Question about balance transfe

Discussion in 'Credit Talk' started by sam, Mar 3, 2001.

  1. sam

    sam Well-Known Member

    ok. I've never done this.

    Can I balance transfer from my citi card to say my capital one card. Even if i don't owe anything on the my capitalone card?

    will cap 1 take the check? If its say $2000 over my balance? and post it?

    Will I be able to get the cash back on a balance refund and then use the intro balance transfer rate as a low interest personal loan?

    I dont owe anything on my cards right now but i could use a personal loan for $2k-4k for some car stuff.

    I really need cash not credit and dont want to cash advance the whole amount and get stuck with 19.99% and fees!

    Can you balance transfer to
    1. yourself? (check payable to you)
    2. Someone else ?
    3. someone elses credit card?

    hints please.
  2. other me

    other me Guest

    Re: Question about balance tra

    I've done it before. Do the balance transfer, and on the card you transfer from, you should end up with a credit balance. Then call and ask for a refund.
  3. lena

    lena Well-Known Member

    Re: Question about balance tra

    You can have Citibank send a payment to your Cap 1 account. Some companies won't allow you to send a balance transfer to yourself or another individual. It must be sent to a company.

    I would advise against transferring such a large amount to a zero balance card if time is an issue. You will get your money back, but it may take awhile. A lot of companies won't issue a refund for 3-4 weeks, depending on the amount of the overpayment (they want to make sure the payment they received cleared).
  4. Shell

    Shell Guest

    Re: Question about balance tra

    Sam, if you use the transfer from Citibank, they will send you a check directly and you can use it as you wish. I just did this recently and had the check in 8 days, I am not sure all banks do this but I do know Citibank does.
  5. Geo

    Geo Well-Known Member

    Re: Question about balance tra

    Couldn´t you make a Cash advance from Cap One Example $1100 and then send the citibank balance transfer check (Ex $ 2500) to them and ask for the credit refund?.
  6. Saar

    Saar Banned

    Re: Question about balance tra

    Actually you can have the first $1K of the BT register as a PURCHASE (meaning you enjoy a grace period, unlike a BT transaction).

    Just move the money to a Yahoo's PayDirect account, change your CC details to the Cap 1, and then move the PayDirect balance back to the credit card. I've just done the to make a fee-free & interest-free BT from my Amex Blue to the Amex Opt Plat. Works like a charm, and it's not against Yahoo's policy, because I did not move the money to my own checking account.


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