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Balance Transfer to Checking Account options

java4yogi 144 10 December 19, 2011 at 09:45 PM in Finance (2)
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Hi,

I need to take a personal loan for paying off some medical bills for my parents.

I thought of applying for a new credit card but am not sure if the balance transfer option provided on application can be used to transfer to my checking account. or is it only to another credit card.

Can someone pls help with clarifying on this option/any other option.

Thanks so much for your help.

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#2
BT to a Citi card with a zero balance & request a check. it's risky doing this with other banks. some with close all your accounts & freeze the money for an eternity.

Apply over the phone for any card offering 0% BT's (with either zero or capped BT fees) & ask whether the funds could be direct deposited into your checking account (ask before going through the application process).

apply for a personal loan:

https://www.penfed.org/productsan...lloans.asp
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#3
Hi,

Thanks so much for your advice. I called Citi Credit cards for my existing card and they ran my report. although my credit score and everything is fine, they said they cannot offer any convenience check on my account for next 6 months, since I have had no or limited account activity with them.

Can any of you pls suggest any Credit card companies which offer other option, I need to take care of this soon. and my company is not giving any loans either at this time.

Thanks.

Quote from lickeals View Post :
BT to a Citi card with a zero balance & request a check. it's risky doing this with other banks. some with close all your accounts & freeze the money for an eternity.

Apply over the phone for any card offering 0% BT's (with either zero or capped BT fees) & ask whether the funds could be direct deposited into your checking account (ask before going through the application process).

apply for a personal loan:

https://www.penfed.org/productsan...lloans.asp
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Joined Jun 2011
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#4
Quote from java4yogi View Post :
Hi,

Thanks so much for your advice. I called Citi Credit cards for my existing card and they ran my report. although my credit score and everything is fine, they said they cannot offer any convenience check on my account for next 6 months, since I have had no or limited account activity with them.

Can any of you pls suggest any Credit card companies which offer other option, I need to take care of this soon. and my company is not giving any loans either at this time.

Thanks.
try chase slate. use the blog link for 0% with no BT fees (it's not my blog).

http://www.mymoneyblog.com/best-p...fer-offers
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#5
Why would you do this for medical bills. In my experience, medical bills are the ones that can most easily be set up for long term payment plans at 0%. Is this an option? Also, have you negotiated any reduction in the bills? This is also almost always possible.
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#6
Thanks for the suggestion.

Actually I did, and I need to make a lumpsum payment after having done the negotiation to make this work.

Thats why I was asking for all the advice on how best to do a checking account transfer using Balance Transfer. I could really use some help. I just need a 12-18 month option and can go for 4-5% which the credit card offer for BT.

I cant do a 10% p.a. right now which the credit unions offer for personal loans, cant afford it !

Thanks so much !!!

Quote from crazygrow View Post :
Why would you do this for medical bills. In my experience, medical bills are the ones that can most easily be set up for long term payment plans at 0%. Is this an option? Also, have you negotiated any reduction in the bills? This is also almost always possible.
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#7
Im not sure how much you need, but maybe you can apply for overdraft protection at your bank and then overdraw on your account? You'll need to pay the money back of course, and I don't think the rate would be 0%, but check with your bank for all the fees, etc.

You can also try to get a loan through prosper.com at varying rates.
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