jpcavin
Well-known member
You can also buy $1 coins from the US Mint and then deposit them into your bank account for truly free miles.
http://online.wsj.com/article/SB126014168569179245.html
Last edited:
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Chase Credit Card balance transfers
- Thread starter Sensei
- Start date
http://online.wsj.com/article/SB126014168569179245.html
Frixxxx
Moderator
Agreed, after six months with $0.00 Balance, I was approached to use my card by customer service. I now have a credit card with 1.99% (negotiated) that I use to pay my local bills and pay them off through on-line banking within 24 hours to incur no interest. Then I get miles and miles and miles to use for free.
Sensei
Well-known member
Continuation of this saga:
Today I open my mailbox and find a big fat check from Chase, forwarded to me by the financial institution with which I have my Amex account. It turns out that Chase wrote a paper check and snail-mailed it to the financial institution (21st century banking is so innovative!), but they made the check out to "American Express", not the financial institution that needs to cash the check. By now, I have the refund for my summer airfare, and my Amex payment is due tomorrow, so I just paid it off in cash. Solved that problem. No late fees or interest.
So, I made a phone call... to Costa Rica! I wanted Chase to cancel the check and remove the charge from my account, considering I am holding their un-cashed check in my hand. The Costa Rican tells me he can't do that, so I ask him to put me on with an American. He obliged. To make a long story short, they're going to cancel the check and credit the balance back to my account - within 30 days.:notrust:
My question to you wise ones out there is this - how negatively would canceling my Chase accounts (I actually have 3 lines of credit with them :embarrest: ) affect my credit rating? I don't want to give any more business to Chase, but I don't want to cut off my nose to spite my face, know what I mean? Maybe the best thing is to just leave the accounts open, but never use them.
Today I open my mailbox and find a big fat check from Chase, forwarded to me by the financial institution with which I have my Amex account. It turns out that Chase wrote a paper check and snail-mailed it to the financial institution (21st century banking is so innovative!), but they made the check out to "American Express", not the financial institution that needs to cash the check. By now, I have the refund for my summer airfare, and my Amex payment is due tomorrow, so I just paid it off in cash. Solved that problem. No late fees or interest.
So, I made a phone call... to Costa Rica! I wanted Chase to cancel the check and remove the charge from my account, considering I am holding their un-cashed check in my hand. The Costa Rican tells me he can't do that, so I ask him to put me on with an American. He obliged. To make a long story short, they're going to cancel the check and credit the balance back to my account - within 30 days.:notrust:
My question to you wise ones out there is this - how negatively would canceling my Chase accounts (I actually have 3 lines of credit with them :embarrest: ) affect my credit rating? I don't want to give any more business to Chase, but I don't want to cut off my nose to spite my face, know what I mean? Maybe the best thing is to just leave the accounts open, but never use them.
I know. It seems to be running rampant these days.
The other day I called down to the front desk of a hotel to ask for a late checkout time because I was considering staying another night. They said sure. It turns out she checked me out right then and there, and I had to move rooms. But I digress.
Sensei
Well-known member
Very admirable. A car payment used to be a fact of life for me in LA. Now I drive older used cars and use that extra money to save for my children and invest in my retirement. I haven't ditched the credit cards, but use them less now that I live in Japan. This is the first time I've tried a balance transfer - I completed my RAT travel late in the summer, when everyone is filing for reimbursement, so there is a longer wait. I hated the idea of paying interest in the interim.
Afishegg
Member
I know how you feel, I hate the run around. I paid off my one and only cc 2 yrs ago and paid off the balance on my 2 cars. I have a ew motto now "if I can't pay cash for it, I don't need or want it that bad"! The feeling of not having car payments or cc's is great, I recomend it to anyone who wants to live a stress free life. As for those who say "yeah but you need at least 1 cc"! I say NO..... YOU.DON'T!!!!
