Think this would work???
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Think this would work???
| 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.

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
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
I would be very careful with that.
Yes, you CAN do this!
Becky
CL of 4th, 5th & 6th grade Scoliosis