Comments on: Be Careful with Balance Transfer Checks http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/ The Balance Transfer Credit Card Resource Mon, 06 Feb 2012 15:29:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1185 Balance Transfers Helper Fri, 02 Sep 2011 18:49:19 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1185 Mike, That's actually pretty dangerous. Putting the check into a bank account could cause it to be qualified as a cash advance and that is assuming the bank is able to accept it. However, if a balance transfer check is used this way, the interest rate after the intro rate expires will be at least 20% and likely 29.99%. Mike,

That’s actually pretty dangerous. Putting the check into a bank account could cause it to be qualified as a cash advance and that is assuming the bank is able to accept it. However, if a balance transfer check is used this way, the interest rate after the intro rate expires will be at least 20% and likely 29.99%.

]]> By: Mike http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1184 Mike Thu, 01 Sep 2011 23:49:07 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1184 To solve this problem, why not deposit the check into your checking account. Then if it bounces the most you loose is 40 dollars. Then once the check clears, write another check to the credit card company. To solve this problem, why not deposit the check into your checking account. Then if it bounces the most you loose is 40 dollars. Then once the check clears, write another check to the credit card company.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1183 Balance Transfers Helper Thu, 14 Jul 2011 13:06:06 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1183 No problem Carolyn. I hope you decide to move your money away from them because sending a check that is valid and then cashing it late is an abhorrent act and brutally unfair. No problem Carolyn. I hope you decide to move your money away from them because sending a check that is valid and then cashing it late is an abhorrent act and brutally unfair.

]]> By: Carolyn http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1182 Carolyn Tue, 12 Jul 2011 17:22:07 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1182 You're probably right about the collusion. GE Money Bank most likely thought the check would not go through if it was held up past the "Good Through" date. After all, most consumers are doing all possible to pay off credit balances and the credit card companies are doing all possible to keep it from happening. Thanks for your insight. You’re probably right about the collusion. GE Money Bank most likely thought the check would not go through if it was held up past the “Good Through” date. After all, most consumers are doing all possible to pay off credit balances and the credit card companies are doing all possible to keep it from happening.
Thanks for your insight.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1181 Balance Transfers Helper Sun, 10 Jul 2011 15:28:44 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1181 Uggh. What a mess. I don't think there was collusion (MasterCard is just the processor, not a party to the transaction), but I've yet to hear anything positive about GE Money Bank in over seven years! I would keep fighting, but be careful and avoid not paying, as the credit score damage is not worth it. Uggh. What a mess. I don’t think there was collusion (MasterCard is just the processor, not a party to the transaction), but I’ve yet to hear anything positive about GE Money Bank in over seven years! I would keep fighting, but be careful and avoid not paying, as the credit score damage is not worth it.

]]> By: Carolyn http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1180 Carolyn Thu, 07 Jul 2011 17:27:32 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1180 I used a Master Card check promoted as a 2% for the life of the balance but GE Money Bank (Lowe's consumer account) held up the check for a month. The check clearly stated "Good Through April 30, 2011. Toward the end of May, I received a letter from GE Money Bank stating they had "an inadvertent system error" and would be back dating the payment to April 25th. Of course, Master Card reflected May 20th so I am being charged 16.75% variable. Since GE Money Bank had the most to loose, I believe there was collusion between the two and GE money Bank was paid a kick-back by Master Card for delaying the check. I am fighting it but we all know they do what they want to do and threaten us with the dreaded Credit Bureaus. I'm really tired of one-sided honesty in business transactions. I used a Master Card check promoted as a 2% for the life of the balance but GE Money Bank (Lowe’s consumer account) held up the check for a month. The check clearly stated “Good Through April 30, 2011. Toward the end of May, I received a letter from GE Money Bank stating they had “an inadvertent system error” and would be back dating the payment to April 25th. Of course, Master Card reflected May 20th so I am being charged 16.75% variable. Since GE Money Bank had the most to loose, I believe there was collusion between the two and GE money Bank was paid a kick-back by Master Card for delaying the check. I am fighting it but we all know they do what they want to do and threaten us with the dreaded Credit Bureaus. I’m really tired of one-sided honesty in business transactions.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1179 Balance Transfers Helper Mon, 13 Jun 2011 15:11:36 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1179 Jason, You can avoid a lot of issues by reading the fine print, but you can also run into trouble with things that aren't directly addressed. For example, many credit card companies don't explicitly state depositing the checks counts as a cash advance, but they often do and thus come with rates that can be as high as 29.99% on top of 4-5% fees. Also, another reason I have strongly argued against using credit card checks is based on stories I have been told by site visitors who wrote out checks and had them denied by their credit card companies, even though they had enough credit. Thus, as someone with seven years experience in the credit card world, I always tell visitors who submit comments or email me to handle all <a title="Balance Transfers" href="http://www.smartbalancetransfers.com" rel="nofollow">balance transfers</a> over the phone just to be careful and make sure things go correctly. Jason,

You can avoid a lot of issues by reading the fine print, but you can also run into trouble with things that aren’t directly addressed.

For example, many credit card companies don’t explicitly state depositing the checks counts as a cash advance, but they often do and thus come with rates that can be as high as 29.99% on top of 4-5% fees.

Also, another reason I have strongly argued against using credit card checks is based on stories I have been told by site visitors who wrote out checks and had them denied by their credit card companies, even though they had enough credit.

Thus, as someone with seven years experience in the credit card world, I always tell visitors who submit comments or email me to handle all balance transfers over the phone just to be careful and make sure things go correctly.

]]> By: Jason http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1178 Jason Fri, 10 Jun 2011 15:55:55 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1178 As long as you read the fine print and understand the rules, you should not have a problem. With all the bank's issues within the last 24 months, a lot of them are sister companies now and you can not do a balance transfer offer within the same banks or related banks... the best bet is to deposit the checks in your bank account and spend the money as needed As long as you read the fine print and understand the rules, you should not have a problem. With all the bank’s issues within the last 24 months, a lot of them are sister companies now and you can not do a balance transfer offer within the same banks or related banks… the best bet is to deposit the checks in your bank account and spend the money as needed

]]> By: Julie Danielsob http://www.smartbalancetransfers.com/blog/2009/09/be-careful-with-balance-transfer-checks/comment-page-1/#comment-1177 Julie Danielsob Sat, 22 Jan 2011 01:24:35 +0000 http://www.smartbalancetransfers.com/blog/?p=518#comment-1177 same thing happened to me I wrotea transfere check for 500 and It bounced I had wrote one earlier in the yr for 5000 and it sailed right thougno problrmds All credit cards are a crooked as a snake to bad a few more customers don't file bankrupcy and break ther asses!! same thing happened to me I wrotea transfere check for 500 and It bounced I had wrote one earlier in the yr for 5000 and it sailed right thougno problrmds All credit cards are a crooked as a snake to bad a few more customers don’t file bankrupcy and break ther asses!!

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