Credit Tips: Balance Transfer Onto Credit Card With No Balance

Posted On: August 18, 2006

Author: bellbellx
Posted: Fri Aug 18, 2006 2:00 pm
Post subject: “Balance Transfer” onto a card with no balance

I recently applied and was approved for a BofA signature USAir card. I’m purely interested in the 25k miles. The card has a $90 fee, but I decided to offset that by taking advantage of their 0% balance transfer offer for 6 mos (by getting cash and depositing to savings).

On the original app, I requested a $9900 transfer to a Citi card. At the time, that Citi card had a high apr but NO FEE BT offer available, and they allow BT into checking account… so I thought I would just put that through right after BofA is approved and essential turn the 0% BofA offer into cash that way. The BofA offer was specifically restricted to “initial transfers” with “16 digit account #s”.

However, Citi rescinded their NO FEE offer and added a 3% fee. I verified this on the phone with them.

I then called BofA and tried to cancel my CITI BT request and put one in for a line of credit i have (and try to keep the intro 0% offer). However, the CSR said she’s not sure she can cancel the initial transfer, and she actually reccomended that I let the original BT request go through and wait for a $9900 check/credit balance from Citi.

Does anyone know if this will actually work? Or will Citi decline such a large payment onto a card with NO balance? The credit line on the Citi is $15k if that matters, with $0 balance as stated before.

Author: Polonius
Posted: Fri Aug 18, 2006 5:42 pm
Post subject:

Citibank doesn’t mind overpayments–or at least I haven’t read of any problems with Citibank about that so far. Just be sure you ask for a refund by check when the overpayment hits your account; DO NOT try to transfer it out online, since that’s usually considered a cash advance. You can have the check mailed to yourself…
_________________
Polonius
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

Author: mouse
Posted: Fri Aug 18, 2006 8:52 pm
Post subject: Balance Transfer Onto Credit Card With No Balance

AMEX “MAY” CLOSE YOUR ACCOUNT

THEY THREATENED ME WITH ACCOUNT CLOSURE

THEY CALL IT MONEY LAUNDERING

WHY??? I HAVE NO IDEA

Author: spjoink
Posted: Fri Aug 18, 2006 8:59 pm
Post subject: Balance Transfer Onto Credit Card With No Balance

really , what happened excacly …please explain

Author: mouse
Posted: Fri Aug 18, 2006 9:08 pm
Post subject: Balance Transfer Onto Credit Card With No Balance

Quote:

“spjoink”
really , what happened excacly …please explain

I had a credit balance like $5,000–$10,000 (maybe more) because of doing a BT deal “OVER-PAYMENT”

THEY JUST TOLD ME ON THE PHONE DON’T DO THAT AGAIN BECAUSE IT VIOLATES THE T.O.S.
(when I was asking for a check to be sent to me for the credit balance)

I asked for that in WRITING 4 times…never got it

IT “MAY” NOT EXIST

But with the money laundering issue they “MAY” still close your account BECAUSE THEY CAN

I’m not gonna’ risk it

It may not be an issue like under $100