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CHASE Balance Transfers Surprise!!!!!!


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Remember when I say Chase and Amex never offered balance transfers on my credit card accounts?

Well, surprise! Today, Chase just did it. I've had a relationship with Chase for almost a decade and for the first time Chase offers this balance transfer...

 

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My Goodness! Even let me make transfers to my checking account. What a pleasant surprise and I was in constant negatively saying the decline of their 5% cash advance on total credit limits.

 

 

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I wonder what happens when transferring $30K to my checking account? Would I be like Mr. Blue Shirt? All accounts closed!?!?!?  😜 :lol:

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4 hours ago, centex said:

That 4% fee is a real deal-killer though.

 

I had the same email.  Had not logged in to look at the terms but, 4% is NOT a good offer, even if it is the first one in seemingly forever. 

 

Agreed.  Best i'm seeing is back to 3% from various issuers (not sure what rate is charged on my Chase offers, if I have any). 

 

I'm very nostaligic for the 2%, and even 1%, 12-mo bt offers that Barclays was spitting out for awhile.

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4 hours ago, centex said:

That 4% fee is a real deal-killer though.

Yeah. I don't need it nor the propensity to move forward with it offered. 

 

Chase knew that I did not need any liquid cash. They now have 6-7 "already approved" credit cards available to me, and I am not interested in applying. 

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3 hours ago, MP80 said:

Chase knew that I did not need any liquid cash. They now have 6-7 "already approved" credit cards available to me, and I am not interested in applying. 

Chase Bank owns the "Early Warning Service", they know all my account deposits, transfers, and other activities.

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5 hours ago, hdporter said:

 

Agreed.  Best i'm seeing is back to 3% from various issuers (not sure what rate is charged on my Chase offers, if I have any). 

 

I'm very nostaligic for the 2%, and even 1%, 12-mo bt offers that Barclays was spitting out for awhile.

FNBO has been offering some 2% deals but with a ten dollar minimum.  APR also tended to suck...last one came in at 4.99%. 

 

I forget what the last one from Alliant was. 

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5 hours ago, schizcat said:

I guess in the long run it would depend on how much you save in interest vs. the fee. But if you don't need it then it wouldn't matter. 

Yep, it is. If you consider balance transfer, 4% of the transfer cost of $30,000 is cold hard cash of about $1,200 down the drain. 1% is more attractive, but if the duration of Chase is 14 months and the profit is $300, then it will be too small a return to shareholders with sufficient risk involved.

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9 hours ago, MP80 said:

Yep, it is. If you consider balance transfer, 4% of the transfer cost of $30,000 is cold hard cash of about $1,200 down the drain. 1% is more attractive, but if the duration of Chase is 14 months and the profit is $300, then it will be too small a return to shareholders with sufficient risk involved.

 

Which, is what I said basically.

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On 6/7/2021 at 10:48 AM, MP80 said:

I wonder what happens when transferring $30K to my checking account? Would I be like Mr. Blue Shirt? All accounts closed!?!?!?  😜 :lol:

Every Chase BT offer I have ever gotten, whether online or via mailed checks has had a cap of $15K per transaction.  That said I don't know if you can do it in multiple transactions via the same method.  I have done a $15k check and $15k online previously, but that was a long time ago and rules may have changed.  Did yours specify a cap of $30k?  Just wondering if that might be an individual cap...

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4 hours ago, CTSoxFan said:

Did yours specify a cap of $30k?

An excellent question to search for the answer to...  

 

NO, I was playing around with the dollar number. There's no $30,000 offer in there, there. This is not as generous as the Discover credit card provides you with the entire credit line to deposit into your checking account. Chase and American Express are generally cautious about liquid cash issues, which is why their cash advance accessibility is a small percentage limit of their total credit card limit. 

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