Sensei
Well-known member
Just want to share this for any of you considering using one of those no/low interest rate balance transfer promotions from your credit card company:
I used my Amex travel rewards card to charge my entire summer trip to the States - I get 5% rewards for airfare, hotels, & restaurants. My airfare is reimbursed as RAT (Renewal Agreement Travel), but I have to wait until the end of the trip to file for reimbursement, thus the big credit card charge. Before leaving for the trip, I saw that Chase was offering me 12 months of 0% interest on balance transfers, and charging only a 1% transaction fee. Well, I get that 1% back in cashback rewards, so it's a free balance transfer, right? So at the end of the trip, I made the transfer to avoid paying interest on the Amex while waiting for DFAS to process my paperwork for reimbursement. So the balance posted to my Chase account within a few days of the online transaction. Now I have 2 balances of several thousand dollars. I gave it a week...
After one week, and still two hefty balances, I called Chase to see how long it would take for the transfer to show on my Amex account. Some lady with an Indian accent tells me the transfer went through earlier that day, and I should be able to get confirmation from Amex the next business day. I gave it a few more days...
My payment with Amex is going to come due in mid-September, so I'm getting worried - if I can't make the full payment to Amex, I end up paying them interest at something like 10.24%. Don't want that to happen. So I called India - er, Chase - yesterday, and another lady with a thick accent tells me she doesn't know why Amex hasn't posted the transfer, because it should have already been processed. She tells me to call Amex. A nice gentleman with no accent at Amex tells me very politely that he understands my dilemma, and that if an error was made from their end, they would gladly rectify it. He apologetically advises me to call Chase once more and ask for a "trace ID number", which would enable him to find out what was done with the transaction...
So I call India a 3rd time. This time, as I begin my explanation to another lady with an accent, she cuts me off and says, "yes, we made the transaction today". I was a little surprised. "Today?" "Yes, today." Just to be sure, I said, "So you never actually made the transaction with Amex until today?" She simply said "That's right. It will post in 7-10 business days." What am I to do? After a little groaning, she said that they would explain to Amex that it was their mistake, and ensured me I would not be responsible for any interest to them. But geez - talk about incompetence.
Be sure to follow up on any online balance transfers you make, and don't assume you can trust people to do their jobs.
I used my Amex travel rewards card to charge my entire summer trip to the States - I get 5% rewards for airfare, hotels, & restaurants. My airfare is reimbursed as RAT (Renewal Agreement Travel), but I have to wait until the end of the trip to file for reimbursement, thus the big credit card charge. Before leaving for the trip, I saw that Chase was offering me 12 months of 0% interest on balance transfers, and charging only a 1% transaction fee. Well, I get that 1% back in cashback rewards, so it's a free balance transfer, right? So at the end of the trip, I made the transfer to avoid paying interest on the Amex while waiting for DFAS to process my paperwork for reimbursement. So the balance posted to my Chase account within a few days of the online transaction. Now I have 2 balances of several thousand dollars. I gave it a week...
After one week, and still two hefty balances, I called Chase to see how long it would take for the transfer to show on my Amex account. Some lady with an Indian accent tells me the transfer went through earlier that day, and I should be able to get confirmation from Amex the next business day. I gave it a few more days...
My payment with Amex is going to come due in mid-September, so I'm getting worried - if I can't make the full payment to Amex, I end up paying them interest at something like 10.24%. Don't want that to happen. So I called India - er, Chase - yesterday, and another lady with a thick accent tells me she doesn't know why Amex hasn't posted the transfer, because it should have already been processed. She tells me to call Amex. A nice gentleman with no accent at Amex tells me very politely that he understands my dilemma, and that if an error was made from their end, they would gladly rectify it. He apologetically advises me to call Chase once more and ask for a "trace ID number", which would enable him to find out what was done with the transaction...
So I call India a 3rd time. This time, as I begin my explanation to another lady with an accent, she cuts me off and says, "yes, we made the transaction today". I was a little surprised. "Today?" "Yes, today." Just to be sure, I said, "So you never actually made the transaction with Amex until today?" She simply said "That's right. It will post in 7-10 business days." What am I to do? After a little groaning, she said that they would explain to Amex that it was their mistake, and ensured me I would not be responsible for any interest to them. But geez - talk about incompetence.
Be sure to follow up on any online balance transfers you make, and don't assume you can trust people to do their jobs.