Money Tips: Balance Transfer to a Credit Card with No Balance

Posted On: August 18, 2006

Guest: bellbellx
Post subject: Balance Transfer to a Credit Card with No Balance
Posted: Fri Aug 18, 2006 2:00 pm

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However, Citi rescinded their NO FEE offer and added a 3% fee.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.

Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Aug 18, 2006 5:42 pm

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”

Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Aug 18, 2006 8:52 pm

AMEX “MAY” CLOSE YOUR ACCOUNT

THEY THREATENED ME WITH ACCOUNT CLOSURE

THEY CALL IT MONEY LAUNDERING

WHY??? I HAVE NO IDEA

Guest: spjoink
Credit Expert (100+ Posts)
Posted: Fri Aug 18, 2006 8:59 pm

really , what happened excacly …please explain