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Citi Business Balance Transfer - Should I?


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5 replies to this topic

#1 kpb

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Posted 16 December 2008 - 01:17 AM

I read the FAQ/INFO and it said nothing about it only transferring from business accounts. While some view this as a way to 'hide' debt, I really do just want to say goodbye to my personal cards and keep the score up and pay it all with Citi

I want to build a relationship with citi and focus primarily on my business. I'm about to pay my first statement in full.

What do you think? It's being offered, have you done this before in this credit climate and do you think they are ok if I take advantage with it? They say I can do it for up to 4 accounts.



#2 kpb

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Posted 16 December 2008 - 04:30 PM

Is this now frowned upon?

#3 Celtic_Bhoy

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Posted 19 July 2011 - 12:49 AM

bump

#4 BRBiz

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Posted 19 July 2011 - 06:10 AM

Well it is frowned upon, your not suppose to use business cards for personal purchases. They may or may not catch it. Problem could be if they do catch it after the fact and they bump your rate up on it since you would be in default of the cardholder agreement. maybe some one on here has been able to do it but I haven't heard any one mention it.

#5 gregcjackson

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Posted 20 July 2011 - 12:38 PM

If I were to consider doing like this, I would think it would go something like( if possible): Use a card that provides BT checks. Make the check out to your company and deposit in company account. Make a loan to yourself from the company ( with all legit paperwork drawn up). Have the company write you a check. Deposit in your bank and pay your bills. Then you make your monthly payments to the company, company pays biz card payments.

I would be a little more concerned about complying with tax consequences than the bank to be honest.

Edited by gregcjackson, 20 July 2011 - 12:39 PM.


#6 BRBiz

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Posted 26 July 2011 - 10:40 PM

The problem is most dont give you checks any more for BT's.




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