Can balance transfers be deposited directly into a checking account? This is a great question many credit card holders often ask. Let’s find out…
Credit cards do everything possible to entice credit card users to utilize balance transfers. You transfer a balance from one credit card to another and have the option to receive money in your checking account. The transfer options are usually too good to pass. You may currently pay 19% interest on a credit card and the transfer accounts offers 4% or less. It is also common that credit card companies offer a 0% interest rate as an introductory offer to you. It is up to you what you do with the money once it transfers into your account. This can be a great way to get out of debt sooner.
How to Find Out if Your Credit Card Allows Balance Transfers to Checking Accounts
The first thing that you can do is contact customer service and speak to a representative about the possibility of a balance transfer directly into your checking account. Make sure that your credit is in good standing if you are considering a balance transfer. Many credit card companies do not allow balance transfers to those with poor credit because the credit card company may get stuck with an account that may go into default. It is a good idea to contact a customer service representative even if you are unsure of you current credit rating. The credit card company can let you know if you are eligible for a transfer.
Sometimes credit card companies send customers pre-approval notices for credit card balance transfers. This means that you meet the qualifications for the transfer, and once you contact a representative, the balance transfer process can begin. You may also find balance transfers available online. Many credit card companies advertise this information online to customers.
The credit card companies can either transfer the money into your account or print checks for you to send to the old creditors. It is highly unlikely that you will be allowed to transfer a credit card balance to the same company. For example, moving a balance on a MasterCard account to another MasterCard account is not allowed. Cardholders are only allowed to transfer accounts from one company to another.
How to Initiation a Balance Transfer Deposit Into Checking
- Contact your credit card company to determine if balance transfers are allowed.
- Contact the customer service representative at the company that you plan to transfer your balance
- Provide the representative with all information regarding your balance transfer.
- Stay in touch with the representative every step of the transfer process.
- Make a request to the representative that the transfer be placed in your account.
- Once the money transfers to your checking account, the transfer process is complete.
The balance transfer process is quite simple and easy. Once you determine if your credit card company offers the option to transfer a balance, the rest of the process is in the hands of the transferring credit card company. You just have to provide a few important details and the money is available in your checking account once the process is complete. Always spend this money responsibly.