Comments on: How to Hurt Your Credit Score with a Balance Transfer http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/ The Balance Transfer Credit Card Resource Tue, 09 Mar 2010 20:45:10 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Gigi http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/comment-page-1/#comment-5789 Gigi Fri, 26 Jun 2009 18:42:08 +0000 http://www.smartbalancetransfers.com/blog/?p=193#comment-5789 I completely agree with you. Back in the day when balance transfer fees were capped, if you had more than a couple of transfers to make this trick could potentially save you a few hundred dollars by making only one transfer and doling out the money from there. Also, interest rates weren’t so outrageous then so it didn’t seem like such a great risk. Certainly, everything is way too volatile right now to chance it. I completely agree with you. Back in the day when balance transfer fees were capped, if you had more than a couple of transfers to make this trick could potentially save you a few hundred dollars by making only one transfer and doling out the money from there. Also, interest rates weren’t so outrageous then so it didn’t seem like such a great risk. Certainly, everything is way too volatile right now to chance it.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/comment-page-1/#comment-5777 Balance Transfers Helper Thu, 25 Jun 2009 15:14:12 +0000 http://www.smartbalancetransfers.com/blog/?p=193#comment-5777 Gigi, That sounds like a dangerous game. I see how making the check out to the bank may trick the credit card company into thinking you're paying off a balance transfer, but its a very risky move these days, especially given the fact that a cash advance rate is usually 30% Gigi,

That sounds like a dangerous game. I see how making the check out to the bank may trick the credit card company into thinking you’re paying off a balance transfer, but its a very risky move these days, especially given the fact that a cash advance rate is usually 30%

]]> By: Gigi http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/comment-page-1/#comment-5765 Gigi Tue, 23 Jun 2009 18:41:48 +0000 http://www.smartbalancetransfers.com/blog/?p=193#comment-5765 I've gotten around using balance transfer checks as a cash advance without it being treated as a cash advance. You can make a deposit into your checking or savings account with a check made out to your bank, it doesn't have to be made out to yourself or cash. In this way, it could appear that you are paying a bank that you may or may not have a credit card with. I’ve gotten around using balance transfer checks as a cash advance without it being treated as a cash advance. You can make a deposit into your checking or savings account with a check made out to your bank, it doesn’t have to be made out to yourself or cash. In this way, it could appear that you are paying a bank that you may or may not have a credit card with.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/comment-page-1/#comment-5755 Balance Transfers Helper Sun, 21 Jun 2009 00:22:00 +0000 http://www.smartbalancetransfers.com/blog/?p=193#comment-5755 Credit card companies do send balance transfer checks, but if they are not sent to a credit card company, they will in all likelihood be treated as cash advances and be charged an extremely high interest rate. Thus, there really is no way to use a balance transfer transaction as a cash advance. Credit card companies do send balance transfer checks, but if they are not sent to a credit card company, they will in all likelihood be treated as cash advances and be charged an extremely high interest rate. Thus, there really is no way to use a balance transfer transaction as a cash advance.

]]> By: Michelle Landron http://www.smartbalancetransfers.com/blog/2009/04/balance-transfers-credit-scores/comment-page-1/#comment-5749 Michelle Landron Thu, 18 Jun 2009 15:36:21 +0000 http://www.smartbalancetransfers.com/blog/?p=193#comment-5749 How can you utilize a balance transfer transaction to get cash instead of doing a cash advancement? How can you utilize a balance transfer transaction to get cash instead of doing a cash advancement?

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