Think this would work???

iVillage Member
Registered: 10-21-2003
Think this would work???
6
Tue, 03-08-2005 - 4:29pm
I have a scenario....I wanted to get a second opinion to see if any of you think that this would/would not work. I currently have a credit card that I had balance transferred the majority of my credit card debt to because it was 0%. The 0% will be expiring soon and I just recently received convenience checks in the mail for balance transfer, purchases, or cash for 2.9 for the life of my balance on the same card. I got to thinking, is there any reason that I would not be able write a check to myself for the balance, deposit it and turn around and make an electronic payment to my CC to take advantage of the new rate??? It would be robbing Peter to pay Peter, but I cannot think of a reason that this would not work. I already asked about switching to the new promotional rate, but no-go.
iVillage Member
Registered: 12-05-2004
Tue, 03-08-2005 - 7:16pm
I think you "can" do this. When we got our last promotional checks from our credit card, it listed several suggestions on how to use them...pay off other debts, transfer balances, or even write a check to yourself for cash in hand. So I can't imagine why you wouldn't be able to write the check to yourself.
iVillage Member
Registered: 06-16-2004
Tue, 03-08-2005 - 9:34pm

It would depend on how they would apply your payment. Some credit cards pay most of the balance towards the cheaper interest rate, and then a small portion to your higher interest rate.

Is there a way for you to do a double transfer to a different card?

Also double check the fine print. I know when my ATT card send me checks they always say in teeny tiny print that I can not use it for Citibank (their parent company)

Nicola

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iVillage Member
Registered: 10-21-2003
Tue, 03-08-2005 - 10:41pm

If it all works like I *think* it will work, I would have a zero balance before the check even hit my account. My credit union woul not hold the check so the cash would be available right away and I can make a same day payment before the check I wrote even leaves the bank.

Who knows

iVillage Member
Registered: 12-07-2003
Tue, 03-08-2005 - 11:29pm

I would be very careful with that.

iVillage Member
Registered: 12-21-2004
Wed, 03-09-2005 - 6:08am
The last time that I tried to deposit a cc check into my checking accounty my bank told me that they no longer accept these checks they said that I could go in and use the card to make an advance then deposit it. I had deposited checks in the past with no problem but now they say it is a bank policy. But I have had no problem paying other people or bills with the checks and then I guess the people I pay just deposit the check with no problem.
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Wed, 03-09-2005 - 9:28am

Yes, you CAN do this!