Just transferred $42,000 from a credit card

**project15** · 05-07-2007, 03:11 PM

Wow, that's pretty ballsy. Good luck with that.

**kv968** · 05-07-2007, 03:28 PM

Uh, Safari, I'd check and make sure about that "Direct Deposit" they did.

From the BOA website:

"0% Introductory APR applies to Direct Deposits that are not processed online (non-online Direct Deposits) and Check Cash Advances through your first twelve statement Closing Dates (the Promotional Period)...."

"The Standard APR for Bank and ATM Cash Advances and online Direct Deposits is 19.99% for all accounts."

"2 The Introductory APR is effective upon the opening of your account and does not apply to Purchases, Bank and ATM Cash Advances, or online Direct Deposits..."

I'd be concerned about what they consider an "online Direct Deposit".

**safari** · 05-07-2007, 04:12 PM

Originally posted by kv968 View Post

Uh, Safari, I'd check and make sure about that "Direct Deposit" they did.

From the BOA website:

"0% Introductory APR applies to Direct Deposits that are not processed online (non-online Direct Deposits) and Check Cash Advances through your first twelve statement Closing Dates (the Promotional Period)...."

"The Standard APR for Bank and ATM Cash Advances and online Direct Deposits is 19.99% for all accounts."

"2 The Introductory APR is effective upon the opening of your account and does not apply to Purchases, Bank and ATM Cash Advances, or online Direct Deposits..."

I'd be concerned about what they consider an "online Direct Deposit".

Well, it's not an introductory APR. I've had that credit card for 9 years. They sent me access checks via mail with 0% APR offer through Decemeber, good for either cash advances or balance transfers. I called them to confirm, and the representative offered to transfer the money directly into my checking account instead of me writing the check to myself and depositing it. He said it would only take 24 hours if they do a direct deposit, as opposed to up to 4-7 days if I deposit the check because it's a large amount and will take some time to clear. He also read me the disclosure, stating that I will be getting 0% APR on the transferred balance until December statement closing date and that the transaction fee is going to be $75. He also asked some unusual questions during the verification procedure. When I gave them the routing number and the account number of my checking account, he asked the check number that I was looking at. He also asked what the closest freeway to my house was. This was in addition to mother's maiden name and my date of birth.

**kv968** · 05-07-2007, 04:22 PM

Mother's maiden name, date of birth and possibly even check number I understand, but I don't what's up with the "nearest freeway" question. I guess to somewhat verify where you live? Regardless, good luck with it all. I hope it works out.

**disneysteve** · 05-07-2007, 05:13 PM

I used to do the same thing with one of my cards, so it certainly works.

The only downside here is you've now got a utilization ratio of over 95% which isn't the greatest thing for your credit score.

**safari** · 05-07-2007, 05:34 PM

Originally posted by disneysteve View Post

I used to do the same thing with one of my cards, so it certainly works.

The only downside here is you've now got a utilization ratio of over 95% which isn't the greatest thing for your credit score.

I thought about that, too, but I am not planning to apply for any loans in the next few years, and the balance will be paid off in December. Also, I have 5 other credit cards without any balance and the total credit line over $60,000, so if the credit score is taking those into consideration, then my utilization ratio will be below 50%.

**poundwise** · 05-07-2007, 07:34 PM

Best wishes! That certainly is a tremendous windfall, assuming all works as it should.

Be aware, your credit utilization ratio not only negatively impacts your credit score but, in some cases, is sufficient to trigger universal default.

Card company raises rate over debt ratio

I'm not trying to be a nay-sayer here, however, I would review your specific card(s) terms carefully regarding the default clause. And, of course, be vigilant otherwise as well.

Keep us apprised.

**safari** · 05-07-2007, 09:31 PM

Originally posted by poundwise View Post

Best wishes! That certainly is a tremendous windfall, assuming all works as it should.

Be aware, your credit utilization ratio not only negatively impacts your credit score but, in some cases, is sufficient to trigger universal default.

Card company raises rate over debt ratio

I'm not trying to be a nay-sayer here, however, I would review your specific card(s) terms carefully regarding the default clause. And, of course, be vigilant otherwise as well.

Keep us apprised.

Thanks for best wishes. Universal default is a valid concern; however, in my particular case, even if my other cards raise the interest rate, I wouldn't even notice because I always pay my entire balance in full every month. Frankly, I have no idea what the current APRs are on any of my cards. I'll keep you guys updated.

**disneysteve** · 05-08-2007, 04:42 AM

Originally posted by poundwise View Post

Be aware, your credit utilization ratio not only negatively impacts your credit score but, in some cases, is sufficient to trigger universal default.

Like safari, I have no clue what the rates are on my CCs as I pay my balance in full each month so I really don't care.

I'm curious, though. Does triggering the universal default have any effect on one's credit score?

**Vapors** · 05-08-2007, 06:00 AM

That's a pretty nice deal. Congrats.

As for universal default, the part I would be concerned about is my car and home owners insurance. I have no personal experience with this but was told by my insurance agent those are also tied in to your credit score. So if univeral default triggers, it could also raise those rates.

Even so, you would probably still be way ahead with your free $1200. Congrats again.

**Ima saver** · 05-08-2007, 01:56 PM

Wow, that sounds great! I hope you make a lot of money!

**Hot dog** · 05-09-2007, 07:29 AM

I have done that before with $10,000 It works it is a good deal just have to make sure you send the payments on time. That's great Good deal!! I think the CC has learned cause I did it 2x and I don't get the 0% offers anymore although it hasn't been a year yet

**vsjhoc** · 05-09-2007, 02:29 PM

Nearest freeway? I sure hope they're not using MapQuest!

**fake_usa** · 05-17-2007, 07:20 AM

NICE !! I wish i had a large limit, I'd try to do that same as you !!

Just transferred $42,000 from a credit card