Technically, yes. Practically, here are some reasons to carefully choose whether to do a BT using C2it with certain cards: 1. Because a balance can be only be moved from a CC to the C2it account, which will then allow you to either use it to credit another CC *or* fund your bank account - many CC issuers treat such a transaction as a cash advance. Ususally cash advances are bad due to higher apr and lower internal risk scores. 2. C2it would prefer that you use the service to either fund a bank account or send money to a person via e-mail. They do track how you transfer money and if they see too many CC-to-CC transactions (particularly if rewards are to be had) C2it will close the account. So you can't abuse the system. I liek to call and notify them ahead of time whenI will be moving large sums of money. 3. Also, for the few CCs that code the transaction as a real purchase, they can - like BofA - come back and recode it as a cash advance later on.
Hello, Marci. Since I have no experience with, or any real knowledge of, the c2it system, can you briefly tell me the pros and cons of using it and what advantages it presents? Appreciate the info! -chriscraft
Hi chriscraft, I've only used it for the past three weeks, but I was interested in C2it primarily b/c the MBNA and (I thought) the Citi USA cards registered the transactions as purchases, thus garnering me free reward points for transferring CC balances. But then I realized that tranferring balances for points was a violation of the C2it terms of service and I have stopped. Thus, I really don't have a use for C2it anymore. It works very well if you want to use a *Citibank* card to make purchases to a third party seller (i.e. Ebay) much like PayPal and PayDirect do or if you need a cash advance to your own bank account. The thing going for C2it is that all the domestic transactions are free (a real plus) and all the Citibank cards (as in Citibank, N.A.) register as purchases. So, conceivably, you'd never need to draw cash from a Citi card via an ATM ever again. A big con of C2it is that they have had some significant security lapses recently that are supposedly fixed. Hope this helps,
