Credit, Personal Finance 

Requested My First Balance Transfer

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I signed up for both the Citi mtvU and the Citi Professional card a month or so ago and a few days ago I requested my first balance transfer check from mtvU to begin the 0% balance transfer arbitrage “game.”

One quick tip… always initiate the request online because if you call them they might tell you they can’t send you a check and you’ll have wasted a good thirty minutes of your life waiting and thirty good brain cells navigating those stupid menus. Just login online and look for the menu choice “Manage My Account,” go to “Balance Transfers,” then Request Transfer(s), and follow the easy to navigate menus. Be sure to double check that there are no finance fees assessed.

Giddiyup and good luck!

(anyone have any tips or suggestions about 0% BT’s that I should know?)

{ 14 comments, please add your thoughts now! }

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14 Responses to “Requested My First Balance Transfer”

  1. Nick says:

    I just did my first 0% BT the other day, too! I was lazy though and didn’t get the check to the bank until a few days after it arrived. Don’t do that, unless it’ll cost you more in gas than you’ll lose on a few days interest.

    If you use Quicken or something, make sure to put in payment reminders, or set up auto billpay. It can be hard to remember to pay off a credit card each month that you don’t actually use!

    You might also want to call Citi and triple-check the exact date that the 0% rate goes away on your BTs. It helps to be paranoid because you never know what kind of stuff a credit card company might try to pull.

    I’m just so glad that Citi makes it simple to request a balance refund. I did a BT off a Discover card over to my Citi card and had no trouble whatsoever getting the refund from Citi.

  2. jim says:

    I’m pretty sure that the 12 months don’t start until you deposit the check.

  3. sean says:

    Request a check? What, am I the only one who gets a set of blank balance checks every few days? 😉

    Chase only does it once a month with my statement. But MBNA, sheesh, every few days it seems they send me a handful of their atrocious-term balance transfer checks – 6.99% for 6 months (after which we jack it up to whatever we feel like) with a 3% ‘convenience fee’ was my most recent group.

  4. LL Jeanien says:

    I called to find out more about a 0% balance transfer. I was offered a $0 balance transfer fee for my transfer over the phone with Chase

  5. NapoV says:

    * Don’t use the card for anything else if purchase APR is different than BT APR
    * Have very high credit limit on all other cards. At one time, I had 4 of 5 my CCs maxed out for BT and 1 card for regular purchases. One bank reduced my credit limit as I paid down the balance slowly.
    Good luck!

  6. lamoneyguy says:

    Make sure that if you must actually BT, and request a check for your “overpayment” that they will actually be sending you a check, not sending parment back to originator.

    MBNA has a policy that any amount over $5k must be sent back to originator. They did not explain that to me, and when I complained said, “well, how were we supposed to know you were going to overpay by ten thousand?”

  7. I put a label on the card with the specific terms and the date that the balance transfer rate is good through. My card then becomes either a “spend and pay off monthly” card or a “pay off the balance transfer” card, not both. If you plan on paying the entire balance off before the balance transfer rate ends, then budget your payments so that it is finished a month or so in advance. If you do not think that you will pay it off in time, then be sure to initiate a new balance transfer at least a few months in advance to make sure that you don’t get hit with any interest. Watch out for financing fees.

    Of course, I paid off my last balance a while ago and just need to cancel some of the balance transfer cards that I have, but the labels and the budgeting made sure I didn’t have to pay anything extra.

  8. kodos says:

    I use the Calendar functionality in Yahoo! and Google, to send myself email reminders to pay off the BT just prior to the end of the introductory period. Esp. helpful when you’re juggling multiple cards.

    Also: LL Jeanien — Can I ask you which Chase card you got the no-fee deal on, and how long you’ve had it? Any other advice on how to get same offer? Thanks.

  9. Lauren says:

    I’m about to do this, but don’t understand how this money is placed in a high yield account. Is that something that the cc co. does and you automatically are returned that money at a certain point. Can someone clarify this for me

  10. jim says:

    You need an account first (Emigrant Direct for example) and Citi will send you a check, just deposit that check.

  11. lauren says:

    So, I open a new credit card, then request a check for a balance transfer with 0% interest, then deposit that check into an account like emigrant direct, for example. But, I’m not actually using that amount of money to pay off a balance from another card? Sorry, I’m a bit confused on this. I have an actual amount of money on one credit card, and another line of credit against my checking account that I want to transfer to using a 0% transfer deal to a new card. Can I still do this process that everyone is talking about?

  12. lauren says:

    Does anyone know about using the 0% balance transfer checks to transfer a student loan? I have about $27,000 in student loans. It’s sounds kind of sketchy to do this though, if I kept bouncing from 1 0% balance transfer for 12 mo. to the next until I paid it off, would this be able to work? And would it effect my credit score?

  13. lauren says:

    one more question on this free money plan, should you really only take out as much of a transfer to earn on that you can affford to pay off with in the time limits? Or is there a way to close, or return the borrowed money before the 0% rate ends?

  14. Emily Ssrmento says:

    Online payment for games.

    Last week I used the services of Happy Buyer No Credit Card Games, because I have no credit card. This way I could buy games without credit card. And, actually that went very well! Does anyone else have experience with them?

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