Hi all, I have a tiered BT offer available from Chase with no transaction fee. My current CL is $3000, and they say they will increase my CL to $5000 (with no hard inquiry) - but only if I transfer exactly $5000. If I transfer $4500, the CL is $4500. Some questions: 1. Wouldn't transferring exactly $5000 put me at risk for going overlimit when the account cycles? If so, why would they make this type of stipulation for the CL increase? 2. Has anyone ever BT'd higher than the current CL and done so without getting a hard inquiry for the CL increase? 3. The card I want to BT from actually has no balance. Could I get Chase to BT from Cap One (0 balance) and have Cap One either BT it right back or send me a $5000 check in the mail? Will Chase BT from an empty account? Thanks,
I believe you can do it. Make sure you have all transactions completed before billing cycle ends. Otherwise you may end up with overlimit fee.
Platinum, I just sent this e-mail to Chase. I'll see what they have to say: _______ Hi, I have a policy question concerning the balance transfer offer currently on my account. My account number is xxxxxxxxx. The current offer allows me to exceed my current credit limit of $3000 if I transfer an amount up to a maximum of $5000. According to your website and customer service (I called tonight, 8/1/2002) - any balance transfer over the $3000 credit limit will be matched with the same credit line up to a $5000 max. The problem is this. If I balance transfer $4000, my new credit line would be $4000 and if I transferred $5000, my new credit line would be $5000. Any amount I transfer over $3000 will be accomodated by the *same* credit line ... meaning that if I took the offer, I would be automatically maxxed out on the card at 100% utilization. More importantly, when the account cycles into a new billing period, the finance charges on the balance transfer (that has NO grace period for finance accrual) will automatically put me over the credit limit that was set to match the initial balance transfer. Why is this? Why not give me a cushion of $200 over whatever amount I choose to transfer so that by accepting the offer, I don't kill my credit rating with Chase. The offer makes no sense as it is and any thinking person would reject it as a set up for an over-the-limit penalty. If I transfer $4800 - will Chase be willing to allow my credit line to be $5000? If Chase made this allowance in the offer, I would be a lot more interested in it. Thanks,
marci, Ask Capital One how long it takes them to send you refund? If it takes couple of days you will be able to pay off your Chase account before billing cycle ends and have new $5000 limit.
Re: Will this Chase BT strategy wor You can BT even if the balance on the other account is $0. It can even be your own bank account. Since it doesn't accrue interest (0% promo APR), there's not much of a risk of going over the limit. Still, you can make a payment shortly after your BT posts, to make sure you still have some available credit on that account. Saar
Re: Will this Chase BT strategy wor Do you mean checking and saving account? I think just some of credit card issuers are willing to transfer money to your checking or saving account. MBNA for example. I am not sure about Chase.
Re: Will this Chase BT strategy wor Saar - the BT apr is not 0%; it is 3.99% if I do $5000. So, finance charge accrual is potentially an issue for me. Now, I didn't think Chase allowed you to do a fee free BT into a bank account. If they do that, then that makes all the difference in the world. I can BT the day after my account cycles, then wait (two weeks!) for the funds to become available from my bank to pay it off in cycle. Hmmm... I'll give Chase a call on that one. I just have a feeling that "cash" and "BT check" balance transfers come with different terms and different aprs, but I'll find out the specifics for my offer. Platinum - it's kinda tough asking Cap One if they'll send me a credit balance refund check of $5000 on an account with no balance. It might beg the question of "what are you trying to do, here?" But I'll give them a call. Thanks for the suggestions!
Re: Will this Chase BT strategy wor marci, Do not mention the amount of $5000 when you call Capital One. You just need info how long it takes them to send you refund. I believe George is still waiting for refund from State Farm Bank. This strategy may be too risky or cost you some $$$.
Re: Will this Chase BT strategy wor Platinum, I just called Chase to have them send me a check made out in my name for deposit into my bank account for $5000. There is no transaction fee, and get this, the $5000 balance and the finance charges do NOT accrue until Chase receives the cancelled check back from my bank. Usually, these issuers post the balance and accrue finance charges the day they cut the check, but not Chase. I will deposit the check the day after my Chase account cycles, wait for the funds to become available and then pay Chase off before it cycles again. Voila! .. easy $5000 credit line with no inquiry! Thanks all,
Re: Will this Chase BT strategy wor Congratulations, marci!!! BTW they increased my limit from $5000 to $10000 but with hard inquiry on TransUnion.
Re: Will this Chase BT strategy wor Marci, Did you speak with customer service or retention? If you spoke with customer service, and they issued the check, the transaction will be considered a cash advance. When you get the check you can look at the check number to determine if it is a cash advance or a bt. If the check number is lower than 5000, it's a cash advance.
Re: Will this Chase BT strategy wor 1. I spoke with regular customer service. 2. The lady I talked with assured me that this was a BT check with no transaction fee at 3.99%. 3. I will look at the check number and photocopy the terms that come with the check to cover myself. 4. Question: How do you know that a check number under 5000 is = to a cash advance?
Re: Will this Chase BT strategy wor Well... that would explain it. But I'm 99% sure that this is a BT check I'm getting and not a cash advance one. I'll double and triple check,though before cashing it. Thanks for the heads up!
Re: Will this Chase BT strategy wor Marci: I received one of these offer three months ago. My limit was 3500 and was offered to increase it to 6000. So I made a check payable to myself for 5.9k and they raised my limit to 6k. Two days after the limit was raised I called to upgrade the card to Platinum. I got the new card in the mail in a week and then was granted another 1k increase automaticaly on their account online site. So my current limit is 7k Visa plat card.
Re: Will this Chase BT strategy wor Currently they are offering me a 0% bal transfer until Ago 2003 if I bal transfer again.
