Yep. We activated and cancelled the credit card all in one day. When my husband activated the card today he asked for balance transfer checks. He was told they would not be available for the account for three months. Not sure why.
He explained we were transfering a balance from our auto loan to the card. The customer service agent said he could help us over the phone or we could transfer online. Since my husband was on his lunch break he picked online to keep the call shorter.
I took over after the activation and set up the online account. I looked for transferring the balance and could tell it seemed to only be for credit cards. We don't have credit card balances!!
I sent an email inquiry to customer service who have now responded to let us know that unsecured and secured loans (auto loans, student loans, and home equity lines) cannot be paid off with this card. Boo! Hiss!
I guess I'm not too savvy with this credit cards stuff as I'd like to think...or Chase just didn't make it very clear. I guess it is all good. I will just keep paying down the truck loan as originally planned.
We would have saved over $300 in interest by changing to zero percent and having it paid off in 15 months. I like to find a way to offset that money...maybe by applying for a card offer with a bonus would be the better way to go!
Are any of you surprised by this turn of events? I feel kind of silly.
Cancelled Our Slate Card
September 24th, 2012 at 09:29 pm
September 24th, 2012 at 09:51 pm 1348519909
September 24th, 2012 at 10:33 pm 1348522405
September 24th, 2012 at 10:47 pm 1348523261
Actually, I am extremely well-versed in how to pay off balances monthly and avoid fees and charges, but probably largely ignorant when it comes to the ins and out of most credit.
I actually paid the wrong balance on my Target card once, recently, and I realized like the day after the due date. I immediately paid the difference thinking I'd only be charged interest for a few days or something, but then read that is not at all how it works. I didn't know because I never had a balance before. & I don't even remember exactly what it was I learned because I don't intend to do that ever again. {They didn't even charge me a cent of interest, so I lucked out! I was ready to call and beg them to remove it}.
Live and learn.
September 24th, 2012 at 10:50 pm 1348523433
{I got this tip from MyMoneyBlog - surprise surprise. It never would have occured to me I could utilize a balance transfer, otherwise}.
September 24th, 2012 at 11:03 pm 1348524226
September 24th, 2012 at 11:23 pm 1348525414
I have done this several times with different card issuers. Citibank is particularly easy to get cash from - you'd want to google a bit and make sure this would work with your particular credit card issuers.
MyMoneyBlog had some other tips as well:
http://www.mymoneyblog.com/application-tips-and-getting-cash-from-0-balance-transfers.html
September 25th, 2012 at 12:22 am 1348528945
September 25th, 2012 at 01:35 am 1348533307
We have a Chase Freedom, and a USAA Visa. I know that trick will work not work with the Chase Freedom account since it is the same card company. Also, I don't see anyway to make it happen with USAA either. I'm sure my husband could reopen the card if we told them we changed our minds, but I think I will just chalk it up to a learning experience. It is a reminder of how playing with credit cards can back fire!!! Of course, no harm really done in this case.
September 25th, 2012 at 02:54 am 1348538084
September 28th, 2012 at 09:35 pm 1348864547
September 28th, 2012 at 09:40 pm 1348864849
October 1st, 2012 at 12:31 am 1349047885
Jerry