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Cancelled Our Slate Card

September 24th, 2012 at 01:29 pm

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.

12 Responses to “Cancelled Our Slate Card”

  1. ceejay74 Says:

    Not surprised, now that I think about it, because loan and credit companies always seem to have lots of seemingly arbitrary rules. I've done a balance transfer from a HEL and a credit card to an unsecured loan, but I've never done a non-CC balance transfer onto a CC. But I wouldn't feel silly for it not occurring to you to check; here on SA debt is debt. It certainly didn't strike me as odd when you posted about your plan originally.

  2. creditcardfree Says:

    Thanks for your support ceejay! Smile

  3. MonkeyMama Says:

    Bummer!!

    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. Wink {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.

  4. MonkeyMama Says:

    Actually, there is probably a way around this. I did several balance transfers a few years ago. Since I had no credit debt, I would transfer onto other credit cards I owned ($0 balances), and would then ask for a refund in cash. IT was when interest rates were higher, and I would invest the cash in CDs. You probably could have done something like that. You should have asked us before you canceled!! For next time...

    {I got this tip from MyMoneyBlog - surprise surprise. It never would have occured to me I could utilize a balance transfer, otherwise}.

  5. creditcardfree Says:

    @MM, I'm not following your last post. If I have zero balance on all cards, how could I get money on to the credit card in order to ask for a refund? They aren't offering checks only credit card to credit card transfers. I don't want to transfer anything onto another card because those likely all have fees. This one didn't!

  6. MonkeyMama Says:

    There is no fee with the Slate card to do a balance transfer. So, you do a balance transfer from another credit card. Chase/Slate does not know that the balance on your other card is $0 - they don't care. So if the transfer is $15,000, then you have a $15,000 "credit" on your other card. You then request a "refund of credit balance" immediately from the other credit card. Then you have a $15k check in hand that you can deposit to your bank and use to pay the auto loan.

    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

  7. TexasDisneyGirl Says:

    Bummer!

  8. creditcardfree Says:

    @MM, I get it now. Thank you for explaining.

    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. Smile

  9. FrugalTexan75 Says:

    Too bad you weren't able to do this! You'll still get the truck loan paid off in no time, I'm sure. Smile

  10. Looking Forward Says:

    Why not wait for the checks? Or would there have been a fee to use them?

  11. creditcardfree Says:

    @LF, yes after 60 days there would be a fee to transfer. So if checks don't come for 90 days they wouldn't be free to transfer.

  12. Jerry Says:

    That is annoying, but at least it didn't lead to a financial problem... just the lost time and the frustration. Good that you have a USAA card. We bank with them (and they have our insurance) as well. They are terrific.
    Jerry

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