Various Ways to Use Credit Card Balance Transfers
Author: oter
Posted: Mon Oct 31, 2005 1:23 am
Post subject: Can I use BT funds for savings?
I have never done a BT as I have always thought they could be used only to pay off other cards. However, after reading some threads on this site I had an idea and wondered if anyone could offer insight. I just received on offer for a Chase fleixible rewards signature visa. Although I don't really need another card this offer included a 0% BT offer with no fees for 15 months. I don't know how a BT works exactly but I'm wondering if it is possible to have them send me a BT check, write it to myself and deposit it into my checking account and then transfer it to an ING or Emmigrant Direct account for a 15 months while making the minimum payment to Chase and collecting interest on it until the 0% is up. Then at the end of 15 months I could take whatever I need to from the savings and pay off Chase.
I figured if I could get a $3000 limit (that's what they just gave me on my Cash Plus card 2 months ago). I could make about $150 in interest in 15 months (Emmigrant Direct is at 4% APY right now).
One other question: I just heard of a Visa signature card yesterday, while reading something in the forum. Then I got this offer in the mail. I'm under the impression Signature is supposed to be more prestigious than platinum (that's the impression I got?). My question is how hard are these Signature cards to get? I am a student with an annual household income of a little less than 20K. I have a FICO of around 740-750. Three other open card accounts total CL's of 10.5K. Do I have a shot? I just don't want to apply for this and have them decide I'm not eligible for the signature card and get stuck with a platinum card I don't need and can't use because they won't give me the BT deal. I know you can't say for sure but if I could get an idea of what it takes to get the Signature cards that would be great. Thanks in advance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Mon Oct 31, 2005 1:38 am
Post subject: Re: Can I use BT funds for savings?
shooter wrote:
I have never done a BT as I have always thought they could be used only to pay off other cards. However, after reading some threads on this site I had an idea and wondered if anyone could offer insight. I just received on offer for a Chase fleixible rewards signature visa. Although I don't really need another card this offer included a 0% BT offer with no fees for 15 months. I don't know how a BT works exactly but I'm wondering if it is possible to have them send me a BT check, write it to myself and deposit it into my checking account and then transfer it to an ING or Emmigrant Direct account for a 15 months while making the minimum payment to Chase and collecting interest on it until the 0% is up. Then at the end of 15 months I could take whatever I need to from the savings and pay off Chase.
I figured if I could get a $3000 limit (that's what they just gave me on my Cash Plus card 2 months ago). I could make about $150 in interest in 15 months (Emmigrant Direct is at 4% APY right now).
One other question: I just heard of a Visa signature card yesterday, while reading something in the forum. Then I got this offer in the mail. I'm under the impression Signature is supposed to be more prestigious than platinum (that's the impression I got?). My question is how hard are these Signature cards to get? I am a student with an annual household income of a little less than 20K. I have a FICO of around 740-750. Three other open card accounts total CL's of 10.5K. Do I have a shot? I just don't want to apply for this and have them decide I'm not eligible for the signature card and get stuck with a platinum card I don't need and can't use because they won't give me the BT deal. I know you can't say for sure but if I could get an idea of what it takes to get the Signature cards that would be great. Thanks in advance.
Do with it what ever you want
They probably won't BT it to a SAVINGS ACCOUNT but they many times issue BT checks that you can write to the bank and make it a deposit
Author: shooter
Posted: Mon Oct 31, 2005 1:47 am
Post subject: Credit Card Balance Transfers
I just wasn't sure if it was possible to get a check from them or if they insist on sending funds directly.
Author: maddybeagle
Posted: Mon Oct 31, 2005 10:47 am
Post subject:
you can also have it transferred to another account and have a credit balance issued on that card (discover and citibank are ok with that). I have noticed the cc bt checks from chase are usually 1% higher rate than my online bt options so look for that.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Oct 31, 2005 1:23 am
Post subject: Can I use BT funds for savings?
I have never done a BT as I have always thought they could be used only to pay off other cards. However, after reading some threads on this site I had an idea and wondered if anyone could offer insight. I just received on offer for a Chase fleixible rewards signature visa. Although I don't really need another card this offer included a 0% BT offer with no fees for 15 months. I don't know how a BT works exactly but I'm wondering if it is possible to have them send me a BT check, write it to myself and deposit it into my checking account and then transfer it to an ING or Emmigrant Direct account for a 15 months while making the minimum payment to Chase and collecting interest on it until the 0% is up. Then at the end of 15 months I could take whatever I need to from the savings and pay off Chase.
I figured if I could get a $3000 limit (that's what they just gave me on my Cash Plus card 2 months ago). I could make about $150 in interest in 15 months (Emmigrant Direct is at 4% APY right now).
One other question: I just heard of a Visa signature card yesterday, while reading something in the forum. Then I got this offer in the mail. I'm under the impression Signature is supposed to be more prestigious than platinum (that's the impression I got?). My question is how hard are these Signature cards to get? I am a student with an annual household income of a little less than 20K. I have a FICO of around 740-750. Three other open card accounts total CL's of 10.5K. Do I have a shot? I just don't want to apply for this and have them decide I'm not eligible for the signature card and get stuck with a platinum card I don't need and can't use because they won't give me the BT deal. I know you can't say for sure but if I could get an idea of what it takes to get the Signature cards that would be great. Thanks in advance.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Mon Oct 31, 2005 1:38 am
Post subject: Re: Can I use BT funds for savings?
shooter wrote:
I have never done a BT as I have always thought they could be used only to pay off other cards. However, after reading some threads on this site I had an idea and wondered if anyone could offer insight. I just received on offer for a Chase fleixible rewards signature visa. Although I don't really need another card this offer included a 0% BT offer with no fees for 15 months. I don't know how a BT works exactly but I'm wondering if it is possible to have them send me a BT check, write it to myself and deposit it into my checking account and then transfer it to an ING or Emmigrant Direct account for a 15 months while making the minimum payment to Chase and collecting interest on it until the 0% is up. Then at the end of 15 months I could take whatever I need to from the savings and pay off Chase.
I figured if I could get a $3000 limit (that's what they just gave me on my Cash Plus card 2 months ago). I could make about $150 in interest in 15 months (Emmigrant Direct is at 4% APY right now).
One other question: I just heard of a Visa signature card yesterday, while reading something in the forum. Then I got this offer in the mail. I'm under the impression Signature is supposed to be more prestigious than platinum (that's the impression I got?). My question is how hard are these Signature cards to get? I am a student with an annual household income of a little less than 20K. I have a FICO of around 740-750. Three other open card accounts total CL's of 10.5K. Do I have a shot? I just don't want to apply for this and have them decide I'm not eligible for the signature card and get stuck with a platinum card I don't need and can't use because they won't give me the BT deal. I know you can't say for sure but if I could get an idea of what it takes to get the Signature cards that would be great. Thanks in advance.
Do with it what ever you want
They probably won't BT it to a SAVINGS ACCOUNT but they many times issue BT checks that you can write to the bank and make it a deposit
Author: shooter
Posted: Mon Oct 31, 2005 1:47 am
Post subject: Credit Card Balance Transfers
I just wasn't sure if it was possible to get a check from them or if they insist on sending funds directly.
Author: maddybeagle
Posted: Mon Oct 31, 2005 10:47 am
Post subject:
you can also have it transferred to another account and have a credit balance issued on that card (discover and citibank are ok with that). I have noticed the cc bt checks from chase are usually 1% higher rate than my online bt options so look for that.
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 6:16 PM
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