Balance transfer FROM Chase... TO Chase?

[Sandwitch]

Howdy All,

 

Does anyone have any experience transferring balances between cards owned by the same issuer?

 

I was just approved for a Chase Sapphire Preferred. I do have a large purchase to make, so I should have no trouble meeting the 3K minimum spending limit to get the bonus. I don't really feel like shelling out 3K at the end of the statement cycle however, and had the idea that I might find a nice balance transfer card and pay it off at my leisure. This may qualify me as a money grubbing, penny pinching so-and-so, which would delight me to no end.

 

Trouble is, the card that I want happens to be the Chase Slate due to the $0 balance transfer fee. Is that inappropriate? Poor credit etiquette? Frowned upon? Not allowed? Only the last one concerns me, and while the dear Indian ladies that answer my calls and usher me toward meeting their quota have been very obliging and mostly intelligible, I'm not sure that I want to broach that subject with them. I might be a paranoid weenie.

 

This is my first post, so please forgive any faux pas. All of you have brought me great, analytical joy for the past few months, and a healthy dose of chuckles, so thanks for that!

 

Best Regards,

Sandwitch

[doghouse]

I tried to transfer a chase card balance to my new Freedom card and they said that you can't transfer a balance from another chase card.

[NewbietoFinance]

Most, if not all Banks will not allow transfers internally... You'd have to move it out, and then back in again....And really, is it worth possibly getting hit with 6% in fees?

[CTSoxFan]

Can't do transfers from one Chase card to another.

[PotO]

Actually, you can. In a way.

 

If you have a Chase checking or savings account, you can get up to $5,000 per quarter as a balance transfer directly into your Chase deposit account. So, you get $5,000 from your Slate -- at 0% and no BT fee -- sent to your Chase deposit account and then use that r money as you see fit.

 

Personally, I would first move the $5,000 to yet another account at a different bank and then BillPay it to your Sapphire. No sense in being too obvious.

[messager]

Actually, you can. In a way.

 

If you have a Chase checking or savings account, you can get up to $5,000 per quarter as a balance transfer directly into your Chase deposit account. So, you get $5,000 from your Slate -- at 0% and no BT fee -- sent to your Chase deposit account and then use that r money as you see fit.

 

Personally, I would first move the $5,000 to yet another account at a different bank and then BillPay it to your Sapphire. No sense in being too obvious.

 

 

+1

yeap

[mj]

Sometimes doing the balance xfer to a checking account or paid to you is treated as a cash advance and/or won't qualify for any promo rates (BOA does that "Please note, if you write an access check made payable to yourself, cash, or to anyone authorized to use your account, it is not eligible for these promotional offers.") - also, doing so can raise a red flag.

 

One trick - what PotO said - if you have a line of credit (regular or overdraft) at another bank, balance xfer using that LOC account as an intermediary.

[shifter]

the ability to drop 5k into your checking account is a Chase specific feature.

 

it qualifies for whatever BT offer you have on your account at the time.

[CTSoxFan]

the ability to drop 5k into your checking account is a Chase specific feature.

 

it qualifies for whatever BT offer you have on your account at the time.

 

 

You can actually do the same with Citi and BOA on their cards...so technically you can do the BT, get the funds at the BT rate and then use them to pay off the other card. I would only be leery if the checking account and 2 cards were all with the same bank...although they would likely never catch on (especially because you can easily say that you used the funds that were already in your checking account to pay the other card...)

 

I forgot about this option in my above post...

[Allisson0605]

Agree , I would move it out of the bank, and then Bill pay a slightly different amount to desired card.

Specially with Chase.

[PotO]

Where this comes out as a somewhat incredibly sweet deal is with Chase and, specifically, the Chase Slate or, to e lesser extent, the Sapphire. I say "somewhat" because you are limited to $5,000 per quarter.

 

Unlike virtually every BT offer I have seen from Citi or BOA, the Slate has no BT fees during the first sixty days of account opening plus, of course, a 0% APR for 15 months. The Sapphire comes in close because they almost always send me 0% BT checks and their BT fee is only 2%.

 

On the other hand, every BT offer I have ever received from Citi or BOA carries a 3%, 4% or even 5% BT fee. Double the BT fee, and that's practically your APR. A 3% BT fee is slightly worse that just paying a 6% APR for the money. Now, while 6% may not be bad, 0% is better.

[CTSoxFan]

Agree pot, some offers are better than others, and you have to be careful or the fee can outweigh the interest cost.

 

I have a Frontier card through Barclays and the only reason I haven't converted it to something else is because I always get 0% BT offers for 16-18 months with a 1% fee. I don't want to potentially give those up by switching cards (and I am not saying I would lose them for sure, just don't want to chance it.)

[PotO]

1% is sweet.