makes money on balance transfers: I lie in wait for those "preapproved" offers that promise 0% finance charges for a year, and NO balance transfer fee. As soon as I get the card and their balance transfer checks, I make one out to myself for my credit limit less $500.00.l I deposit the check in an interest bearing account and leave it there until five days prior to the expiration of the 0% interest offer. At that time I withdraw the principal, pay off the credit card company in full, and I get to keep the interest. Oh yes, I also religiously pay at least the monthly minimum before the due date.
What have we done here? We have been playing with house money and winning. You're getting interest on somebody else's money and it's not costing you a dime. I just paid off the balance on a $9,500.00 transaction I did late last year. I made close to $200.00. Not a lot, but definitely feels better than a kick in the head. I currently have $17,500.00 worth of bank $$$ sleeping in an account until July, 2004. That one will make me close to $400.00.
It's a great country out there, folks. If they want to shower you with $$$, who are you to refuse?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:43 PM
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