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Chase Freedom Balance Transfer Check
Posted on 4/22/14 at 9:47 am
Posted on 4/22/14 at 9:47 am
Chase sent a promotional item out last week. It's a check to transfer other CC debt to your Freedom account for 0% interest for 12 months (June 2015). It also says you can write your self a check or do whatever with the money if you don't need to transfer a CC account. The maximum is 5,000. Let's say I have 3,000 debt with the Chase freedom account, can I write the check to myself for $3,000 and pay off my debt? It appears I can make the transfer and not pay interest for a year. What am I missing?
3
Posted on 4/22/14 at 9:54 am to PetreauxCat
The upfront fee/service charge on the check is what you are missing.
Posted on 4/22/14 at 10:04 am to drsung
The fee is $100
Posted on 4/22/14 at 10:13 am to PetreauxCat
Usually a fee or a percentage for the transfer aside from interest
Last few I've seen are 3% service charge on balance transfer
Only good if you have a large debt that you know will take a while to pay off
Last few I've seen are 3% service charge on balance transfer
Only good if you have a large debt that you know will take a while to pay off
Posted on 4/22/14 at 2:10 pm to Croacka
Look into Chase Slate. They have 0% interest and 0% balance transfer I BELIEVE.
Posted on 4/22/14 at 7:29 pm to Teddy Ruxpin
quote:
Look into Chase Slate. They have 0% interest and 0% balance transfer I BELIEVE.
This is correct, at least for the first 60 days. Or you can get a card that offers 0% APR on purchases and just use it for everything, it'll pile up.
To answer the OP, if you're using $3K of a $5K line then you only have $2K left you can write the check for. Yes, you can write the check for cash to yourself and then pay Chase two grand, but that just gets you back to owing $3K. Plus the 3% fee, of course.
Posted on 4/23/14 at 6:22 am to PetreauxCat
You could "refinance" the debt by paying it off, then immediately writing yourself a check at the 0% rate. Your real interest rate would be the BT fee, which is almost guaranteed to be way less than the standard interest rate.
Although, if you have the cash to pay it off and do this, why not just pay it off and not do the BT?
Although, if you have the cash to pay it off and do this, why not just pay it off and not do the BT?
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